B.Grimm Power Public Company Limited (SET: BGRIM) announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss) Million Baht |
344.09 | -529.33 |
| Earning Per Share (Baht) |
0.050 | -0.240 |
| % Change | 165.01 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
1,421.39 | -699.20 |
| Earning Per Share (Baht) |
0.34 | -0.38 |
| % Change | 303.29 | |
BGRIM reported a net profit of THB 344 million in 3Q23, a turnaround from a net loss of THB 529 million in 3Q22. The increase was due to lower FX loss in the quarter, higher margin on Ft and a recovery from gas-price crisis last year.
Total revenue decreased 28.1% y-on-y to THB 13,219 million in 3Q23 and 8.3% y-on-y to THB 43,861 million in 9Q23 with total sales volume of 10,483 GWh from 1) declining EGAT tariff from lower gas price and 2) declining steam tariff, which is also related to gas price.
EBITDA recovered 54.5% y-on-y in 3Q23 to THB 3,902 million and 50.9% y-on-y in 9Q23 to THB 10,889 million. These came from several key factors: 1) margin recovery from Ft adjustment to the average of 88.86 satang/kWh in 2023, up from 39.86 satang/kWh average in the previous year, 2) successful y-on-y reduction of gas consumption per unit by 4.3% in 3Q23 and 4.2% in 9Q23 from the SPP replacement scheme and continued improvement in plant efficiency, and 3) THB 247 million net impact from gas cost refund derived from the difference between actual and fixed gas price collected in Jan-Apr 2023, 4) A THB 255 million insurance claim from ABP4 overhaul in Q4’2021, and 5) a gain of THB 83 million from asset sales, primarily stemming from the retirement of 5 SPP assets.
Meanwhile, EBITDA margin recovered to 29.5% in 3Q23 and 24.8% in 9Q23, compared to 13.7% in 3Q22 and 15.1% in 9Q22.
Normalised net profit strongly recovered 2,428% y-on-y to THB 632 million in 3Q23, and 723.8% y-on-y to THB 1,697 million in 9Q23. This can be attributed to SPP’s substantial recovery from the significant impact of the gas-price crisis experienced last year.
BGRIM recorded loss from foreign exchange at THB 422 million in 3Q23, which was better than a THB 830 million of loss in 3Q22.
