Ratch Group PCL reported its Q3 financial result on 14 November with the details as follows.
| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss)
Million Baht |
1,182.18 | 2,248.23 |
| Earning Per Share
(Baht) |
0.5400 | 1.2300 |
| % Change | -47.42 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss)
Million Baht |
4,754.69 | 6,023.68 |
| Earning Per Share (Baht) | 2.1900 | 3.2900 |
| % Change | -21.07 | |
RATCH’s Q3 net profit was THB 1,182 million, a 47.42% YoY decrease. Excluding the effect of foreign exchange rate, RATCH’s operating result was THB 1,174 million. The profit mainly decreased from the planned maintenance of HPC. In addition, the finance cost increased from loan drawdowns from financial institutions during the period for the purpose of investment in projects along with the rise in interest rate.
However, there was an increase in the profit of Nava Nakorn Power Plant (NNEG), Sahacogen (Chonburi) PCL (SCG) and RATCH Cogeneration Power Plant (RCO) from the lower gas price and higher Ft. Also, RATCH has consolidated the profit of Lincoln Gap 1 & 2 Wind Farm Project (LG1&2), Point Gas-Fired Power Plant (SP), Coc San Hydroelectric Power Plant (CS), and RATCH Energy Rayong Power Plant (RER).
RATCH’s Q3 total revenues were THB 10,643 million. By excluding the Energy Payment (passthrough), the total revenue decreased by 12.4% QoQ and 8.6% YoY, respectively, as the share profit of HPC decreased mainly due to planned maintenance to maintain the operation effectively and continues to generate profit consistently.
In addition, the revenues of RCO and SCG decreased because of the steady decline in gas price since the beginning of 2023. However, RATCH has consolidated the revenue of LG1&2, CS, due to the acquisition by RH International (Singapore) Corporation Pte Ltd (RHIS) in December 2022. In addition, the revenue from sale of RER has been consolidated due to the status change from a joint venture to a subsidiary.
On the cost items, RG Power Plant’s cost of sales decreased QoQ and YoY as the power plants generated lower electricity, corresponding lower dispatch instruction by EGAT, together with the decrease in fuel price. The cost of sales of RCO & SCG Power Plant were declined due to the decrease in average gas price.
RATCH has consolidated the cost of sales of LG1&2, SP, CS post the acquisition by RHIS in December 2022. This resulted in the increase in cost of sales YoY. RATCH also consolidated the cost of sales of RER since its changed status from a joint venture to a subsidiary due to the acquisition by RHIS in December 2022. Therefore, the cost of sales of RER increase YoY. However, the cost of sales decreased QoQ as the average gas price decreased.
The depreciation and amortization increased as RATCH’s consolidated the depreciation and amortization of LG1&2, SP, CS and RER. Meanwhile, the finance cost was increased from loan drawdown from financial institutions during the period for the purpose of investment in projects. RATCH has consolidated the finance cost of LG1&2, SP, CS and RER as well.
The Effect of FX In the 3rd quarter and 9M period 2023, there was the gain on FX mainly due to JPY depreciation against USD. Therefore, the liability value in JPY decreased. While, in the 3rd quarter of 2022, there was a loss on FX mainly due to the loss from loan to related parties in AUD. As AUD depreciated in relative to USD, the asset value in AUD decreased. In the 9M period 2022, there was a gain on FX mainly from JPY depreciation against USD.
In the 3rd quarter of 2023, the EBITDA was THB 3,331 million. The EBITDA decreased by 18.7% QoQ and 17.0% YoY respectively as the share profit of HPC decreased mainly due to planned maintenance. However, RATCH has consolidated the EBITDA of LG1&2, SP, CS, and RER. Also, there was an increase in the EBITDA of SCG, RCO and NNEG due to the rise in Ft from the previous year.
