BCPG Reports THB1.1 Billion of Profit in 2023, Offering THB0.15 Dividend Payment

BCPG Public Company Limited (SET: BCPG) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
1,104.04 2,630.06
Earning Per Share
0.3800 0.9100
% Change -58.02

BCPG reported a net profit of THB 1,104.0 million, down by 58.0% YoY, which was in-line with the core profit trend. Meanwhile, core profit was THB 872.6 million, decreased by 57.8% in 2023. The decrease was mainly due to a lower contribution from solar projects in Thailand due to the expiration of adder power plants, and also lower contribution from hydropower projects in Lao PDR. Plants in Vietnam were being shut down to prepare for the transfer of electricity sales to EVN. However, the projects have commenced commercial operation and already distributed electricity to EVN since 15 June 2023.

Moreover, the company also had a lower share of profits from associates due to the absence of contribution from geothermal power plants in Indonesia and lower contribution from wind power plants in Philippines. Higher interest expenses from higher outstanding of interest-bearing debt and increase of market interest rate also contributed to the decline in profit.

On the other hand, higher contributions from oil terminals and wind power plants in Thailand, solar power plants in Japan, and higher share of profit from CCGT power plants in the USA could alleviate some impact.

Additionally, the Board of Directors approved a dividend payment of THB0.15 per share to be paid on 22 April 2024. The ex-dividend date is 4 March 2024.