BGRIM Turns to Book THB1.88 Billion of Net Profit in 2023, Offering THB0.18 Dividend Payment

B.Grimm Power Public Company Limited (SET: BGRIM) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
1,884.60 -1,244.08
Earning Per Share
0.4400 -0.6300
% Change -251.49

BGRIM reported a net profit of THB 1,885 million in 2023, a sharp rise from a net loss of THB 1,244 million in 2022.

Total revenue decreased 8.5% y-on-y to THB 57,115 million in 2023 and 9.1% y-on-y to THB 13,254 million in 4Q23 from 1) declining EGAT tariff from lower gas price and 2) declining steam tariff, which is also related to gas price while Ft charge declined y-on-y in 4Q23.

Meanwhile, EBITDA recovered 46.2% y-on-y in 2023 to THB 14,325 million and 34.8% y-on-y in 4Q23 to THB 3,480 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 2022, 2) the 20.7% declining gas price to 377 THB/MMBTU in 2023, 3) successful 2.5% y-on-y reduction of gas consumption per unit with heat rate improvement from the SPP replacement scheme and continued improvement in plant efficiency, and 4) A THB 255 million insurance claim from ABP4 overhaul in 4Q21.

EBITDA margin recovered to 25.1% in 2023 and 26.3% in 4Q23, compared to 15.7% in 2022 and 17.7% in 4Q22.

In addition, the company approved a dividend payment of THB0.18 per share on 10 May 2024. The ex-dividend date is 13 March 2024.