BANPU Reports 71% Decline in 1Q24 Profit on Decreasing Revenue from Natural Gas and Coal Business

Banpu Public Company Limited (SET: BANPU) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million USD
43.00 147.00
Earning Per Share
0.0040 0.0170
% Change -70.75

BANPU reported a net profit at $43 million, decreased by $104 million or 71% compared to 1Q2023. This was primarily due to a decrease in natural gas and coal prices compared to the previous year, resulting in a decrease in royalty fees and a decrease in loss on financial derivatives compared to 1Q2023 as well. The group has strategically managed its cost and expense, allowing the group to navigate the uncertainties of the energy market and maintain a consistent cash flow stream. 

Sales reported at $1,088 million (equivalent to THB 38,810 million), decreased by $224 million compared to 1Q2023, that derived from a decrease from coal businesses $ 243 million, natural gas business $69 million, while an increase in power and steam business $73 million and other businesses $15 million.

Coal sales of $702 million, decreased by $243 million or 26%, was a result of a decrease in average selling price by $34.37 per tonne or 25%, a decrease in sales volume by 0.06 million tonnes or 1% and a decrease in average cost of sales $2.60 per tonne or 3% compared to 1Q2023.