PRIME Turns Around to Book a Profit of THB54 Million in 1Q24, Showing 60% Growth

Mr. Somprasong Panjalak, Chairman and Chief Executive Officer (CEO) and Mr. Piroon Shinawatra, Chief Financial Officer (CFO) of PRIME Road Power PCL. (PRIME), reveal total revenue in Q1, 2024 of the group’s company was THB 411.70 million, a decrease of 22.60% compared to Q1, 2023 (THB 531.93 million). However, the group’s company turnaround to net profit from operations of THB 53.88 million, increased of 61.17% YoY (THB 33.43 million) due to a declining of selling, construction and service costs, resulted gross profit margin was at 38.70%, up from 23.08% in Q1, 2023, the financial cost decreased as well.

Mr. Surachet Chaipatamanont, Vice Chairman and Chief Sustainability and Risk Officer (CSRO), added that PRIME aims to become a listed company in “a sustainable stock in SET ESG Rating” by setting a PRIME ESG team in 2022 and sustainable development goals from operation with renewable energy innovation. PRIME has adopted ESG as a framework for a business plan and committed the good corporate governance and risk management efficiently. In 2024, PRIME has passed the preliminary screening criteria and has informed the intention to participate in the sustainability assessment, to pass selection to become a sustainable stock in SET ESG ratings.

The Utility Business Team Leaders informed that project progress in Thailand, there are 3 Private PPA projects with total installed capacity of 3.25 MW. expected to COD within Q2, 2024 and generate income for PRIME in this year approximately THB 8.00 million, and 2 solar rooftop projects will be COD within Q4/2024 with total capacity of 1.52 MW., these project will generate income for PRIME in this year approximately THB 1.30 million per year.

The project progress in Taiwan with total capacity of 7 MW, expected to COD within Q2 – 3, 2024, project will generate income for PRIME approximately in this year THB 15.00 million. The ground-mounted Solar Power Plant Project in Miaoli Lake West with the capacity of 200 MW. and the Budai outdoor fish farm solar power plant project in Chiayi City with the capacity of 99 MW., progress of these projects as planned.