CK Power Public Company Limited (SET: CKP) has announced a robust financial performance for the second quarter of 2025 (Q2 2025), with Core Net Profit experiencing a substantial 137.4% year-on-year (YoY) increase to Baht 353.0 million. The company’s Net Profit also saw a remarkable surge of 725.7% YoY, reaching Baht 610.2 million.
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss) Million Baht |
610.15 | 73.92 |
| Earning Per Share (Baht) |
0.0750 | 0.0090 |
| % Change | 725.42 | |
| 6 Months | 6M25 | 6M24 |
| Net Profit (Loss) Million Baht |
680.62 | -387.05 |
| Earning Per Share (Baht) | 0.08 | -0.05 |
This strong growth was primarily propelled by a significant increase in the share of core net profit from the investment in Xayaburi Power Company Limited (XPCL). This improvement for XPCL stemmed from higher electricity sales volume, driven by a 29.5% YoY increase in water flow in 1H 2025, and lower finance costs. The Share of Profit from investments in Joint Ventures and Associates, notably XPCL and Luang Prabang Power Company Limited (LPCL), showed a substantial improvement, contributing Baht 453.3 million in Q2 2025, compared to a loss in the same period last year. LPCL’s profit specifically benefited from a foreign exchange gain due to the appreciation of the Thai Baht.
Total Revenue for Q2 2025 demonstrated a modest increase of 1.6% YoY, reaching Baht 2,663.3 million. This was predominantly driven by higher electricity sales volume from Bangpa-In Cogeneration Limited (BIC), which saw a 5.5% YoY increase in volume, leading to a 6.7% rise in revenue despite a 2.0% YoY decline in natural gas prices. Conversely, revenue from Nam Ngum 2 Hydroelectric Power Plant (NN2) decreased by 3.4% due to the strengthening Thai Baht, despite its electricity sales volume increasing by 2.0% from higher reservoir levels and water inflow. Bangkhenchai Company Limited (BKC) also experienced a revenue decline, impacted by lower average wholesale Ft rates and reduced electricity demand from industrial customers.
Regarding expenses, Total Operating Expenses increased by 4.3% YoY to Baht 1,968.9 million. Fuel Costs rose in line with BIC’s increased electricity sales volume. However, Administrative Expenses decreased by 13.3% YoY, mainly due to lower consulting fees and reduced spending on advertising and public relations. Finance costs also saw a 4.5% YoY decrease, primarily from the redemption of maturing debentures and repayment of long-term loans by subsidiaries.
Overall, the company’s financial position remains sound, with total assets increasing by 4.7% from the end of 2024, partly due to additional investment in LPCL and proceeds from the issuance of Baht 5,000 million Green Debentures No. 1/2025. The appreciation of the Thai Baht also positively impacted Total Shareholders’ Equity by reducing unrealised losses from cash flow hedges of XPCL.
