B.Grimm Power Public Company Limited (SET: BGRIM) has announced its 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
BGRIM reported a net profit of THB 7 million in the second quarter of 2025, down from THB 228 million in the same quarter last year. The decrease was primarily impacted by the repayment of AF gas cost from Sep-Dec in 2023 and higher tax expenses, which weighed on earnings despite some positive contributions from: 1) a 1.3% y-on-y increase in electricity sales volume to IU in Thailand, 2) higher service income related to the development fee, 3) higher share of profits from associates and joint ventures, and 4) the realised gain from FX.
2025 Outlook
The broader economic slowdown and the implementation of the new tariff may cause IU volumes to decrease by approximately 5–10% relative to 2024 levels. However, the impact may be partially offset by new IUs, particularly data centers, whose demand remains resilient amid digital growth. Meanwhile, the U.S. trade tensions could lead the positive through potentially lower gas prices. We continue to monitor the situation to assess any potential impact on certain IUs and will work collaboratively to develop response strategies and mitigation measures.
The SPP gas cost guideline is projected to range between THB 310-330/MMBTU, which is about the same range as it was in 2024, where the actual SPP gas cost ended up being THB 324/MMBTU. Additionally, up to 5 LNG shipments are planned for import into the pool gas system. There is also a new IUs synchronisation of 40-50 MW.
B.Grimm Power’s projects under construction:
1) U-Tapao solar power plant (phase 1) 18 MW
2) INSEE B.Grimm solar 80 MW
3) Zhongce Rubber solar rooftop in Amata City Rayong 35 MW
4) 386 solar rooftop 18.8 MW
5) Nakwol 1 offshore wind farm 365 MW
6) ARECO solar power plant 65 MW
The Board of Directors’ meeting approved the interim dividend payment of THB 0.18 per share for 6M’2025 performance. The Excluding-Dividend (XD) date is 26 August 2025, and the scheduled payment is 10 September 2025.
