CK Power Public Company Limited (SET: CKP) reported a strong financial performance for the third quarter of 2025 (3Q25), driven primarily by outstanding results from its hydroelectric portfolio. Core net profit—which excludes foreign exchange impacts—surged 109.6% year-on-year (YoY) to Baht 1,226.5 million, supported by higher electricity output and improved cost efficiency. Total revenue also increased 5.6% YoY to Baht 3,063.2 million.
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
1,270.15 | 1,190.92 |
| Earning Per Share (Baht) |
0.16 | 0.15 |
| % Change | 6.65 | |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
1,950.77 | 803.87 |
| Earning Per Share (Baht) | 0.24 | 0.10 |
| % Change | 142.67 | |
The profit upswing was largely fueled by higher contributions from key hydroelectric assets. Xayaburi Power Company Limited (XPCL) delivered a strong rebound, with its share of core net profit rising by Baht 535.7 million, reflecting a 30% increase in electricity sales volume and lower financing costs. Meanwhile, the Nam Ngum 2 Hydroelectric Power Plant (NN2) posted a 44.6% YoY increase in electricity revenue, supported by record-high water inflow in July 2025 following tropical storm Wipha. As a result, net profit attributable to equity holders rose 6.7% YoY to Baht 1,270.1 million.
In contrast, the Bangpa-in Cogeneration (BIC) plants faced temporary headwinds. Revenue from electricity and steam sales declined 22.5% YoY, due to lower output from both unplanned maintenance and a scheduled major overhaul during July–August 2025. Lower natural gas prices and reduced retail Ft rates also weighed on tariffs.
On the cost side, CKP’s operating expenses fell 9.1% YoY, mainly due to a 24.8% reduction in fuel costs. However, increased generation at NN2 led to higher wheeling charges (+56.9%) and royalty fees (+50.0%). The company’s total liabilities rose 9.8% from end-2024, primarily reflecting the issuance of Baht 5,000 million in Green Debentures No. 1/2025 in June 2025 to support clean energy development.
