The 2025 full-year performance of BCPG Public Company Limited (SET: BCPG) presents a tale of two profits. While the company’s net profit plummeted by 53% YoY to THB 855.5 million, its core profit—which excludes one-time items and FX—surged by 61% to THB 1,807.3 million. This divergence highlights a robust expansion in underlying operations that was masked by significant non-recurring accounting charges.
Revenue Pressures vs. Operational Pivots
Total revenue for 2025 contracted by 17.8% to THB 3,554.7 million. This decline was primarily due to the expiry of solar “adder” incentives in Thailand, the divestment of Japanese solar assets, and the cessation of revenue recognition from wind projects in the Philippines.
However, new growth engines successfully offset some of these losses. The company saw a massive 59.6% increase in share of profit from associates, reaching THB 2,505.8 million. This was driven by:
- U.S. Natural Gas: A significant spike in capacity prices (rising to USD 269.9/MW-day in the second half of 2025).
- Lao PDR Expansion: The full commercial launch of the Monsoon Wind Project and strong hydropower output fueled by a longer rainy season.
One-Time Items and Expense Management
The net profit decline was largely dictated by THB 952.0 million in non-recurring losses. The primary drag was a THB 560.6 million impairment loss on investments in the Philippines as BCPG prepares for divestment. Furthermore, 2024’s net results were high due to a one-time gain of THB 2,158.9 million from the sale of Japanese assets.
On the positive side, BCPG successfully slashed finance costs by 22.1% to THB 1,191.6 million. This was achieved through early debt repayments and capitalizing on lower market interest rates. Administrative expenses remained well-controlled, rising only 2.1% YoY.
Despite the revenue dip and net profit hit, BCPG’s pivot toward U.S. gas and Lao wind/hydro has significantly strengthened its core earning power.
