CK Power Public Company Limited (SET: CKP) has kicked off the first quarter of 2026 with a robust bottom-line performance, reporting a net profit of THB 179.6 million, a staggering 154.8% increase from the THB 70.5 million recorded in the same period last year. Even when excluding one-time items and foreign exchange fluctuations, the company’s core net profit rose by 82.8% YoY to THB 115.9 million.
This profit growth came despite an 18.8% decline in total revenue, which fell to THB 1,958 million. The top-line contraction was primarily driven by a 31.3% revenue drop at the Bangpa-in Cogeneration (BIC) plant, caused by unplanned maintenance and a softening in average natural gas prices and retail Ft rates. Conversely, the Nam Ngum 2 (NN2) hydroelectric plant saw a 2.0% revenue increase, bolstered by higher reservoir levels and a 46.7% surge in water inflow.
A significant contributor to the earnings jump was the share of profit from associates, which swung from a loss in 1Q25 to a gain of THB 233.5 million in 1Q26. This was largely propelled by the Xayaburi (XPCL) plant, which benefited from a 16.5% increase in electricity sales volume and a THB 346.7 million one-time gain from the revaluation of financial liabilities. Furthermore, XPCL enjoyed lower finance costs following debt repayments and a global decline in interest rates.
On the expense side, total operating expenses decreased by 15.0% to THB 1,634.8 million. This was mainly due to a 31.2% reduction in fuel costs at BIC, aligned with lower gas consumption and prices.
Looking ahead, CKP remains committed to its green energy transition, with renewable sources now accounting for 93% of its 3,640 MW capacity. The company also recently issued THB 5,000 million in green debentures to fund the ongoing construction of the Luang Prabang Hydroelectric Power Project.
