RATCH Group Public Company Limited (SET: RATCH) delivered a 2.3% year-over-year increase in third-quarter net profit to THB 2,218 million, driven by high operational availability across its power generation portfolio and increased electricity dispatch. Total revenue for the quarter ending September 30, 2026, surged 102.7% YoY to THB 16,006 million. Excluding pass-through energy payments, net revenue rose 13.1% YoY to THB 8,389 million.
Key Financial Highlights
- Net Profit: THB 2,218 million (+2.3% YoY, +58.4% QoQ)
- Total Revenues: THB 16,006 million (+102.7% YoY, +16.9% QoQ)
- Revenues (Excl. Pass-Through Fuel): THB 8,389 million (+13.1% YoY)
- EBITDA: THB 4,922 million (+16.4% YoY, +27.2% QoQ)
Top-line expansion was primarily anchored by the Hin Kong Combined-Cycle Power Plant (HKP), which contributed THB 7,961 million in sales revenue following full financial consolidation and higher dispatch instructions from EGAT. HKP maintained an availability factor of 99.12% during the quarter.
Profit sharing from the Paiton coal-fired plant in Indonesia also increased YoY due to improved plant availability following maintenance shutdowns in the prior-year period. Conversely, revenue from the Ratchaburi (RG) thermal power plant fell 60.5% YoY to THB 539 million following the October 2025 expiration of its Power Purchase Agreement.
Core operating earnings remained resilient, with quarterly EBITDA rising 16.4% YoY to THB 4,922 million. Excluding a foreign exchange loss of THB 81 million, normal profit climbed 13.4% YoY to THB 2,299 million.
RATCH maintained a healthy balance sheet, closing the quarter with THB 13,905 million in cash and cash equivalents. Total liabilities decreased 0.6% to THB 129,584 million as the company executed net bank loan repayments of THB 6,119 million. Financial leverage remained prudent, with a debt-to-equity ratio of 1.10x and a book value per share of THB 47.67.
Management continues to advance its project pipeline, with the 145 MWp NPSI Solar project in the Philippines reaching 90% completion and the Song Giang 1 Hydro plant in Vietnam at 99%. Looking ahead, the company is positioning its generation portfolio to support surging power demand from expanding domestic data centers and smart grid infrastructure.
