BCPG Reports Over THB2.3 Billion Profit in 9M22; Tris Upgrades Company’s Rating to “A”

BCPG Public Company Limited (SET: BCPG) announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
641 685
Earning Per Share (Baht) 0.22 0.25
% Change -6.4
9 Months 2022 2021
Net Profit (Loss)
Million Baht
2,334 1,773
Earning Per Share (Baht) 0.81 0.67
% Change 31.6

In Q322, BCPG recorded net profit of THB 640.9 million, fell by 6.4% YoY but improved by 94.1% QoQ, due to a total one-time gain of THB 14.6 million was recorded, compared to Q321 that recorded a total one-time loss of THB 24.1 million, as a result the net profit posted negative growth lower than the recurring net profit. Meanwhile, in Q222, BCPG recorded a total one-time loss of THB 218.8 million, as a result the net profit growth was higher than the recurring net profit growth.

For 9M22, BCPG recorded net profit of THB 2,334.1 million, up by 31.6% YoY, where the total one-time gain of THB 642.2 million was included. When compared to 9M21, there was a one-time gain of THB 71.5 million. As a result, net profit grew YoY.

At the end of Q322, total contracted capacity was 390.7 MW, decreased by 18.0% YoY, mainly from the disposal of 33.3% Star Energy Group Holdings Pte Ltd. shares to Springhead Holdings Pte Ltd. in March 2022. However, in Q322, BCPG’s contracted capacity increased from the following factors: 1) The commercial operation of 3 new solar power plants in Japan with a total capacity of 65.0 MW. The 3 new projects include Chiba 1 project (COD in November 2021), Komagane project (COD in March 2022), and Yabuki project (COD in April 2022); 2) The commercial operation of new solar rooftop under the CMU Smart City project since November 2021 to April 2022; 3) The commercial operation of new solar rooftop. 

In October 2022, TRIS Rating increased the company rating of BCPG and the ratings on the company’s outstanding senior unsecured debentures from “A-” to “A” with a”stable” outlook. The rating reflects BCPG’s role to play in achieving Bangchak Group’s strategy regarding the business expansion and Net Zero target, as well as the revenue reliability from power-generating assets, BCPG’s well-diversified power portfolio, and the sufficient cash flow for investment to compensate for the decrease in adder revenue in the future. This credit will also provide the opportunity to access new sources of funding for supporting the investment readiness in further.