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BGRIM posts B475m Q2 profit
BGRIM posts B475m Q2 profit

Bangkok Post

time14-08-2025

  • Business
  • Bangkok Post

BGRIM posts B475m Q2 profit

Power Plc (BGRIM) has reported a normalised net profit attributable to the parent company of 475 million baht in the second quarter of this year, as well as 1.22 billion baht for the first six months. Earnings before interest, taxes, depreciation and amortisation tallied 3.73 billion baht, down 4.7% year-on-year for the quarter and 1.2% for the six-month period, said Harald Link, group president of BGRIM. Consolidated net profit attributable to the parent company was 7 million baht, down from 229 million year-on-year, affected by a one-time retroactive payment of gas costs for September to December 2023, higher tax expenses and unrealised foreign exchange losses from the revaluation of outstanding US dollar and other foreign currency debt at the quarter-end exchange rate (non-cash impact). Despite these headwinds, the company's second-quarter performance was supported by a 1.3% year-on-year increase in electricity sales volume to industrial users in Thailand, higher service income related to development fees, increased share of profit from associates and joint ventures, and realised gains from forex. For the second quarter, BGRIM synchronised new industrial users in Thailand totalling 13.8 megawatts, bringing the total to 20.7MW for the first six months of 2025. LNG imported two liquefied natural gas (LNG) shipments in March and April, totalling 130,000 tonnes (6.7 million MMBtu), into the pool gas system to fuel its combined-cycle power plants. BGRIM received five awards at the 15th Asian Excellence Awards 2025, organised by Corporate Governance Asia, a leading financial publication in Hong Kong, highlighting its commitment to good governance, sustainable business practices and long-term value creation. Mr Link said any economic slowdown in the second half of 2025, driven by US import tariffs and weaker domestic consumption, could reduce electricity consumption among industrial estate customers by 5-10% year-on-year. However, he said new industrial user synchronisation, particularly from data centres, which have stable, continuous electricity demand and resilience to economic fluctuations amid the rapid growth of the digital economy, is expected to help offset the impact. Ongoing global trade tensions could also potentially lower natural gas prices, said Mr Link. BGRIM forecasts natural gas prices for small power producers this year at 310-330 baht per million BTU, in line with the 2024 average of 324 baht. The company plans to import up to five LNG shipments into the pool gas system and connect 40-50MW of new industrial users this year. Ongoing projects under construction, scheduled for commercial operation between late 2025 and 2026, include: U-Tapao Solar Power project (Phase 1 – 18MW); INSEE Solar Power project (80MW); Zhongce Rubber Solar Rooftop project (35MW); 386 Solar Rooftop project (18.8MW); Nakwol 1 Offshore Wind Power project (365MW); and ARECO Solar Power Plant (65MW). BGRIM approved an interim dividend payment of 0.18 baht per share for the first half of 2025, with the XD date set for Aug 26 and payment scheduled for Sept 10.

BGRIM acquires Apulia Green Energy 01
BGRIM acquires Apulia Green Energy 01

Bangkok Post

time03-07-2025

  • Business
  • Bangkok Post

BGRIM acquires Apulia Green Energy 01

Power Plc (BGRIM), through its subsidiary RES Company Sicilia S.r.l., has acquired 100% of the shares in Apulia Green Energy 01 S.r.l., an Italian-registered firm, from LT Service S.r.l. for a total value of €10,000. The acquisition marks a strategic move into Italy's battery energy storage market. Harald Link, group president of BGRIM, said Apulia Green Energy 01 is developing a battery energy storage system (BESS) project with a total planned capacity of 218 megawatts, located in southern Italy. In addition, RES Company Sicilia has partnered with LT Service to establish a new subsidiary, Cerignola BESS S.r.l., with registered capital of €10,000 and an equity structure of 51% and 49%, respectively. The new company will develop another BESS project with a capacity of 378MW, also situated in southern Italy. These initiatives mark BGRIM's first foray into battery energy storage, forming part of its broader strategy to expand its renewable energy portfolio and enhance energy resilience. With the Apulia Green Energy 01 acquisition and the new subsidiary in Italy, BGRIM now has an additional 600MW of energy storage capacity under development. This partnership reflects a significant step forward in advancing renewable energy development, enhancing energy efficiency, and supporting stable and clean energy in line with BGRIM's long-term "GreenLeap -- Global and Green" strategy and its "Empowering the World Compassionately" corporate vision. BGRIM remains committed to expanding its customer base and renewable energy partnerships to meet global energy transition demands. The company targets more than 50% renewable energy in its portfolio by 2030, with a long-term ambition to achieve net-zero carbon emissions by 2050.

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