Mitihoon – Electricity Generating Public Company Limited or EGCO Group reported its financial results for the first quarter of 2024 with a total revenue of THB 11,360 million and an operating profit of THB 1,591 million. This performance is mainly contributed by the outstanding profits from Paju ES and Nam Theun 2 power plants, as well as the additional income recognition from the latest investments in the infrastructure and utility business PT Chandra Daya Investasi (CDI) and the Compass Portfolio. The company also emphasized its intention to achieve Yunlin construction completion as planned. Looking ahead, EGCO Group will further invest through M&A deals in high quality gas-fired projects which mean immediate income recognition.The company has also expanded its renewable portfolio to achieve its short-term goal on increasing renewable capacity up to 30% of the total capacity by 2030.
Dr. Jiraporn Sirikum, EGCO Group’s President, said that in the first quarter of 2024, EGCO Group continued to maintain high efficiency of its power portfolio and fuel cost management at all power plants, especially the large-scale power plants in Thailand and overseas, enabling the company to generate more income from sales of electricity. In addition, the company has ensured that a project under construction has continued as planned, enabling the company to recognize more income in the near future.
In Q1/2024, EGCO Group achieved to close deal with the Compass Portfolio in the USA, as well as the successful commencement of commercial operation of EGCO Cogeneration SPP Replacement power plant in Rayong province. The two achievements enabled the company to immediately recognize more revenues. In addition, for other energy-related business movement, EGCO Engineering and Service Company Limited (ESCO), a wholly-owned subsidiary of EGCO Group, entered into the shareholders’ agreement with B.Grimm Power Service (Laem Chabang) Company Limited, to jointly invest in solar panel with longer than 2 meters tester development. This will be the only solar panel testing facility in Thailand and its neighboring countries.
For Q1/2024 financial results, EGCO Group booked THB 11,360 million total revenue. It recorded THB 1,591 million operating profit, an increase of 4% YoY in the same period of the previous year. Key contributors were the outstanding profits from Paju ES power plant, the higher water levels and higher electricity dispatch from Nam Thuen 2 hydropower plant, as well as the additional income recognition from the latest investments in the infrastructure and utility business PT Chandra Daya Investasi (CDI) and the Compass Portfolio. Such performance enabled the company to realize THB 1,662 million net profit in Q1/2024.
Progress of Yunlin’s construction project as of 30 April 2024, Yunlin offshore wind farm has been well prepared in all dimensions and made impressive progress as planned. By the end of April 2024, a total of 54 monopiles were installed. The project has transmitted a green energy of 264 MW from 33 completed wind turbine generators to the grid. So far, the project’s average capacity factor is in excess of 40%, confirming its capability to generate future income. The amended completion plan targets the installation of 80 wind turbines with the total capacity of 640 MW within 2024.
“Thanks to our strong foothold, EGCO Group celebrated its 32nd establishment anniversary on 12 May 2024. EGCO Group is committed to creating sustainable growth in power and other energy-related businesses in response to the energy transition trend to clean energy. EGCO Group continues to seek new investment opportunities by focusing on acquiring and operating high quality gas-fired power facilities through M&A which means immediate income recognition. The company has also expanded its renewable portfolio to achieve its short-term goal on increasing renewable capacity up to 30% of the total capacity by 2030. Meanwhile, EGCO Group under ESG approach has continuously created a balance among business, community, society and environment by adhering to the principles of good governance and anti-corruption. This aims to enhance added values for all stakeholders and create a harmonious coexistence,” said Dr. Jiraporn.
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