BGRIM records robust Q2 profitability

Stocks and Financial Services Press Releases Thursday August 16, 2018 09:26
Bangkok--16 Aug--B.Grimm Power
B.Grimm Power Plc (BGRIM) posted a 34% increase in operating profit for the second quarter of this year, driven by a revenue boost from new power plants and stronger energy demand.
BGRIM's operating profit in April-June was 688 million baht on revenues of 8.80 billion baht.

The full operation achieved by the 133-MW co-generation plant, operated by subsidiary Amata B. Grimm Power (Rayong) 3 Ltd, known as ABPR 3, in the quarter following the successful February 1, 2018 commercial start-up was a key revenue driver.

Additional income resulting from June 1 inauguration of a similar facility operated by another subsidiary, Amata B. Grimm Power (Rayong) 4 Ltd, or ABPR4, which is also located in Amata City Industrial Estate in Rayong, was another important contributor to the higher income, according to BGRIM President Preeyanart Soontornwata.

However, the Company declared a net profit of 215 million baht for the quarter due to unrealized loss of foreign exchange resulting from the weakened Thai currency.
She stressed that such loss was unrealised in the accounting system nor it affected the Company's cash-flow in the second quarter.
The first-half results raised BGRIM's net operating profit by 37.3% over the same period last year to 1.2 billion baht.
As a result, the Company declared a dividend of 15 satang per share for the January-June operation, payable on September 7 to those who appear on the Record Date of August 24.
Mrs Preeyanart pointed out the dividend payment took into account BGRIM's operating performance of 1.2 billion baht.

Meanwhile, BGRIM informed SET that the Company's board agreed to acquire an 80% stake in the 257-MW solar power project in Vietnam which is carried in association with Truong Thanh Viet Nam Group Joint Stock Company (TTVN).

The BGRIM-TTVN group is in the process of concluding a 20-year accord to sell electricity from the project to the Electricity of Vietnam (EVN) at 9.35 US cent per kWh starting next year.
The Company is on course to raise its combined capacity this year by over 25% to 2,091 MW from 1,646 MW last year through commissioning new power plants and acquisitions.

The second half of this year will see BGRIM will bring on line a 133-MW co-generation plant operated by subsidiary Amata B. Grimm Power (Rayong) 5 Ltd; seven solar power facilities with combined capacity of 31 MW; and a 15-MW hydropower project in Laos.

In addition to the increasing of 49% stake to 100% in BGYSP which is the 60-MW solar power plant in Thailand in July 2018 and the acquiring of 55% stake in the 420-MW solar power plant in Vietnam, the largest of its kind in Southeast Asia which scheduled to come on line mid of next year, BGRIM will soon announce additional investment in a couple of alternative energy projects overseas as part of its growth strategy.

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