BGRIM Reports 50% Profit Growth in 1H21 as Sales in Industrial Users Grow
BGRIM reported a 50% surge for its 6M21 financial statement as sales volume grew and the COD of solar project.
B.Grimm Power Public Company Limited (BGRIM) has announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
BGRIM reported a net profit of 1,021 million baht in 2Q21, increased 0.48% from a net profit of 1,017 million baht in 2Q20. Meanwhile, the company reported a 48.74% growth in net profit for the first half of 2021.
In the second quarter of 2021, BGRIM posted normalized net profit (NNP) of 1,011 million baht, growing 50.0% YoY with 1) the 47.4% YoY volume growth from industrial users (IUs), 2) achieving Commercial Operation Date (COD) of solar project in Cambodia in December 2020, 3) the efficiency improvement of ABPR1 and ABPR2 power plants since 2H20, 4) 17.6% YoY declining SG&A from expense control, 5) 8.9% YoY declining gas price and 6) 169 million baht net realized FX gain mainly from USD loan repayment from related parties.
Sales volume rose 7.1 YoY to 3,861 GWh in 2Q21 with total revenue of 11,475 million baht, increased 2.1% YoY mainly from the 47.4% volume growth from IUs due to the rising demand and the synchronization of new clients with total PPAs of 21.2 MW in 2Q21 or 31.5MW in 6M21.
Sales volume rose 4.5% YoY to 7,425 GWh in 6M21 with total revenue of 21,928 million baht, declined 2.4% YoY from 1) the Energy Payment which was generally adjusted to reflect changes in natural gas price which decreased 13.1% YoY (while profit margin was widened) and 2) softening revenue from solar projects in Vietnam due to the curtailment issue in early 2021 before significantly improving since March 2021.
Gains on Exchange Rate (were 327 million baht in 2Q21 with the 338 million baht realized FX gain from USD loan repayment receiving from related parties and change in FX Note that net realized FX gain in Q 2 2021 was 169 million baht (rounded figure) after deducting with realized FX loss under finance cost.
Meanwhile, unrealized FX gain ( was generally from the balance of short-term USD loans to related parties while the local currencies depreciated or appreciated against the US dollar over this period.