“Nam San 3A” and “Lomligor” Pushes BCPG’s 4Q19 Net Profit Higher by 40%

BCPG Public Company Limited (BCPG) has reported its yearly consolidated financial statement through the Stock Exchange of Thailand as follows;

On the other hand, Q4/2019 total revenue was at THB 981.2 million, increased by 20.3% YoY due to the full-quartered revenue recognition of 2 projects; “Nam San 3A” and “Lomligor”. In addition, there was a favorable weather in Thailand than last year and the officially commence of the private floating solar “Bang Pa-In” in November 2019. On QoQ basis, total revenue was increased by 24.2% as aforementioned above.

In Q4/2019, the company recorded a net profit of THB 444.8 million, increased THB 135.0 million or by 43.6% from THB 309.8 million in Q4/2018 mainly from;

1. Recorded profit from new projects during the period; “Nam San 3A”, “Lomligor” and the private floating solar “Bang Pa-In”.
2. One-time item; FX gain of THB 34.9 million, compared to Q4/2018, which recorded FX loss of THB 17.1 million.
3. Net share of profit of investment in associates in Indonesia that dramatically increased YoY due to in Q4/2018, there is a one-time item; tax provision from Geothermal power plant amount of THB 83.8 million.

On QoQ basis, net profit increased THB 43.6 million or by 10.9% YoY mainly due to the new projects and recorded FX gain as aforementioned above.

 

In 2019, BCPG recorded a net profit of THB 1,801.4 million, decreased by 18.8% YoY or THB 417.8 million from THB 2,219.2 million due to assets monetization of two solar power plant projects (Nikaho and Nagi) to IFF in Q3/2018, which recorded selling income (before tax) amount of THB 793.0 million.

For year 2019, total revenue was at THB 3,426.6 million, slightly increased by 3.2% YoY due to (1) the full-year revenue recognition of two “WVO” projects (2) 3 new projects revenue recognition in 2019 “Nam San 3A” , “Lomligor” and private floating solar “Bang Pa-In” projects. As well as, the weather conditions in 2019 was brighter than the last year.