CWT Shows a Billion Baht of Backlog, Advancing in Waste-to-Energy Power Plant Business

Chai Watana Tannery Group Public Company Limited (CWT) has reported its yearly consolidated financial statement of 2019 through Stock Exchange of Thailand, posting revenue from sales and services at 2,009.38 million baht, increased 2.75% when compared to a net profit of 1,955.69 million baht.

 

The revenue was contributed from CWT’s three core businesses which are;

1) The company has revenue from sales and services from the leather business for the year2019 in the amount of Baht 1,514.55 million, net profit of Baht 116.62 million, decreased compared with the same period of year 2018, the company had revenue from sales and services of Baht 1,666.22 million, a net profit of Baht 95.43 million. Net profit increased due to gain from exchange rate and reversal of loss from impairment of investment in subsidiaries.

2) The company’s income from energy business for the year2019 in the amount of Baht 343.70 million, increased from the year 2018 the company’s income from energy business was Baht 247.43 million. Since the company started to have revenue from commercial biomass fuel sales in Q2/2018.

3) The company’s income from design and distribution of boat and minibus made by aluminium from a joint venture with “SakunC” for the year 2019 in the amount of Baht 119.22 million increased from the year 2018 the company income from this business was Baht 20.89 million. The year 2018 is the first year of investment.

 

Mr. Weerapon Chaiteerath, CWT’s Chairman of the Board of Directors, stated that 2020 will be the year for CWT to show its potential to investors, while having over a billion baht worth of backlog on hands which will start to recognize from the first quarter of 2020 onwards. As for the energy business, it is expected to reach the total production of electricity to 40MW this year.

Moreover, the company is in the middle of a price negotiation with the local government after receiving the highest score in technical field and qualifications for the management of waste garbage in Nakhon Sawan with a 25-year agreement. The final results for the awarded project should be officially announced in March. The project in waste management could create the opportunity for CWT to start investing in other waste power plant projects in the future.