BGRIM High Electricity Sales Pushes 3Q Profit up 12.4% to ฿794M.

B.GRIMM Power Public Company Limited (BGRIM) has reported its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:

BGRIM’s sales and service income increased 12.4% YoY and 10.1% qoq (฿9,691 million in 3Q18), primarily due to an increase in revenue from ABPR3 and ABPR4 that was fully develop and is in operation located in AMata City (Rayong) Industrial Estate which started COD on February 1, 2018 and June 1, 2018, respectively, and an increase in demand of existing users.

 

The normalized net profit (NNP) increased 12.8% YoY from ฿2,346 million in 9M17 to ฿2,646 million in 9M18, primarily due to an increase in revenue and an improvement on financing cost mainly attributable to a refinancing of project bond in April 2017 and repayment of corporate loan in September 2017.

The NNP decreased 30.4% QoQ from ฿1,071 million in Q218 to ฿745 million in 3Q18, primarily due to lower selling price per unit to IUs compared to an increase in gas cost from unchanged of Ft and higher financial cost from the record of interest expense of ABPR4 after its COD achievement in June 2018.

 

The volume of electricity sold to EGAT increased 12.2% YoY and 7.0% QoQ, primarily due to the inclusion of ABPR3 and ABPR4 which has fully operation. Meanwhile, the electricity price sales to EGAT increased 3.4% YoY and 3.0% QoQ because the energy payment is generally adjust to reflect changes in natural price.

Electricity sales to EDL in Laos increased 42.4% YoY and decreased 25.6% QoQ (฿84 million in 9M18 / ฿32 million in 3Q18)

Electricity sales to industrial users in Vietnam decreased 1.7% YoY and increased 4.0% QoQ (฿874 million in 9M18 / ฿312 million in 3Q18).

 

Other revenues increased 416.0% YoY and 431.0% QoQ (฿387 million in 9M18 / ฿308 million in 3Q18), primarily attributable to gain from business combination (BGYSP) amount of ฿276 million which should be amortized by ฿12 million per annum along the PPA life.