CKPower sparks renewed growth under new leadership
CK Power Public Company Limited (CKPower), led by Managing Director Thanawat Trivisvavet, is set to continue its positive performance trend, buoyed by seasonal factors and a commitment to enhance its renewable energy capacity. The company’s goal aligns with its CKP NET ZERO EMISSIONS 2050 initiative.
CKPower, one of the leading renewable energy producers with a minimal carbon footprint, disclosed a total revenue of 10,941 million baht for the year 2023. Despite the El Niño phenomenon’s impact, water levels have rebounded significantly since mid-Q3/2023, allowing the company to increase its electricity production plans.
This surge has significantly enhanced the water level in Nam Ngum 2 Hydroelectric Power Plant’s reservoir, reaching its highest point in three years, expected to positively impact CKPower’s 2024 dry season operations.
In 2023, CKPower saw a profit-sharing decrease from Xayaburi Power Company Limited (XPCL) due to reduced electricity sales and increased financial costs. Concurrently, Nam Ngum 2 Power Company Limited (NN2) experienced a revenue drop from electricity sales and increased expenses due to a significant overhaul.
Conversely, Bangpa-in Cogeneration Limited (BIC) reported a gross profit increase thanks to the average natural gas price downturn in 2023. As a result, CKPower’s gross profit margin increased by 4.9% from 2022, standing at 25.4%.
The net profit attributable to equity holders of CKPower stood at 1,462 million baht, reflecting a 13% net profit margin, showcasing CKPower’s strong performance amidst global crises such as energy prices, geopolitical issues, and climate conditions, reported Bangkok Post.
Effective management
Despite these global challenges, CKPower effectively managed its operations, achieving notable net profit performance and maintaining consistent cash flow from long-term power purchase agreements with the Electricity Generating Authority of Thailand (EGAT).
The company also sustained a stable financial standing with a low net interest-bearing debt to a total shareholders’ equity ratio of 0.53. Furthermore, XPCL successfully issued additional green debentures worth 3,500 million baht (US$ 97,233,045) in 2023, mitigating interest rate fluctuation risks and reducing XPCL’s financial costs.
Moving forward, CKPower aims to strengthen energy security foundations and develop renewable energy, contributing to Thailand’s advancement towards a low-carbon society. In 2023, renewable energy-based power plants under CKPower Group generated over 8.5 million megawatt-hours (MWh) of clean electricity for Thailand, accounting for over 17% of the country’s renewable energy use in 2023.
This progress signifies a significant step towards achieving net zero emissions by 2050 and supporting Thailand’s transition to sustainable energy.
CKPower operates 14 power plants, producing and selling electricity generated from three energy sources, with a total installed capacity of 3,633 MW. These comprise three hydroelectric power plants, two cogeneration power plants, and nine solar power plants.
