B Grimm Power (BGRIM), one of Thailand’s leading private power producers, raised net profit in the third quarter of this year by 40 per cent from the same period last year, to Bt795 million.
In a press release issued on Friday, the company said strong earnings growth was driven by a 20 per cent growth in revenue from the same period last year to a new record of Bt9.7 billion in the third quarter, thanks to the start-up of two power plants and stronger power demand.
"The profitability is largely in line with the projection as BGRIM is able to execute undertakings as planned and within the set timeframes," said BGRIM President Preeyanart Soontornwata.
The commercial operation of two 133-megawatt co-generation facilities in Amata City Industrial Estate in Rayong, namely ABPR3 and ABPR4, on February 1 and June 1, respectively, was part of the revenue drivers, the company said.
Preeyanart said BGRIM has continued relentlessly to expand its business both domestically and internationally, targeting to raise its total installed capacity by 861 MW or 45 per cent to 2,773 MW by next year from 1,912 MW as of the third quarter of this year.
While the 133-MW ABPR5 co-generation plant in Rayong started commercial operation on October 1 this year, BGRIM has a series of committed and under-development projects.
Due to start commercial operation this December are seven ground-mounted solar farms for government agencies and agricultural cooperatives with a combined installed capacity of 31 MW.
Slated to commence operation in the first quarter of next year is a 15-MW hydro-power plant in Laos.
Two large scale solar energy projects in Vietnam with a total installed capacity of 677 MW are scheduled for commercial operation in mid-2019, while an industrial waste-to-energy plant with a 5-MW capacity is due to come on stream by the end of next year.
When these new power plants are brought on line, BGRIM's revenues are expected to increase by 15-20% in 2019.
According to Preeyanart, BGRIM is constantly on the lookout for new business opportunities both domestically and internationally in order to achieve the target of 5 GW installed capacity in 2022.
Recently, BGRIM's issue of debentures worth Bt9.7 billion was fully subscribed, thus securing financial resources needed for future investment projects and re-financing purposes.
The enthusiastic response to debentures reflects investor’s trust and confidence in BGRIM's business outlook and long-term growth prospects, the company said.