ฺB.Grimm Power is dedicated to becoming a premier global electric power producer and supplier, contributing to infrastructure advancement, ensuring energy stability, and mitigating carbon emissions for the betterment of national, regional, and global economies and industries. We uphold the principles of social, economic, and environmental sustainability while making substantial investments in human capital and technology to enhance competitiveness.
Currently, B.Grimm Power operates 63 power plants with a total installed capacity of 4,051 MW (or 2,637 MW in equity capacity). By incorporating developing projects and those currently under construction (committed projects), our projected installed capacity is 5,893 MW (or 3,490 MW in equity capacity).
| 6M24 | 6M23 | 2023 | 2022 |
|---|
| Revenues | 28,344.78 | 30,968.19 | 58,228.53 | 63,247.16 |
| Expenses | 23,664.89 | 26,636.50 | 49,211.31 | 59,319.94 |
| Net Profit (Loss) | 607.17 | 1,079.36 | 1,884.60 | -1,244.08 |
| Assets | 179,016.42 | 177,344.60 | 177,045.58 | 170,650.72 |
| Liabilities | 125,881.68 | 125,543.19 | 124,331.00 | 128,483.05 |
| Shareholders' Equity | 38,498.01 | 38,599.56 | 38,138.08 | 29,727.56 |
| Operating | 6,660.72 | 6,352.09 | 13,753.73 | 7,908.38 |
| Investing | -7,764.70 | -11,233.86 | -11,419.51 | -18,053.96 |
| Financing | -5,232.38 | 2,472.74 | -3,097.94 | 13,452.08 |
| EPS (Baht) | 0.07 | 0.29 | 0.44 | -0.63 |
| GP Margin (%) | 19.00 | 16.36 | 17.84 | 10.14 |
| NP Margin (%) | 4.08 | 5.82 | 6.33 | -1.42 |
| D/E Ratio (x) | 2.37 | 2.42 | 2.36 | 3.05 |
| ROE (%) | 3.67 | 0.01 | 5.55 | -4.20 |
| ROA (%) | 5.61 | 3.45 | 5.26 | 2.40 |
Our GreenLeap-Global and Green strategy aims to reach a capacity of 10,000 MW from operating and committed projects by 2030, with over 50% renewable energy sources and achieve net-zero carbon emissions by the year 2050. The strategy includes: 1) Industrial Solutions: Sourcing stable and sustainable energy for industrial estates, utilizing solar rooftop energy projects, combined-cycled power plants, and batteries, and preparing for the adoption of electric vehicles and advanced digital tools, 2) Independent Power Producer: Expanding the portfolio of renewable energy power plant projects, enhancing efficiency and readiness, to accommodate the global energy transition and 3) Sustainable Fuels: Sourcing fuel for our power plant projects and building expertise in the production of alternative fuels for industries and chemical products. This also includes developing synthetic fuels for sectors that are difficult to decarbonize.
B.Grimm Power's 2023-2030 sustainability strategy, aligned with our "Empowering the World Compassionately" vision, revolves around two core pillars: 1) Sustainable Value Creation: Emphasizing sustainable business growth through clean energy, delivering value to society while preserving harmony with nature and addressing important issues that impact both the company and stakeholders and 2) Building a Foundation for Sustainability: Giving importance to fundamental components and conducting business operations under the principles of good governance, with a focus on stakeholder engagement.
There was synchronisation of 5.2 MW new IUs in Q2’2024 from the Food and Beverage industry and Auto parts industry, totaling 11.2 MW new IUs in 6M’2024.
In May 2024, BGP Holding (US) LLC (BGP US) (an indirect subsidiary of B.Grimm Power) has invested in the Malacha Hydropower plant, located on the Pit River in Northern California, with a total installed capacity of 30 MW. BGP US has extensive plans to continue acquiring and developing strategic renewable energy generation plants in the Californian and other U.S. markets.
B.Grimm Power reported Q2’2024 performance with a Normalised Net Profit (NNP) – owner of the parent increased by 20.9% Q-on-Q to THB 597 million due to higher EGAT sale volume, lower gas cost and higher share of profit from improving performance of 3 SPP under UVBGP, although this declined by 13.1% y-on-y due to higher finance cost and tax expenses from BOI expiration of 3 power projects during Q2’2024. Net Profit – owner of the parent was THB 229 million, down from THB 679 million in the same period of last year as mentioned above, together with a non-cash unrealised FX loss from the translation of outstanding US dollar debts as well as the Thai Baht (THB) and Vietnamese Dong (VND) depreciation against the US dollar.
In June 2024, RES Company Sicilia S.r.l. (a subsidiary of B.Grimm Power) acquired 100% of LT09 S.r.l., a renewable energy company in Republic of Italy specializing in ground-mounted solar power plants with tracking systems. LT09 is currently developing the 'Ortanova 2’ project, with a capacity of 73.26 MWp situated in the southern Italy.
In July 2024, B.Grimm Power Pty, (a subsidiary of B.Grimm Power) acquired 100% of the issued shares of Nemaroo Bimbi Wind Farm Pty. Ltd. (“NBWF”). NBWF will develop green field renewable projects and an energy hub in North Queensland in Australia.
B.Grimm Power adopts the COSO Enterprise Risk Management Framework (COSO ERM) to manage risks appropriately throughout the company. We emphasize comprehensive risk management at the organizational, business group, and operational levels, including ESG risks. We also prioritize addressing climate change and incorporate recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) into our risk management practices. Additionally, we are committed to combating corruption and have been certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC). We provide channels for reporting misconduct, governance oversight, or operational practices from all stakeholders. The RMC is responsible for setting risk management policies, overseeing practices, promoting a risk management culture across the organization, and reporting risk management outcomes to the BOD and the company's committees.
B.Grimm Power secured the highest AAA rating in the SET ESG rating, placing us among the industry's top performers. Additionally, the 2024 edition of The Sustainability Yearbook by S&P Global included B.Grimm Power for the 3rd consecutive year, ranking us within the top 10% of the Electric Utilities industry. Our commitment to sustainability is further recognized by our continued inclusion in the FTSE4Good index.
B.Grimm Power received 4 awards at Asia’s Best Companies 2024 organised by FinanceAsia. The awards include “Best CEO” “Most Committed to ESG” “Best CFO” and “Best Investor Relations.”.
| as of 28/06/24 | BGRIM | ENERG | SET |
|---|---|---|---|
| P/E (X) | 30.20 | 11.32 | 17.05 |
| P/BV (X) | 1.45 | 0.97 | 1.22 |
| Dividend yield (%) | 1.67 | 4.85 | 3.53 |
| 28/06/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 56,309.04 | 71,038.03 | 103,624.28 |
| Price (B/Share) | 21.60 | 27.25 | 39.75 |
| P/E (X) | 30.20 | 81.05 | - |
| P/BV (X) | 1.45 | 1.81 | 3.29 |
