BCPG : BCPG PUBLIC COMPANY LIMITED
YE/2567 (Jan - Dec 2024)
Business Overview

BCPG Public Company Limited (BCPG), is among Asia-Pacific’s

leading companies in renewable energy with solar power,

hydropower, wind power and natural gas businesses in Thailand,

Lao PDR, Vietnam, Taiwan, the Philippines and the US. The Company’s total contracted capacity reaches 2,053 MW.

While committed to investing in and operating green power plants,

BCPG strives to enhance its business to fulfill consumers’ needs by

diversifying into more types of renewable energy and seeking

innovative products and services for more sustainable use of

energy.

Financial Statement
2024 2023 2022 2021
Income Statement (MB)
Revenues 7,130.62 5,332.97 5,558.20 4,740.56
Expenses 4,156.52 2,928.00 3,462.15 2,315.23
Net Profit (Loss) 1,819.39 1,104.04 2,630.06 2,010.82
Balance Sheet (MB)
Assets 61,991.68 74,239.54 56,160.41 58,721.23
Liabilities 31,065.59 44,627.74 26,884.41 31,493.06
Shareholders' Equity 30,711.16 29,558.48 29,224.88 27,159.66
Cash Flow (MB)
Operating 2,153.15 3,229.78 3,035.35 2,426.49
Investing 6,081.71 -29,294.19 12,289.65 -4,116.58
Financing -10,628.30 15,450.96 -6,223.02 1,621.89
Financial Ratio
EPS (Baht) 0.61 0.38 0.91 0.74
GP Margin (%) 42.38 49.16 63.40 65.56
NP Margin (%) 25.52 20.74 47.35 42.41
D/E Ratio (x) 1.00 1.51 0.92 1.16
ROE (%) 6.04 3.76 9.33 8.10
ROA (%) 5.55 4.16 7.12 5.40
Business Plan

ฺBCPG Group is committed to being a leader in the clean energy industry with sustainable growth. "Future than MW / Better Portfolio / Higher Return"

  • Leading Climate Solutions - aims to achieve carbon neutrality for all assets of the Group by 2030.
  • Diversify Portfolio - increase green energy investment across different regions to mitigate risks and support the energy transition.
  • Value to Shareholder - efficiently manage investments with social and environmental responsibility.
Sustainable Development Plan

Business Highlight

As of December 2024, BCPG had a total contracted capacity of

2,053 MW (1,181 MW of operating capacity and 872 MW of under

development). BCPG continues to identify opportunities to invest

in new power plants to expand capacity as per long-term plans, and

to invest in new energy related business.

Performance and Analysis
Business Performance Summary

For 2024, total revenue from sales and rendering of services was THB 4,323 mn, decreased by 14% YoY due to adder expiration of solar power business in Thailand and lower revenue contributed from solar business in Japan following the asset sale in June 2024; however, higher revenue contributed from hydropower plants in Lao PDR as well as tank terminal business in Thailand, thanks to full-year operation, helped mitigate some impact. EBITDA was reported at THB 4,610 mn, rose by 17% YoY from the higher profit contributions from wind power in the Philippines and CCGTs in the USA. In term of net profit, it was reported at THB 1,819 mn, up by 65% YoY. The growth was back by the better operating performance and the record of one-time gain from the sale of Japanese assets.  

Key Milestones
  • On 30 April 2024, the Group of Companies successfully invested in 3 solar power plants in Thailand, with a combined contract capacity of 8.0 MW. The projects acquired are all commercially operational and receive a FiT rate of 4.12 Baht per unit. 
  • On 26 June 2024, the Group of Companies successfully sold its solar power plant operations in Japan, comprising 9 projects with a total installed capacity of 116.8 MW (contracted capacity of 89.7 MW), as well as its Japanese subsidiary. The transaction was valued at 42.97 billion yen or 10.377 billion baht. 
  • On 15 July 2024, the Group of Companies completed the acquisition of additional shares in Prathumwan Smart District Cooling Co., Ltd. (PSDC) from Team Consulting Engineering and Management Public Co., Ltd. (TEAMG), increasing its stake in PSDC from 44.0% to 51.6%. 
  • On 22 November 2024, signed a share purchase agreement in two wind power plants in Vietnam, with a total installed capacity of 99.0 MW, and the deal is expected to complete within 1H25.
Risk Management Policy

BCPG has adopted a risk management process that aligns with the

international COSO Enterprise Risk Management Standard as a

framework for efficient risk management. The company’s approach

involves assessing and managing corporate, business unit, project

and functional risks, to ensure that our risk management

encompasses all aspects of business operations, and that risks can

be controlled within acceptable levels. Furthermore, risk

management performance is regularly monitored and evaluated.

Recent Awards and Recognitions
  • ESG100 for 2024 from Thaipat Institute
  • Best Investor Relations Awards from the SET Awards 2024 by The Stock Exchange of Thailand
  • SET ESG with "AAA" Ratings for 2024 in Resources Sector
  • Human Rights Awards 2024
  • The Asset Triple A Sustainable Finance Awards 2025: ASEAN - Most Innovative Deal
Revenue Structure
Power 80% Tank terminal and seaport 18.4% Carbon credit 0.4% Other services 1.2%
Stock Information
SET / RESOURC / ENERG
Closing price BCPG SET index 10.00 6.50 3.00 1518.00 1414.33 1310.67 1207.00 2-1-24 27-3-24 2-7-24 30-9-24 30-12-24
as of 30/12/24 BCPG ENERG SET
P/E (X) 11.22 13.07 19.33
P/BV (X) 0.58 1.01 1.40
Dividend yield (%) 4.45 4.95 3.23
30/12/24 28/12/23 30/12/22
Market Cap (MB) 16,626.46 26,362.68 29,658.42
Price (B/Share) 5.55 8.80 10.20
P/E (X) 11.22 16.75 11.53
P/BV (X) 0.58 0.84 1.00
CG Report:
Company Rating:
TRIS: A (Stable Outlook)
Major Shareholders
as of 03/09/2024
บริษัท BANGCHAK CORPORATION PUBLIC COMPANY LIMITED (57.81%)
CAPITAL ASIA INVESTMENTS PTE. LTD. (5.62%)
Thai NVDR Company Limited (3.65%)
SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED (0.77%)
STATE STREET BANK AND TRUST COMPANY (0.70%)
Others (31.45%)
Company Information and Contact
http://www.bcpggroup.com
ir@bcpggroup.com
02-335-8945-6
M Tower, 12th floor, 2098 Sukhumvit Road, Bangchak, Phrakanong Bangkok 10260
Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=BCPG
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Published on 14/03/2025