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.
In 2024, B.Grimm Power operates 64 power plants with a total installed capacity of 4,091 MW (or 2,659 MW in equity capacity). By incorporating developing projects and those currently under construction (committed projects), our projected installed capacity is 6,048 MW (or 3,633 MW in equity capacity).
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 57,023.20 | 58,228.53 | 63,247.16 | 46,816.24 |
| Expenses | 47,803.74 | 49,211.31 | 59,319.94 | 39,607.57 |
| Net Profit (Loss) | 1,556.87 | 1,889.29 | -1,244.08 | 2,275.70 |
| Assets | 180,900.72 | 177,045.58 | 170,650.72 | 149,197.56 |
| Liabilities | 129,229.21 | 124,331.00 | 128,483.05 | 108,382.05 |
| Shareholders' Equity | 36,086.18 | 38,138.07 | 29,727.56 | 29,471.16 |
| Operating | 7,443.43 | 13,753.73 | 7,908.38 | 9,828.23 |
| Investing | -15,677.50 | -12,519.51 | -18,053.96 | -15,326.37 |
| Financing | -1,348.53 | -1,997.94 | 13,452.08 | 11,809.46 |
| EPS (Baht) | 0.26 | 0.44 | -0.63 | 0.72 |
| GP Margin (%) | 18.99 | 17.84 | 10.14 | 18.64 |
| NP Margin (%) | 5.56 | 6.33 | -1.42 | 7.30 |
| D/E Ratio (x) | 2.50 | 2.36 | 3.05 | 2.66 |
| ROE (%) | 4.20 | 5.55 | -4.20 | 7.99 |
| ROA (%) | 5.10 | 5.26 | 2.40 | 5.72 |
ฺB.Grimm Power announces GreenLeap-Global and Green strategy and 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, utilising 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 decarbonise.
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: Emphasising 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.
In 2024, B.Grimm Power expanded its renewable energy portfolio, securing an additional 1,345 committed MW. This includes 740 MW from offshore wind projects in South Korea, 33.7 MW from solar rooftop across the UAE, Saudi Arabia, and Bahrain, a 29.9 MW hydropower plant in the U.S., 65 MW solar power plant in the Republic of the Philippines and 476.3 MW renewable projects in Thailand (including awards under the government’s renewable program). B.Grimm Power also acquired Nemaroo Bimbi Wind Farm Pty. Ltd. in Australia and LT09 S.r.l. in Republic of Italy for future renewable energy development.
B.Grimm Power maintained profitability in 2024, with Normalised Net Profit (NNP) – owner of the parent increased by 5.8% y-on-y to THB 2,227 million mainly attributed to the sales volume expanding from EGAT, steam in Thailand and IUs in Vietnam and higher service income. Net Profit – owner of the parent was THB 1,557 million, down from THB 1,889 million, primarily due to the non-cash transaction of higher unrealised FX loss from the net position of outstanding USD debts and foreign currency transactions.
B.Grimm Power’s projects currently under construction:
1) INSEE B.Grimm solar 80 MW
2) Zhongce Rubber solar rooftop in Amata City Rayong 35 MW
3) 386 solar rooftop 27.5 MW
4) Nakwol 1 offshore wind farm 365 MW
5) ARECO solar power plant 65 MW
Approved the amendment of the dividend payout policy to not less than 50% of NNP and propose the dividend payment to the AGM at THB 0.43 dividend per share (DPS) for 2024, comprising an 1H’2024 interim dividend of THB 0.18 per share and the final dividend of THB 0.25 per share. By raising the DPS, we demonstrate confidence in our liquidity management.
B.Grimm Power adopts the COSO Enterprise Risk Management Framework (COSO ERM) to manage risks appropriately throughout the company. We emphasise comprehensive risk management at the organisational, business group, and operational levels, including ESG risks. We also prioritise 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 or governance oversight. The Risk Management Committee is responsible for setting risk management policies, overseeing practices, promoting a risk management culture across the organisation, and reporting risk management outcomes to the BOD and the company's committees.
B.Grimm Power continues to be recognised for our strong ESG performance. In 2024, we achieved the highest "AAA" rating in the SET ESG Rating and advanced to the top 5% of the Electric Utilities industry in S&P Global’s Sustainability Yearbook 2025.
We also received a "BBB" MSCI ESG Rating from MSCI ESG Research, an “Excellent” CGR score from the Thai Institute of Directors Association, and maintained our inclusion in the FTSE4Good Index for the 5th consecutive year, reaffirming our dedication to sustainable growth and good governance.
| as of 30/12/24 | BGRIM | ENERG | SET |
|---|---|---|---|
| P/E (X) | 41.22 | 13.07 | 19.33 |
| P/BV (X) | 1.42 | 1.01 | 1.40 |
| Dividend yield (%) | 1.85 | 4.95 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 50,834.55 | 71,038.03 | 103,624.28 |
| Price (B/Share) | 19.50 | 27.25 | 39.75 |
| P/E (X) | 41.22 | 81.05 | - |
| P/BV (X) | 1.42 | 1.81 | 3.29 |
