The Company is operated as a holding company, RATCH seeks to invest in subsidiaries, associates and joint ventures, subject to its shareholding proportion. The Company invest in other companies in a diverse business spectrum in Thailand and overseas. The investment portfolio of the Company can be put into 4 categories: power generation; infrastructure; businesses related to electricity and energy; and healthcare. Its main incomes are in forms of dividend and profit sharing from invested companies.
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 35,405.21 | 46,832.93 | 75,735.85 | 38,213.22 |
| Expenses | 30,551.55 | 40,792.28 | 72,065.30 | 34,818.34 |
| Net Profit (Loss) | 6,126.78 | 5,167.25 | 5,782.07 | 7,772.02 |
| Assets | 214,336.91 | 213,478.95 | 229,578.28 | 154,855.31 |
| Liabilities | 107,962.57 | 106,345.49 | 122,175.01 | 77,045.76 |
| Shareholders' Equity | 97,382.18 | 97,997.38 | 98,028.61 | 70,289.71 |
| Operating | 8,143.38 | 10,744.69 | 7,504.77 | 7,153.57 |
| Investing | -22,487.43 | -4,751.92 | -22,218.99 | -7,648.75 |
| Financing | -1,879.36 | -16,884.16 | 43,198.06 | 2,384.57 |
| EPS (Baht) | 2.82 | 2.38 | 3.15 | 5.36 |
| GP Margin (%) | 17.61 | 13.56 | 7.28 | 11.28 |
| NP Margin (%) | 17.85 | 11.70 | 7.49 | 20.36 |
| D/E Ratio (x) | 1.01 | 0.99 | 1.14 | 0.99 |
| ROE (%) | 6.27 | 5.27 | 6.87 | 11.88 |
| ROA (%) | 5.46 | 4.87 | 4.99 | 7.36 |
Strength Strategy
Efficient operations geared towards worthwhile revenue and returns and strong foundation for excellence.
Synergy Strategy
Integrated operations with extended collaboration with leading partners in Thailand and abroad, for sustainable growth opportunities in the power business and non-power business in the value chain as well as value-added innovations.
Sustainability Strategy
Promoting renewable energy with concerns about environmental and social stewardship and governance for sustainable growth.
The Company's sustainability strategy and development plan were prepared with an international-standard process. It started with the gathering and analysis of secondary data of issues material to stakeholders and how to weigh the data and give it scores. The process encompassed interviews of stakeholders’ representatives and brainstorming to prioritize the issues and pinpoint key strategies. It was completed with assistance from an external specialized and experienced consulting firm, for stakeholders’ confidence and acceptance as well as actual implementation and concrete results. The sustainability strategy and development plan including 3 pillars – the environment, society and economy (inclusive of governance). It contains 5 topics material to the corporate sustainability and stakeholders in the value chain.
In October, 2024, Nexif Ratch Energy Investment Pte. Ltd (NREI) achieved financial close for its 145 Megawatts NPSI solar power project, located in Negros Occidental Province, Philippines. This project will install solar photovoltaic panels and later combine with a battery energy storage system to enhance the stability of electricity generation and distribution which started the construction in October 2024. The majority of electricity generated will be sold to subsidiaries of Aboitiz Power corporation Group under a 10-year PPA, with remainder being dispatched to Wholesale Electricity Spot Market. The construction of the project is expected to be completed and COD by the 4th quarter of 2025
On December 3, 2024, RATCH-Australia Corporation Pty Ltd. (RAC) and QPM Energy Limited (QPM) have signed the 10-year Dispatch Agreement to manage the 234-megawatt Townsville Combined-Cycle Power Plant. This agreement ensures the power plant’s continued operation and revenue generation, following the expiration of the previous 25-year PPA with QPM on February 6, 2025.
The Group overall's revenue in 2024 decreased from that of 2023 mainly resulted from lower revenue from SPPs sales due to the lower average gas prices.
Nonetheless, the Group's net profit for the period of 2024 increased from that of 2023 maily because the Group recognized the share profit of Hin Kong power plant Block 1 since the commercial operation date on March 1, 2024, as well as, recognizing the share profit of Paiton power plant which was acquired since April 30, 2024. Moreover, the Group have been able to maintain the efficiency and availability of the existing power plants, resulting in strong operational performance and a consistently stable cash flow.
On March 1, 2024, and January 1, 2025 Hin Kong Combined-Cycle Power Plant Unit 1 and 2 has officially commenced commercial operation respectively. Hin Kong Power Plant has a contracted capacity of 1,400 megawatts, located in Hin Kong Subdistrict, Mueang District, Ratchaburi Province, and operated by Hin Kong Power Company Limited (HKP) under a 25-year Power Purchase Agreement (PPA) with EGAT.
Granted an LNG shipper license in the amount of 1.4 million tons per annum, Hin Kong Power Holding Company Limited (HKH) has successfully imported the first LNG shipment of approximately 62,000 tons on February 28, 2024, in preparation for the commercial operation of Hin Kong Combined-Cycle Power Plant Unit 1. This marks HKH as the first private company in Thailand to initiate LNG imports.
In addition, the import of such LNG is a vertical integration between the power generation and the gas business, and in line with the Energy Policy and Planning Office's policy to minimize risks in gas procurement and increase energy security for the country as well. In 2024, HKH plans to import a total of approximately 0.64 million tons.
• Determine the Company’s operational objectives (Strategy and Business Objective)
• Identify risks and cause of risks (Risk Identification & Root Cause Analysis)
• Analyze, evaluate, and prioritize risks (Risk Assessment & Priority) • Establish criteria and methods for controlling risks (Risk Impact Criteria & Response)
• Determine risk management methods (Risk Mitigation & Management)
• Follow-up, prepare reports, and evaluate results (Follow-up & Reporting)
| as of 30/12/24 | RATCH | ENERG | SET |
|---|---|---|---|
| P/E (X) | 11.06 | 13.07 | 19.33 |
| P/BV (X) | 0.70 | 1.01 | 1.40 |
| Dividend yield (%) | 5.33 | 4.95 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 65,250.00 | 68,512.50 | 92,981.25 |
| Price (B/Share) | 30.00 | 31.50 | 42.75 |
| P/E (X) | 11.06 | 15.18 | 11.41 |
| P/BV (X) | 0.70 | 0.66 | 0.87 |
