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 65 power plants with a total installed capacity of 4,121 MW (or 2,673 MW in equity capacity). By incorporating developing projects and those currently under construction (committed projects), our projected installed capacity is 6,078 MW (or 3,648 MW in equity capacity).
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 13,952.83 | 14,395.77 | 57,023.20 | 58,228.53 |
| Expenses | 11,787.49 | 12,137.66 | 47,803.74 | 49,211.31 |
| Net Profit (Loss) | 653.93 | 378.65 | 1,556.87 | 1,889.29 |
| Assets | 183,515.29 | 180,965.50 | 180,900.72 | 177,045.58 |
| Liabilities | 131,518.06 | 127,259.40 | 129,229.21 | 124,331.00 |
| Shareholders' Equity | 36,166.86 | 38,894.34 | 36,086.18 | 38,138.07 |
| Operating | 5,059.93 | 2,466.35 | 7,443.43 | 13,753.73 |
| Investing | -1,698.18 | -1,550.93 | -15,677.50 | -12,519.51 |
| Financing | -699.80 | -870.18 | -1,348.53 | -1,997.94 |
| EPS (Baht) | 0.16 | 0.06 | 0.26 | 0.44 |
| GP Margin (%) | 18.20 | 18.02 | 18.99 | 17.84 |
| NP Margin (%) | 7.43 | 3.96 | 5.56 | 6.33 |
| D/E Ratio (x) | 2.53 | 2.37 | 2.50 | 2.36 |
| ROE (%) | 4.88 | 3.93 | 4.20 | 5.55 |
| ROA (%) | 4.82 | 5.54 | 5.10 | 5.26 |
ฺ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.
There was synchronisation of 6.9 MW new industrial users (IUs) in Q1’2025 from Home Appliance, Tire, Chemical and Others.
B.Grimm LNG Limited imported 2 LNG cargos in Mar and Apr with a total of 130,000 tonnes (6.7 million MMBtu) to fuel our SPPs through the pool gas system.
In Mar 2025, Odakura Kuchinashi Solar Park LCC, a wholly owned subsidiary of Lohas ECE Spain Gifu Co., Ltd., a company of which B.Grimm Power Korea Limited (a subsidiary) holds a 49.0% stake, has successfully commenced commercial operation of 14 MW ground-mounted solar PV power plant in Fukushima, Japan.
B.Grimm Power reported Q1’2025 performance with Normalised Net Profit (NNP) – owner of the parent of THB 749 million improved 51.6% y-on-y and EBITDA of THB 3,725 million increased 2.6% y-on-y million. The key growth drivers included: 1) the consolidation of Malacha performance after its 100% acquisition in May 2024, 2) an 8.8% y-on-y increase in steam volume in Thailand 3) a greater share of profits from associates and joint ventures, 4) the declining gas cost and 5) the realised gain from FX.
Net Profit – owner of the parent was THB 654 million, increased from THB 379 million in the same period of last year due mainly to above mentioned plus a non-cash transaction of unrealised FX loss from the net position of outstanding USD debts and foreign currency transaction.
B.Grimm Power’s projects currently under construction:
1) U-Tapao solar power plant (phase 1) 18 MW
2) KOPOS onshore wind farm 20 MW
3) INSEE B.Grimm solar 80 MW
4) Zhongce Rubber solar rooftop in Amata City Rayong 35 MW
5) 386 solar rooftop 27.5 MW
6) Nakwol 1 offshore wind farm 365 MW
7) ARECO solar power plant 65 MW
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 was recognised with “The Best of ESG” award by Future Trends and 9 prestigious awards from FinanceAsia, including Best Managed Company, Most Committed to ESG, Best CEO, Best CFO, Best COO, Best Investor Relations, Best DE&I, Best managed - Renewable Energy, Best Managed - Utility which reflect our corporate management with professionalism following the vision of “Empowering the World Compassionately”.
| as of 31/03/25 | BGRIM | ENERG | SET |
|---|---|---|---|
| P/E (X) | 17.08 | 11.85 | 15.78 |
| P/BV (X) | 0.74 | 0.88 | 1.10 |
| Dividend yield (%) | 4.22 | 5.43 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 26,590.38 | 50,834.55 | 71,038.03 |
| Price (B/Share) | 10.20 | 19.50 | 27.25 |
| P/E (X) | 17.08 | 41.22 | 81.05 |
| P/BV (X) | 0.74 | 1.42 | 1.81 |
