The Company operates as a holding company with its main business in 1) Operating power plants and supply electricity through independent power producer (IPP) and small power producers (SPP), 2) Providing operation, maintenance, engineering and construction services to power plants, petrochemical plants, oil refineries and other industries
3M25 | 3M24 | 2024 | 2023 |
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Revenues | 10,193.74 | 10,640.86 | 43,679.08 | 53,283.79 |
Expenses | 7,791.45 | 9,191.61 | 37,692.90 | 46,442.80 |
Net Profit (Loss) | 3,576.72 | 1,662.40 | 5,411.47 | -8,384.07 |
Assets | 239,023.13 | 264,676.79 | 241,062.66 | 243,232.67 |
Liabilities | 132,002.77 | 154,559.97 | 136,422.46 | 138,006.96 |
Shareholders' Equity | 106,761.98 | 109,820.47 | 104,373.25 | 104,926.97 |
Operating | 856.88 | 3,082.14 | 8,347.35 | 10,284.44 |
Investing | 2,252.11 | -8,932.77 | 4,555.43 | -16,796.66 |
Financing | -2,742.52 | 9,410.14 | -5,996.87 | -2,283.13 |
EPS (Baht) | 6.79 | 3.16 | 10.28 | -15.93 |
GP Margin (%) | 23.33 | 14.29 | 21.60 | 17.55 |
NP Margin (%) | 35.09 | 15.66 | 12.41 | -15.74 |
D/E Ratio (x) | 1.23 | 1.40 | 1.30 | 1.31 |
ROE (%) | 6.76 | -7.59 | 5.17 | -7.44 |
ROA (%) | 5.26 | 0.08 | 5.64 | -1.27 |
EGCO Group has reviewed and updated its 3-year business strategy (2025–2027) with a focus on strengthening 3 key areas: enhancing sustainable revenue and profit generation, achieving low-carbon organizational goals, and transforming the organization to support future growth. These goals will be driven by the “Triple P” strategy, which consists of 3 pillars:
1. Profitability and Performance Energizing:
Strengthen the ability to generate revenue and profit sustainably while maintaining financial stability. This includes managing debt ratios, preserving the company’s credit rating, and prioritizing shareholder value through a consistent dividend payment policy.
2. Power and Energy-related Focus:
Focus on power investments, including natural gas power plants, which are crucial for energy transition stability, and renewable energy power plants. Investments will be pursued through M&A and greenfield projects while exploring energy-related opportunities. The business expansion will focus on the 7 countries where EGCO already exist, with an annual investment budget of THB 30 billion.
3. Portfolio and People Management:
Optimize investment portfolio and human resources by emphasizing operational excellence and strategic asset management to reinvest in new growth opportunities (Asset Recycling). Organizational structures will be modernized to support international business expansion, and digital technology will be leveraged to streamline operations and support future growth.
EGCO Group is confident that the “Triple P” strategy will sustainably drive growth by balancing business opportunities, strong operational performance, and low-carbon goals across 3 phases:
3M/2025, EGCO Group has an operating profit of THB 1,609 million increased by 1% YoY resulting from lower maintenance periods from KEGCO, QPL and SBPL, as well as, higher electricity sales volumes from Yunlin, Compass and BPU. However, Paju ES had lower electricity sales unit price, Linden had lower revenue. Moreover, BLCP and NTPC had lower electricity sales volumes.
3M/2025, net profit was 3,577 million baht, increased by 115% YoY mainly due to recognition of gains from divestment of RISEC and BRWF.
Investment in Pinnacle II Portfolio in the U.S. -
As of March 31, 2025, EGCO signed equity capital contribution agreement with Apex Clean Energy Holdings, LLC to acquire a 49% ownership interest in 2 renewable power plants, with a total capacity of 251 MW, consisting of
1.) Downeast Wind, a 126 MW wind farm
2.) Wheatsborough, a 125 MW solar farm
Both renewable power plants have long-term power purchase agreements with Investment Grade offtakers, and are in the final stages of construction. The 49% ownership interest in each project will be transferred to EGCO upon achieving commercial operation and meeting other closing conditions.
Investment Expansion Risk Investment in new project has risks from various environmental factors. Thus, potential projects are listed in annual investment plan and a sensitivity analysis shall be conducted also.
Construction Project Management Risk EGCO has set measures to lower the risks e.g. the implementation of strict contracts and project monitoring.
Operating Risks EGCO has monitored the performance by analysis and comparison the actual and planned performance. Targets maintenance is carried out continuously.
Financial Risks and Corporate Tax Legislation Risk EGCO mitigates the fluctuation of currencies by matching loan and revenue. On the tax front, it strictly adheres to legal requirements.
Communication and Reputation Risk EGCO defines the responsibilities of relevant divisions in disclosing information to stakeholders, adhering to the principles of equal, timely, and accurate information disclosure. This ensures that all stakeholders receive useful and reliable information.
as of 31/03/25 | EGCO | ENERG | SET |
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P/E (X) | 8.93 | 11.85 | 15.78 |
P/BV (X) | 0.46 | 0.88 | 1.10 |
Dividend yield (%) | 7.08 | 5.43 | 4.37 |
31/03/25 | 30/12/24 | 28/12/23 | |
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Market Cap (MB) | 48,303.16 | 61,596.41 | 67,387.52 |
Price (B/Share) | 91.75 | 117.00 | 128.00 |
P/E (X) | 8.93 | - | 12.05 |
P/BV (X) | 0.46 | 0.60 | 0.53 |