EGCO : ELECTRICITY GENERATING PUBLIC COMPANY LIMITED
3M/2025 (Jan - Mar 2025)
Business Overview

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

Financial Statement
3M25 3M24 2024 2023
Income Statement (MB)
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
Balance Sheet (MB)
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
Cash Flow (MB)
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
Financial Ratio
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
Business Plan

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:

  • Short-term goal: increasing the renewable portfolio to 30% of total capacity by 2030
  • Mid-term goal: achieving carbon neutrality by 2040
  • Long-term goal: achieving net-zero in 2050
Business Highlight
  • Completion of divestment of a 49% ownership interest in RISEC to Shell Energy North America (SENA) on January 24, 2025
  • Completion of construction and installation of Yunlin, fully operational with 80 WTGs and a total capacity of 640 MW since January 30, 2025
  • Completion of divestment of a 100% ownership interest in Boco Rock Wind Farm to Tilt Renewables on March 7, 2025
  • Completion of signing a new Power Supply Agreement (PSA) for QPL with a total capacity of 400 MW on March 24, 2025
  • Completion of investment agreement for a 49% ownership interest in Pinnacle II Portfolio, totaling 251 MW from 2 renewable energy power plants in the U.S., on March 31, 2025
  • Completion of a USD 95 million capital injection in infrastructure and utility business in Indonesia through CDI on April 11, 2025
Performance and Analysis
Business Performance Summary

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.

Key Milestones

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.

Risk Management Policy

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.

Recent Awards and Recognitions
  • "AA" in SET ESG Ratings 2024
  • Member of the DJSI for 5th consecutive years
  • EGCO Group has received an excellent CG assessment report 2024 with a "5-star" rating for 16th consecutive year


Revenue Structure
Oversea Power Producer 35% IPP 33% SPP 24% Other business 6% Others 2%
Stock Information
SET / RESOURC / ENERG
Closing price EGCO SET index 134.00 105.50 77.00 1529.00 1371.67 1214.33 1057.00 1-4-24 8-7-24 3-10-24 3-1-25 31-3-25
as of 31/03/25 EGCO ENERG SET
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
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
CG Report:
Company Rating:
TRIS Rating : AA
DJSI Member
Major Shareholders
as of 14/03/2025
Electricity Generating Authority of Thailand (25.41%)
TEPDIA Generating B.V. (23.94%)
ELETRICITY GENERATING AUTHORITY OF THAILAND SAVING AND CREDIT COOPERATIVE LTD. (6.20%)
Thai NVDR Company Limited (4.53%)
SOCIAL SECURITY OFFICE (4.39%)
Others (35.53%)
Company Information and Contact
http://www.egco.com
ir@egco.com
0-2998-5000, 0-2998-5999
EGCO TOWER,222 MOO 5,VIBHAVADI RANGSIT ROAD, THUNGSONGHONG, LAK SI Bangkok 10210
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