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RATCH posts 1.358 bn profits, up 8% in Q1/2017 aiming to achieve 7,500 megawatts in 2017

NonthaburiRatchaburi Electricity Generating Holding Public Company Limited (RATCH) reported the continuous growth of its operating performance for the first quarter of 2017. The profit for the period was 1.358 billion baht, rising 8% over year. Earnings before interest and taxes (EBIT) were reported at 2.006 billion baht, higher 6% due to the increase in profit sharing of joint venture companies. RATCH consistently pursues its 7,500-MW target and in the first quarter, its capacity grew to 7,014 megawatts boosted by the investment in 42.5-MW Collinsville solar power project by RATCH-Australia Corporation Limited, a subsidiary with 80% stake. In addition, it helped increase the renewable capacity to reach 9.86%, compared to the established target of 10% of the entire capacity.

Mr. Kijja Sripatthangkura, RATCH CEO, revealed that the operating performance for the first quarter showed satisfactory results, with operating progress as planned. This year, RATCH pays more attention in four matters. 1) To drive capacity growth to 7,500 megawatts as targeted 2) To increase return on assets by power plant management ensuring their reliability and availability to meet the power purchase agreement (PPA) to secure revenue growth. 3) To carry out the financial planning in order to support the long-term investment 4) To earnestly diversify to other related business and non-power business to strengthen its business fundamental.

“The continued effort to drive the capacity growth has shown in the investment success of  a solar power project in Australia as well as other two projects include the Yellow and Pink lines of Monorail Electric Train and natural gas-fired  Riau power plant which are during the final stage of investment process. Once it completes, the company’s equivalent capacity will increase by 314.75 megawatts. Thus, the investment capacity will reach 7,300 megawatts equivalent,” Mr. Kijja added.

In addition, the company has consistently followed up five under construction projects, with combined equity capacity of 551.5 megawatts to ensure the completion will meet the commercial operation schedules. There are two projects that will be commercially operated in 2018: 1) 42.5-MW Collinsville solar power project in Australia (with 80% stake) now enters into the construction phase after signing the 57-million-AUD financial agreement, with Clean Energy Finance Corporation. Its construction will take one year to achieve the completion and the commercial operation is scheduled in May 2018. 2) 180-MW Mount Emerald wind farm (80% stake) is now preparing the ground works for wind turbine installation. Its commercial operation was scheduled in September 2018.

For 410-MW Xe-Pian Xe-Namnoy Hydroelectric Power Project (25%), the construction showed 75% completion progress and its commercial operation was scheduled in February 2019. Meanwhile, 100-MW Berkprai Cogeneration Power Plant, with the stream generation of 15 tons per hours (with 35% stake) already signed the Engineering, Procurement, Construction (EPC) agreement, with the commercial operation schedule on  June 2019.

On the part of 2,360-MW Fangchenggang nuclear power project, phase 2 in China (10%), its construction showed the progress as planned. Meanwhile, the commercial operation was scheduled in 2021.

For the first quarter of 2017, the company booked the total revenues of 10.590 billion baht, comprising the revenue from sales of Ratchaburi and Tri Energy power plants as well as the power plants of RATCH-Australia Corporation Limited amounted to 8.785 billion baht or accounting for 83% of total revenues, the sharing profit of joint ventures amounted to 527 million baht or rising 47% and the cost and expenses totaled 8,848 billion baht, decreasing by 26%.

As of March 31, 2017, the company recorded the total asset of 96.749 billion baht, the liabilities of 33.166 billion baht, the shareholders’ equity of 63.583 billion baht, the cash and working capital of 16.092 billion baht and the retained earnings of 50.184 billion baht. Back to all news