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RATCH Group announced THB2.088-billion profit in 1Q/2021, Promising a 700 MW target and new business venture this year

Nonthaburi – RATCH Group Public Company Limited announced operating result for the first quarter of 2021 with a net profit of 2,087.86 million baht, increasing 53.4% compared to same period last year. It was driven by increases of revenues from its Australian subsidiary operating two wind farms; Yandin and Collector, commercially generated, and profit sharing of Thang Long power plant in Vietnam and hydroelectric power plants in Lao PDR. This year, the company expects that equity capacity will grow at least 700 MW, and successfully establish a new potential high-growth business.

Mr. Kijja Sripatthangkura, Chief Executive Officer of RATCH Group said that our business operation this year focuses on three main aspects; managing maximum profitability for all current assets, pursuing and achieving the goals in on-going joint-venture projects, and managing prudent financial planning ensuring costs control and strong financial position enabling to serve the company’s expansion plan. In 2021, RATCH estimates equity generation capacity increase to 8,874 MW, of which commercial capacity is around 7,215 MW. Four power projects with 537.04-MW in total equity capacity commercially operated this year include 214.2-MW Yandin Wind Farm in Australia (70% equity holding), 226.8-MW Collector Wind Farm in Australia (wholly owned equity), 296.23-MW Riau Combined Power Plant in Indonesia (49% equity holding), and 29.7-MW Ecowin Wind Farm in Vietnam (51% equity holding). Expectedly, they will strengthen the company’s revenues of 2021 even more.

“This year, the company still emphasizes on power project investment. Currently, it is under negotiation in several conventional power projects abroad with no less than 500 MW in total, as well as overseas renewable power projects at least 200-MW capacity. In Thailand, the company has participated in bidding of community power plant projects with 18-MW in total capacity. It also seeks for a new business with high growth potential in the future in order to concrete our business platform. Out of total 15 billion-baht investment budget, 7 billion-baht budget was set aside for new project acquisition. In the first quarter, the company spent 3.257 billion baht, of which invested in 15.53% equity of the Bangkok Aviation Fuel Services Plc., and Nexif Ben Tre Wind Power Project in Vietnam. The company assures that our investment goal in this year will be driven successfully,” said Mr. Kijja.

For 2021 first-quarter operating performance, the company recorded total revenues of 8,701.32 million baht, divided into revenues from power generation business of 8,569.09 million baht, of which 85% generated from conventional power plants and 15% from renewable power plants, and revenues from infrastructure and other businesses of 132.23 million baht.

As of 31 March 2021, it booked total assets of 116,915.01 million-baht, total liabilities of 51,951.36 million baht, and total shareholder’s equity of 64,963.65 million baht. The company has a solid financial credibility demonstrated by the net debt to equity ratio of 0.54 times, debt service coverage ratio of 4 times, and the return on equity of 9.39%.

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