CKPower has approved 691 million baht for a dividend payment of 0.085 baht/share scheduled for May 23, 2024. CKPower’s financial position remains strong with a cash balance of over 5.5 billion baht.
Mr Thanawat Trivisvavet, managing director, CK Power Public Company Limited or CKPower (CKP) said the annual general meeting of shareholders on April 25 approved a dividend payout of 0.085 baht per share from 2023 operating results, totaling approximately 691 million baht.
The dividend will be paid to eligible shareholders based on the record date of May 8, 2024, with the payment date schedul for May 23, 2024.
As of the end of Q1/2024, CKPower’s financial position remains strong, with a net interest-bearing debt to total shareholders’ equity ratio of only 0.55 times and a cash balance of over 5.5 billion baht.
He disclosed the Q1/2024 operating results for the company and its subsidiaries of the first quarter 2024. The gross profit was 560 million baht, a 20.5% increase from the same period of the previous year.
A key positive factor was the Nam Ngum 2 Hydroelectric Power Plant (NN2), which had higher reserved water levels and inflows into its reservoir than the same period of the previous year.
Overall in Q1/2024, CKPower reported a total revenue of 2.49 billion baht, a 195 million baht or 7.3% decrease compared to the same period last year. Primarily due to the lower revenue from electricity and steam sales from Bangpa-in Cogeneration Limited (BIC).
CKPower’s net loss 461 million baht
CKPower also recorded 461 million baht in net loss attributable to equity holders of the company, an increase in loss of 357 million baht from the same period last year. The main reasons were the recognition of a 570 million baht share of loss from investments in associates in Q1/2024.
The loss was resulting from the lower than average water inflow through the Xayaburi Hydroelectric Power Plant, operated by Xayaburi Power Company Limited (XPCL) compared to the same period last year leading to reduced electricity sales of XPCL.
Higher finance costs of XPCL due to rising global interest rates; and the recognition of a share of foreign exchange loss from the translation of US dollar-denominated loans based on the equity stake in the Luang Prabang Hydroelectric Power Project which was under construction.
Mr. Thanawat said that CKPower reported a loss of financial results in the first quarter of this year in line with the trend of the seasonal water levels. The water levels are at their lowest in the first quarter, which coincides with the dry season.
Additionally, the company recognized 219 million baht in foreign exchange loss impacting net profit attributable to equity holders of the company as a result of the significant baht depreciation in Q1/2024.
The loss was largely brought on as the Luang Prabang Hydroelectric Power Project began to draw down its US dollar-denominat loans for construction starting from mid-2023.
Confidence in hydro-power project
Mr. Thanawat further stat that CKPower is confident that investing in the Luang Prabang Hydroelectric Power Project, which will serve as a source of clean eco-friendly electricity, will be beneficial despite the high investment requir for its construction.
Once completed, the project will play a significant role in reducing Thailand’s greenhouse gas emissions and generate stable and sustainable long-term cash flows and returns for the company.
Related News : Indorama Ventures announced the successful raises US$500 million
