RATCH Group announces a 3.82 billion baht net profit in the first half of 2024, mainly contributing from IPP and renewable energy plants
RATCH Group Public Company Limited reports its operating profits before interest, taxes, depreciation, and amortization (EBITDA) of 8.41 billion baht in the first six month of 2024 growing 7.9% compared to the same period in 2023, while the net profit increases to 3.82 billion baht higher 7.1%.
Revenues gaining from two new IPP power plants
The result is positively contributed from revenues gaining from two new IPP power plants; Hin Kong Combined Cycle Power Plant Unit 1 and Paiton Thermal Power Plant in Indonesia, as well as income of hydroelectric power plants and Australian-based power plants particularly wind farms growing significantly.
The 770 MW Hin Kong Combined Cycle Power Plant Unit 1, holding a 51 % equity stake by RATCH, has already commercially dispatched electricity on March 1, 2024. The 2,045 MW Paiton Thermal Power Plant was completed the 36.26% equity acquisition transaction on April 30.
Operating results in the first half reflected of continued growth
Mr Nitus Voraphonpiput, chief executive officer of RATCH Group Public Company Limited, stated that operating results in the first half of this year is reflection of continued growth and strength of the Company.
During the period, the Company gained 22.351 billion baht revenue in total, of which 21.02 billion baht derived from the electricity generation business, consisting of 17.89 billion baht from conventional power plants and 3.12 billion baht from renewable energy power plants.
While, the infrastructure and other businesses’ income grew to 1.33 billion baht, accounting for 6% of total revenue. Obviously, power plant efficiency and cost-effectiveness were very well manage consequent to EBITDA increasing by 7.9% from the same period last year.
“In the second quarter, returns from our investment in Hin Kong Power Plant and the Hin Kong Power Holding Co., Ltd, a LNG supplier to the power plant was recognize 319 million baht according to our shareholding, besides 518 million baht from
Paiton Power Plant, and its operations and maintenance entity. In addition, hydroelectric power plants located in Lao PDR, Indonesia, and Vietnam, as well as the Australian-based power plants especially wind power plants, generated significant income for the company.
Operation in the second half will sustain continuous growth
It expects that operation in the second half of 2024 will sustain continuous growth. Recently, the Calabanga Solar Power Plant in the Philippines, with an equity capacity of 36.33 MW, has commenced commercial operation and RATCH will recognize its income in the third quarter onwards,” Mr. Nitus said.
In 2024, the Company plans to complete three under-construction power projects with 40.03 MW combined equity capacity, consisting of 12.48 MW R E N Korat Power Plant, 12 MW Navanakorn Power Plant expansion phase 2, 5.55 MW Song Giang 1 Hydroelectric Power Plant in Vietnam, and 10 MW Battery System Storage in Australia, which is positive contributing factors for the Company’s operating results to grow steadily.
For the company’s financial position as of June 30, 2024, it recorded total assets of 232.440 billion baht, 118.28 billion baht liabilities, and 114.15 billion baht shareholders’ equity. The company demonstrated strong financial potential with its debt-to-equity ratio at 1.04 times and a rate of return on equity at 4.51%.
RATCH Group Public Company Limited
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