Glow’s 2014 profit hits new record

SET-listed Glow Energy Plc, an independent power producer (IPP) with cogeneration facilities, has posted a record-high net profit of 9.14 billion baht for 2014.

Chief executive Brendan Wauters yesterday credited the performance largely to Glow’s outstanding income from its IPP business line, coal-fired power plant and hydropower plant in Laos. Its 2014 normalised net profit or revenue before foreign exchange gains or losses totalled 9.7 billion baht, up by 20% from 2013.

Glow generates and supplies electricity to the Electricity Generating Authority of Thailand under Thailand’s small power producer and IPP programmes, as well as electricity, steam, industrial water and services to large industrial customers, principally located around the Map Ta Phut area.

For last year’s fourth quarter, the company posted a net profit of 1.71 billion baht from a normalised net profit for the quarter of 2.01 billion.

Mr Wauters said his company was on the right track to continue growing amid disciplined investment, which helped to drive earnings growth substantially.

“Our record full-year results confirm the trends we have observed throughout the year,” he said.

“In our cogeneration business line, we’ve seen year-on-year volume growth of 8% and 4% for power and steam, respectively, a generally robust margin environment.”

Mr Wauters said the company’s IPP business line, the outstanding availability of its coal-fired Gheco-One plant and the higher dispatch of the HHPC hydropower plant in Laos were major drivers of earnings growth last year.

“Glow remains committed to operational excellence and value creation through disciplined investment, and we believe our 2014 results reflect the success of that strategy,” he added.

GLOW shares closed Tuesday on the SET at 83.50 baht, down 75 satang, in trade worth 60.3 million baht.