Egco registers massive Q1 revenue growth of 581%

SET-listed Electricity Generating Plc (Egco) posted revenue of 20.17 billion baht in the first quarter, a whopping year-on-year increase of 581%.

President Jakgrich Pibulpairoj said the company had disposed of its shares in three assets — East Water, GIDEC Company Ltd, and Masinloc Power Plant in the Philippines — helping to recognise total gains of 14.16 billion baht from January to March.

Those gains will be used for Egco Group’s business expansion, both at home and abroad, to generate a steady return for shareholders, he said.

The company’s three overseas power projects, consisting of a pipeline for the Xayaburi and Nam Theun 1 power plants in Laos and San Buenaventura in the Philippines, have been progressing as planned and are scheduled to start commercial operations in 2019 and 2022, respectively, said Mr Jakgrich.

This year Egco is aiming to maintain at least a 10% return on shareholders’ equity.

The company will continuing focusing on its power business, which is its core area of expertise, seeing greater opportunities abroad, particularly in its flagship market, the Philippines, as well as Laos and Indonesia.

Egco is also exploring opportunities in other Asia-Pacific countries, especially in renewable energy projects, to increase its renewable portfolio to 30% by 2026, said Mr Jakgrich.

Egco operates 26 power plants with total equity contracted capacity of 4,260 megawatts in five countries — Thailand, Laos, the Philippines, Indonesia and Australia.

The company has three projects under construction with total equity contracted capacity of 544MW.

Egco’s power plants generate electricity using several fuel sources such as natural gas, coal, biomass, hydro, solar, wind and geothermal.