CK Power’s net profit rises 28% on solar
CK Power (CKP), the power generation arm of Thai construction firm Ch. Karnchang, reported an increase in net profit of 28% last year, thanks to the operations of five new solar plants and a deal to import electricity from Laos.
Managing director Thanawat Trivisvavet said CKP and its subsidiaries in 2019 posted consolidated revenue of 8.84 billion baht and total net profit of 769 million baht.
Mr Thanawat attributed the increase in profit to investment in a construction and operation firm at the Xayaburi hydroelectric power plant in Laos, resulting in electricity exports to Thailand via the state-run Electricity Generation Authority of Thailand (Egat) since last October.
He said the commercial operations were on schedule, in accordance with Egat’s power purchase agreement.
Last year, CKP received financial interest from the Nabong substation lease, which was completed at the end of 2018.
CKP also opened five new rooftop solar power plants, namely the Phachi Solar Power Plant in Ayutthaya, with installed capacity of 0.89 megawatts, and Bang Len Solar Power Plant in Nakhon Pathom with 0.97MW.
The company also operates the Phutthamonthon 5 solar power plant with installed capacity of 0.97MW, the Mahachai solar power plant in Samut Sakhon with installed capacity of 0.72MW and another solar power plant in Krathum Baen, Samut Sakhon with installed capacity of 0.52MW.
CKP increased its shareholding in SouthEast Asia Energy to 5.33% with an investment value of 681.5 billion baht, resulting in an increase of indirect shareholding in the Nam Ngum 2 hydroelectric power plant from 42% to 46%.
Financial improvements were made last year as Nam Ngum 2 Power Co issued and offered debentures worth 6 billion baht.
Mr Thanawat said this year CKP expects to have better operating results because of a full year of operations at Xayaburi.
The company is looking to expand investments in the generation and distribution of clean and environmentally friendly power, both regionally and domestically, he said.