CKPower Reports Continued Q1/2025 Net Profit Growth Despite Dry Season
CKPower's first-quarter profit surged 83 percent year-on-year to 115.9 million baht, driven by strong hydroelectric output despite the dry season and higher water flows at its Sayaboury plant in Laos.
CKPower, one of the region's largest renewable energy producers with one of the lowest carbon footprints, has demonstrated continued operational growth in Q1/2025. The company achieved core net profit of 115.9 million baht, up 52.5 million baht or 82.9 percent year-on-year, primarily driven by strong performance from its two hydroelectric facilities. CKPower recognized 198.6 million baht in net profit share from Sayaboury Power Company (XPCL), an increase of 190.7 million baht compared to the same period last year, resulting from higher water flow through the Sayaboury hydroelectric plant and increased electricity sales volume. The gains were also supported by reduced financing costs at XPCL from long-term loan repayments and declining global interest rates.
Performance at Ngiim Hydro 2 Company (NN2) also improved with higher electricity sales volumes compared to the previous year, as reservoir water levels at the start of 2025 were higher and water inflows during Q1/2025 increased. This sustained growth occurred despite the dry season period. Managing Director Thanawat noted that CKPower's renewable energy-focused capacity structure insulates operations from Middle East tensions and global energy price volatility, with fuel cost impacts limited to about 3 percent of total production through its industrial subsidiary Bangkok Cogeneration Company (BIC).
In preparation for potential El Niño conditions forecast for the second half of 2025, CKPower has developed an advanced Hydrometeorological Monitoring and Forecasting System to improve accuracy in power generation capacity announcements. The Luang Prabang hydroelectric project is 72 percent complete as of March 31, 2025, on schedule. The company maintains a strong financial position with a liquidity ratio of 1.78 times and a net interest-bearing debt-to-equity ratio of 0.47 times. Further US and Thai interest rate cuts could provide additional cost savings and support continued operational performance in 2025.
