EGCO Group Reports First Quarter Profits Surge 349% to 875 Million Baht
EGCO Group's first quarter net profit surged 349% to 875 million baht, driven by strong electricity demand from data centers and semiconductors at power plants in the United States and South Korea.
EGCO Group reported first quarter 2025 net profit of 875 million baht, up 349% from the previous quarter, with major support from outstanding performance at power plants in the United States and South Korea, reflecting high electricity demand in both countries driven by technology and data center sector expansion. The company is pursuing continuous strategic investments through asset recycling and M&A in electricity businesses, including high-quality natural gas power plants and renewable energy facilities both domestically and abroad, to generate rapid revenue growth.
EGCO Group Chief Executive Thawatchai Samranwanich stated that first quarter 2025 results demonstrate strong resilience in adapting to changing conditions and efficient asset management capabilities amid a volatile environment influenced by global economic factors, geopolitics, and energy costs. The company successfully revived performance growth from the previous quarter, supported by multiple large power plants internationally and disciplined cost and portfolio management under the "POWER4" strategy and "ONE EGCO ONE GOAL" vision aimed at sustainable and balanced growth.
Total revenue reached 9,509 million baht, up 8% from the prior quarter, with operating profit of 970 million baht, up 966%, and net profit of 875 million baht, up 349%. Key profit drivers include outstanding electricity sales growth from the Linden Cogen natural gas power plant and Compass power plant group in the United States due to data center and AI industry expansion, continuous electricity sales increases from Paju ES power plant in South Korea supporting the semiconductor industry, and improved operations at BLCP power plant in Thailand from lower fuel costs.
As of March 31, 2025, EGCO Group maintains total assets of 225,678 million baht, up 2% from year-end 2024, with shareholders' equity of 102,456 million baht, also up 2%, and cash reserves of 28,943 million baht supporting financial flexibility and future investment opportunities. The company aims to actively manage its portfolio and pursue electricity and energy business investments for sustained long-term growth, with highlights including significant progress on 11 renewable energy projects under the RE Big Lot Round 2 initiative totaling 448 megawatts, with three power purchase agreements already signed and more expected to be finalized soon.
