Mr. Thanawat Trivisvavet, Managing Director of CK Power Public Company Limited or CKPower (SET: CKP), one of the region's largest producers of electricity from renewables with one of the lowest carbon footprints, announced that in 2024, CKPower recorded total revenue of Baht 10,789 million. The company's earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Baht 5,554 million, representing an 8.0% year-over-year increase, highlighting CKPower's strong cash flow stability despite challenges posed by climate change along with volatile and rising interest rate. Meanwhile, net profit attributable to equity holders was Baht 1,345 million, reflecting a 8.0% decline, primarily due to a lower share of profit from an associate company and increased finance costs related to CKPower's investment in the under-construction Luang Prabang Hydroelectric Power Project.
One of the key factors driving strong EBITDA growth was the 25.3% increase in electricity sales revenue from Nam Ngum 2 Power Company Limited (NN2) compared to the previous year. This increase was driven by higher water levels in the reservoir at the beginning of 2024 and greater water inflow throughout the year due to La Ni?a. These favorable conditions enabled NN2 to increase its electricity generation declaration and achieve its record-high net profit in 2024.
Mr. Thanawat stated that despite the dry season, performance in the first half of 2025 is expected to surpass that of 2024, as the water level in Nam Ngum 2 Hydroelectric Power Plant's reservoir is higher than that of the previous year, enabling NN2 to declare approximately 5% higher power availability in January year-over-year. Similarly, the Xayaburi Hydroelectric Power Plant experienced increased inflow volumes in January 2025 year-over-year due to the continuing influence of La Ni?a. As a result, XPCL's electricity sales in January were approximately 23% higher than in the same period last year.
Furthermore, three solar power projects supplying electricity to Bangkok Expressway and Metro Public Company Limited (BEM), with a total installed capacity of 7.0 MW in the first phase, are progressing as planned, with 65% construction completion as of the end of December 2024. One project commenced commercial operations in late December 2024, with the remaining projects scheduled for completion within Q2 2025. This marks a significant milestone in advancing renewable energy adoption within Thailand's mass rapid transit rail systems.
CKPower continues to maintain a strong financial position. As of December 31, 2024, the company's liquidity ratio stood at 1.86, marking a year-over-year increase of 0.18. The net interest-bearing debt to shareholders' equity ratio remained low at 0.52, demonstrating the company's efficient liquidity management. The anticipated policy rate cuts by both the U.S. Federal Reserve and the Bank of Thailand, coupled with NN2's redemption of Baht 1,400 million in debentures last year, are expected to further reduce the company's financial burden and strengthen its capital structure. CKPower will continue to monitor interest rate movements and maintain appropriate long-term debt management.
Mr. Thanawat stated that CKPower is committed to driving growth through the expansion of renewable energy development and the enhancement of energy security, while also contributing to Thailand's transition toward a low-carbon and sustainable society. The company's sustainability efforts have earned multiple recognitions from leading national and international organizations, including: A "AAA" SET ESG Rating from the Stock Exchange of Thailand, Recognition in the ESG100 list of sustainable investment companies by the Thaipat Institute, An Excellent CG Score from the Thai Institute of Directors (IOD), and The AREA Awards from a leading non-governmental organization promoting responsible enterprises in Asia. CKPower's commitment to sustainability is guided by its 'C-K-P' strategy, which serves as a core framework for business operations. This strategy consists of: C - Clean Electricity: Aiming to achieve 100% renewable electricity consumption within its operations and increase the share of renewable energy capacity in the portfolio to over 95% by 2043, while advancing toward Net Zero by 2050. K - Kind Neighbor: Dedicated to upholding human rights and fostering strong community relations, operating with integrity, ensuring zero human rights violations, and enhancing the quality of life in local communities through clean electricity and social development initiatives. P - Partnership for Life: Driving sustainable growth through expanding its customer base and regional presence while leveraging innovation and digital technology to improve operational efficiency. With this vision and strategy, CKPower is actively taking concrete and measurable steps toward achieving net-zero greenhouse gas emissions by 2050 in a structured and sustainable manner.
Source: CK Power