CKPower reports a 2023 revenue of Baht 10,941 million, with a commitment to actively promote power production from renewable energy

The company projects its performance to continue its upward trajectory, influenced by seasonal factors, and plans to increase renewables-based capacity in pursuit of CKP NET ZERO EMISSIONS 2050.

Bangkok, February 20, 2024 - Mr. Thanawat Trivisvavet, Managing Director, CK Power Public Company Limited or CKPower (SET: CKP), one of the region's largest electricity producers from renewables with one of the lowest carbon footprints, disclosed that CKPower recorded a total revenue of Baht 10,941 million for the year 2023. Despite the impact of the El Ni?o phenomenon, water levels showed improvement from mid-Q3/2023 onward, prompting the company to adjust its electricity production plans upward. This increase in water inflow also led to a significant increase in the water level in the Nam Ngum 2 Hydroelectric Power Plant's reservoir, reaching 367 meters above the mean sea level - the highest water reserve level in three years. This is expected to have a favourable impact on CKPower's operations in this dry season during first half of 2024.

In 2023, CKPower recognized a decrease in profit sharing from investment in Xayaburi Power Company Limited (XPCL) due to reduced electricity sales following decreased water flow and increased financial costs driven by global interest rate trends. In addition, Nam Ngum 2 Power Company Limited (NN2) witnessed a decline in revenue from electricity sales and increased expenses from a major overhaul. Meanwhile, Bangpa-in Cogeneration Limited (BIC) reported an increase in Gross Profit due to a downturn in the average natural gas price in 2023, all of which led to an increase in the Company's Gross Profit Margin to 25.4%, up 4.9% from 2022. The Net Profit attributable to Equity Holders of the Company stood at Baht 1,462 million, putting the Net Profit Margin at 13%, which reflects CKPower's robust performance amidst various global crises, including energy price crises, geopolitical issues, and climate conditions. Additionally, the Company successfully achieved various important sustainable growth goals. This includes being included on the ESG100 list for the year 2023 by Thaipat Institute, marking the Company's second consecutive year on the list; being one of the 34 listed companies rated "AAA" for sustainability management, the highest attainable rating in SET ESG Ratings; and receiving a Commended Sustainability Award at the SET Awards 2023 by the Stock Exchange of Thailand. These accolades affirm CKPower's commitment to sustainable business practices.

Mr. Thanawat stated, "Despite the challenges of major global crises over the past year, particularly the intense El Ni?o in Southeast Asia, CKPower efficiently managed its operations through uncertain conditions as well as achieved notable net profit performance. We maintained a consistent cash flow from long-term power purchase agreements with the Electricity Generating Authority of Thailand (EGAT) and sustained a stable financial standing with a low Net Interest-bearing Debt to Total Shareholders' Equity ratio of 0.53, reflecting CKPower's emphasis on delivering returns to shareholders and stakeholders efficiently. Furthermore, XPCL successfully issued additional green debentures worth Baht 3,500 million in 2023, using the proceeds to repay floating-rate loans, thus mitigating interest rate fluctuation risks and reducing XPCL's financial costs amid the upward trend of global interest rates since 2023."

"Looking forward, CKPower has set growth targets to develop renewable energy and strengthen energy security foundations, aiming to contribute to the sustainable advancement of Thailand towards a low-carbon society. In 2023, the renewables-based power plants under CKPower Group generated over 8.5 million megawatt-hours (MWh) of clean electricity for Thailand, accounting for more than 17% of the renewable energy used in the country in 2023 and contributing approximately 4.4 million tCO2e GHG avoidance annually. This progress represents a significant step towards our long-term goal of achieving net zero emissions by 2050 and supporting Thailand's transition to sustainable energy," stated Mr. Thanawat.

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