Electricity Generating Public Company Limited (EGCO Group) announced its operating results for the second quarter of 2024 with an operating profit of 1,819 million baht and a net profit of 1,393 million baht, while the operating results for the first 6 months of 2024 showed an operating profit of 3,410 million baht and a net profit of 3,055 million baht. As for the second half of the year, it is confident in the opportunity to invest in natural gas power plants and renewable energy to create a Quick Win in terms of revenue and immediately strengthen its strength.

Dr. Jiraporn Sirikham, President of EGCO Group, revealed that the overall performance in the first half of 2024, EGCO Group was still able to effectively manage its power plant portfolio and fuel costs of both domestic and international power plants amidst a more challenging business environment, as well as manage projects under construction according to plan, which will generate more income in the near future. For the Yunlin offshore wind farm proj
ect in Taiwan, all 80 wind turbine monopiles have been installed, while construction and installation of other equipment are proceeding smoothly. Currently, 66 wind turbines (Wind Turbine Generators – WTGs) have been installed, of which 47 have supplied electricity to the grid, totaling 376 megawatts of installed capacity.

For the performance in the second quarter of 2024, EGCO Group had a total income of 11,511 million baht, while the operating profit was 1,819 million baht. The positive factors came from the increased performance of large power plants abroad, namely Yunlin in Taiwan and Nam Theun 2 in Laos, along with APEX in the United States, which recognized revenue from the sale of shares in Mulligan solar power plants and Great Pathfinder wind power plants in the proportion of 75%. In this quarter, EGCO Group had a net profit of 1,393 million baht.

While the operating results in the first 6 months of 2024, EGCO Group had a total revenue of 22,871 million baht, with a total operating profit of 3,410 m
illion baht, with positive factors coming from the increased operating results of large power plants abroad as mentioned above. In the first half of this year, EGCO Group had a net profit of 3,055 million baht.

‘Investment in the second half of this year, EGCO Group will continue to drive growth under the ‘4S’ strategy, focusing on M and A investment in natural gas power plants and renewable energy power plants, as well as related energy businesses that are high-quality assets with good returns and can recognize revenue quickly, based on a strong cash flow of over 34 billion baht and a policy of risk management in all dimensions amidst the increasingly challenging business environment today. In addition, EGCO Group is confident that it will be able to achieve this year’s important business goals, which are the completion of the construction of Yunlin, a total of 80 plants with a combined capacity of 640 megawatts, and the negotiation of a new contract for the Quezon power plant, which is currently under cons
ideration of contract details, as well as readiness to participate in the bidding for renewable energy projects in the country with a capacity of approximately 3,600 megawatts, the extension of which the government will open in the second round,’ said Dr. Jiraporn.

Source: Thai News Agency