Electricity Generating Public Company Limited or EGCO Group reported strong first-half performance. The Company is conducting an Environmental Impact Assessment (EIA) for the development of the “EGCO Rayong Industrial Estate” to serve rising investment in the Eastern Economic Corridor (EEC). Meanwhile, its new overseas power projects in the Philippines and Laos are expected to start commercial operation by the end of this year which will boost its revenue growth. Looking forward, the Company is exploring overseas business opportunities to create continuous growth.

Mr. Jakgrich Pibulpairoj, President of EGCO Group revealed the Company’s financial report on the first six months of 2019 that “The Company has recorded financial performance for the first half of 2019 as targeted with the normal operating profit before the effects of foreign exchange, deferred income tax and lease income of THB 5,509 million, an increase of THB 1,045 million or 23% when compared to the previous year. For the second quarter 2019 operating profit before the effects of foreign exchange, deferred income tax and lease income, the Company booked THB 2,594 million, an increase of THB 106 million or 4% when compared to the second quarter of 2018. Considering such performance, EGCO Group’s Board of Directors also approved the interim dividend payment from the first-half-year operation of 2019 at 3.25 baht per share to be paid on September 16, 2019.

Its four power projects in pipeline are progressing to plan and schedule. The “Xayaburi” hydropower plant in Laos and the “San Buenaventura” coal-fired power plant in the Philippines will be completed and begin commercial operation in the fourth quarter of this year which will boost its revenue growth. The third project, “Nam Theun 1” hydro power plant in Laos, will be completed and start commercial operation in 2022. For the latest “Gangdong” fuel cell power plant in South Korea, it has just started the construction works in August 2019 and is expected to commercially generate power in the fourth quarter of 2020.

Regarding the progress of new investment, the Company is doing an Environmental Impact Assessment (EIA) and public participation for the development of the “EGCO Rayong Industrial Estate”. The 1^st Public Participation on the draft proposal of the EGCO Rayong industrial estate establishment was conducted on August 26, 2019 to prepare for developing the site of Rayong power plant in Rayong province to be a smart industrial estate in order to support the investment in the EEC.

For business direction in the second half of 2019, Mr. Jakgrich added that “In the latter half of this year, EGCO Group will seek new investment opportunities in power business, an area of our expertise, in power plants using fossil, renewable and new fuels such as fuel cell. We will focus on pursuing overseas expansion mainly in countries where we already operate, such as the Philippines and South Korea, as well as in new markets such as Taiwan. At the same time, the Company will also explore opportunities to invest in new business relating to core business, namely LNG and industrial estate businesses, in parallel with new business which the Company has never invested to be in line with the economic situation in the age of disruption.”

About EGCO Group

As of August 31, 2019, EGCO Group runs 27 operating power plants with total equity contracted capacity of 5,147 MW in 6 countries across Asia Pacific region – Thailand, Lao PDR, Philippines, Indonesia, Australia and South Korea. There are 4 projects under construction with total equity contracted capacity of 554 MW. The Company’s power plants generate electricity using various fuel sources such as natural gas, coal, biomass, hydro, solar, wind, geothermal and fuel cell.