Electricity Generating Public Company Limited or EGCO Group today announced net profit for Q1/2022 of over 4,100 million baht, representing 603 percent growth, despite fluctuating global economy and fuel price. The strong performance highlights the company’s efficient management of its business portfolio and gives the company strong confidence to grow hydrogen power in the future.

Mr. Thepparat Theppitak, EGCO Group’s President, said, “At the end of Q1/2022, EGCO Group has enjoyed operating profit (excluding the effects of foreign exchange rate, deferred income tax, impairment, financial instruments and lease income) of 4,511 million baht, a significant increase of 2,423 million baht or 116% higher than the same period last year. Our net profit was 4,115 million baht, an enormous growth of 3,530 million baht or 603% year on year.”

The strong performance is contributed by the improved operating performance of “Paju ES” power plant in South Korea. The economic recovery in South Korea has significantly boosted electricity demand. In addition, the “Paju ES” is a highly efficient power plant with great fuel cost management. The revenue recognition from investment in “Linden Cogen” and “Apex Cleaner Energy Holdings” in the USA have also contributed to the group’s exceptional performance.

In the first quarter this year, EGCO Group has made reached new sustainability milestone. The company has signed an MOU with partners in conducting feasibility study on LNG business development and exploring opportunity to use hydrogen and ammonia to generate electricity. Seeing potential of hydrogen to become the main source of fuel in the future that will promote low-carbon society development, EGCO Group has joined forced with partners with shared mission and high expertise in studying ways to generate power from hydrogen. This will provide the company with a good stepping stone to tap into this lucrative business and become the market leader.

“The continuous growth in the group’s performance is a result of EGCO Group’s policy to achieve a balance in its power business portfolio. To achieve this goal, we have focused on the wide variety of fuel types. Our investment in eight countries has also mitigate risks related to investment while maintaining business stability and generating new business opportunities. We have also closely monitored and analyzed current economic situation to ensure appropriate risk management, achieve a balance in power plant operations that best addresses changing in fuel costs. Therefore, we have seen no significant impact on our business operations from the rising fuel cost driven by the global energy crisis caused by the Russia-Ukraine war,” said Thepparat.

In 2022, EGCO Group is celebrating the 30th anniversary and continuous development throughout these years. Starting from its electricity generating business, which is a mid-stream business, the company has expanded to the upstream business which is fuel and infrastructure business, and also the downstream business. Such comprehensive business mix, EGCO Group aims to become the fully integrated energy business leader. In driving the business ahead, the company follows its “EGCO” strategies – Enhance existing business both conventional and renewable energy for sustainable growth, Grow and seek for energy-related business, Corporate governance consistency to gain competitive advantage and Operational excellence.

“Throughout the past 30 years, EGCO Group has enjoyed solid growth. We will continue to seek new business opportunities that best address the changing global energy market and national power plan. We aim to offer favorable, consistent and sustainable returns for all investors. At the same time, ESG will remain the core of our business operations in all the markets we are in, according to our “Cleaner, Smarter and Stronger to Drive Sustainable Growth” direction, added Thepparat.

About EGCO Group
EGCO Group has currently a total equity contracted capacity of 5,959 MWe which a total equity contracted capacity from renewable energy is as high as 1,364 MWe including biomass, hydropower, solar power, wind power, geothermal power, and fuel cells. EGCO Group’s power plants are located in eight countries, namely Thailand, Lao PDR, Philippines, Indonesia, Australia, South Korea, Taiwan and USA. In addition, it has energy-related businesses, including Oil Pipeline Extension to the northeastern region project and EGCO Rayong Industrial Estate Project, the shipper license to source and supply LNG in Thailand, a financial technology company (“Peer Power”), an innovation research and development company (“Innopower”), and a clean energy development company (“Apex Clean Energy Holdings”).