| Work Detail |
B.Grimm Power Public Company Limited (BGRIM) has reported steady financial growth in 2024, with Normalized Net Profit (NNP) attributable to the parent company reaching 2,227 million baht, reflecting a 5.8% year-on-year increase. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 4.3% to 14,987 million baht. The company’s consolidated net profit, which factors in unrealized foreign exchange (FX) losses and non-recurring items, stood at 1,557 million baht. Key Growth Drivers B.Grimm Power attributed its 2024 financial performance to multiple factors, including: A 10.8% increase in electricity sales to the Electricity Generating Authority of Thailand (EGAT) following the commercial operation of three small power producer (SPP) plants, adding 420 MW in capacity. A 14.2% drop in natural gas prices, reducing operational costs. A 6.4% increase in electricity sales to industrial users (IUs) in Vietnam. A 19.1% rise in steam volume in Thailand, driven by customer expansion. Higher revenue from project development services. Expanding Renewable Energy Investments B.Grimm Power continued to strengthen its renewable energy portfolio, securing 1,345 MW of committed capacity through new investments, including: 740 MW offshore wind power projects in South Korea. 33.7 MW solar rooftop projects across the UAE, Saudi Arabia, and Bahrain. 29.9 MW hydropower projects in the United States. 65 MW solar power plant in the Philippines. 476.3 MW renewable projects in Thailand, including government-awarded projects. The company also expanded internationally, investing in Nemaroo Bimbi Wind Farm Pty. Ltd. in Australia and LT09 S.r.l. in Italy. Strategic partnerships were formed with Greenergy and Sino-Thai Engineering & Construction to further its renewable initiatives. Key Milestones in Q4 2024 B.Grimm Power achieved notable developments in the final quarter of 2024, including: Securing 60.9 MW of renewable energy capacity under the Thai Energy Regulatory Commission’s power producer program. B.Grimm Solar Power Rooftop Limited signing a 25-year energy management agreement with the Provincial Electricity Authority, covering a 10.26 MW solar project scheduled for COD in Q1 2026. Successfully importing two LNG shipments in October and December, bringing the total 2024 LNG imports to three shipments (198,000 tons) for B.Grimm’s combined-cycle power plants. Outlook for 2025 Looking ahead, B.Grimm Power projects natural gas prices for SPPs to range between 320-350 baht per million BTU, similar to 2024 levels. The company plans to: Import up to five LNG shipments. Synchronize 40-50 MW of new industrial users (IUs). Achieve COD for multiple projects with a combined installed capacity exceeding 605 MW, including: KOPOS Wind Power Project (20 MW) – Thailand U-Tapao Solar Power Project (18 MW) – Thailand INSEE B.Grimm Solar Power Project (80 MW) – Thailand Zhongce Rubber Solar Rooftop Project (35 MW) – Amata City Rayong 386 Solar Rooftop Project (27.5 MW) – UAE, Saudi Arabia, and Bahrain Nakwol Offshore Wind Power Project (365 MW) – South Korea ARECO Solar Power Plant Project (65 MW) – Philippines Commitment to ESG and Corporate Excellence B.Grimm Power achieved several ESG milestones in 2024, earning: AAA rating from SET ESG Ratings. Top 5% ranking in S&P Global’s Sustainability Yearbook 2025 (Electric Utilities category). “BBB” MSCI ESG Rating from MSCI ESG Research. “Excellent” CGR score from the Thai Institute of Directors Association. Inclusion in the FTSE4Good Index for the fifth consecutive year. The company was also recognized with multiple awards, including: Best CEO Award, Most Committed to ESG, Best CFO Award, and Best Investor Relations Award from FinanceAsia. Outstanding CFO and Outstanding IR Awards at the IAA Awards 2024. Outstanding Investor Relations Award at the SET Awards 2024. Dividend Payout and Shareholder Value Following its strong performance, B.Grimm Power’s Board of Directors approved an amendment to the dividend payout policy, setting it at no less than 50% of normalized net profit. The proposed dividend payment for 2024 stands at 0.43 baht per share, comprising: An interim dividend of 0.18 baht per share. A final dividend of 0.25 baht per share, subject to shareholder approval in April 2025. Strengthening Leadership in Global Sustainable Energy With a focus on long-term growth, financial stability, and sustainability, B.Grimm Power continues to reinforce its position as a global leader in the renewable energy sector, driving forward its mission of creating sustainable value for shareholders and stakeholders alike. |
