CK Power Plc reported 845% profit growth in the second quarter of this year at 707 million baht, while total revenue reached 2.3 billion baht, an increase of 25.3% year-on-year.
Growth is expected to continue into the third quarter, driven by an increase in water flow during the rainy season and a share of profit from additional shareholding in Xayaburi Power.
For the first half of 2021, CK Power reported net profit of 822 million, an increase of 289% from the same period last year when it reported a loss of 434 million baht.
Total revenue was 4.4 billion baht, an increase of 803 billion or 22.4% from the same period last year when it reported total revenue of 3.59 billion baht.
The growth in operating results was partly attributable to higher revenue from the sale of electricity from the Nam Ngum 2 hydroelectric power plant, which reported second-quarter electricity sales of 956 million baht, an increase of 144% year-on-year.
The company reported first-half electricity sales of 1.72 billion baht, an increase of 123% year-on-year.
The increased revenue was driven by higher electricity sales due to greater reservoir inflows during the first half as well as higher water storage levels at the start of 2021, compared to the same period last year.
CK Power also saw profit growth from its investment in the Xayaburi hydroelectric power plant (XPCL) of 617 million baht or 626% in the second quarter of 2021, and 916 million or 209% in the first half of 2021.
The high performance was primarily attributed to greater average water flow rates through the Xayaburi hydroelectric power plant compared to the same period of the previous year, boosting sales of electricity, and to a decrease in XPCL's expenses due to a decline in interest rates from the previous year and loan principal repayment.
