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RATCH disclosed 2018 operating performance, a 5,587.6-million-baht profit, pursuing new investment with 20-billion-baht provision

  • Targeting to 8,960 megawatts equivalent in 2019 with 20-billion-baht budget set aside, and being prepared for a new power plant bidding in western region of Thailand
  • Recording 6.453-billion-baht profit before foreign exchange loss, increasing 15.5% over last year

Nonthaburi - Ratchaburi Electricity Generating Holding Public Company Limited (RATCH) announced its 2018 operating performance of 5,587.6-million-baht profit, decreasing by 7.5% from 2017 due to the foreign exchange loss. Without the FX loss, the company booked the profit of 6.453 billion baht, increasing 15.5% from last year. In 2019, the company targets the capacity increase to 8,960 megawatts equivalent and provides 20-billion-baht investment capital for supporting its new project acquisition this year.

Mr. Kijja Sripatthangkura, RATCH CEO, said that the company kept investment focusing on power project, particularly in Thailand. As a consequence of the newly approved Power Development Plan (PDP 2018), it expected that bidding for new power plant concession to replace the expiring ones in western region of Thailand would be opened soon. RATCH is now prepared and intends to participate in upcoming bidding. For the overseas investment, the company still moves forward to explore conventional and renewable power plants in forms of Greenfield projects or Brownfield or commercial operating projects. In the meantime, the company also puts more efforts for the acquisition of infrastructure projects both domestic and foreign in 2019.

“Our 2018 operation shows satisfactory results in sustaining profitability and the profit sharing from joint ventures that substantially rose up to 31.7%. This year, three power plants will start commercial operation, including 99.23-MW-Berkprai Cogeneration power plant in Thailand, holding 35% by RATCH and 42.5-MW Collinsville Solar PV Project in Australia and 102.5-MW Xe-Pian Xe-Namnoy hydroelectric Project in Lao PDR. It will help secure steady and stable income and cash flow for the company,” Mr. Kijja added.

In 2018, the company successfully concluded investment in 180-MW Asahan-1 Hydroelectric Power Project (indirectly holding 26.61% stake) in Indonesia; 60-MW expansion phase of NNEG power plant, with stream of 10 tons per hour (equity holding 40%); 7.2-MW diesel generator for serving black start at Kemerton Power Station in Australia; 20% equity acquisition of RATCH Australia PTY LTD (RAC) from its existing shareholder resulting to become RAC’s sole shareholder; and Sandin water supply project in Lao PDR, with the production capacity of 48,000 cubic meters/ day. At present, RATCH recognizes the equity capacity of 7,639.12 megawatts or equivalent.

For 2018 operating results, the company reported the 6,452.62-million-baht profit before foreign exchange loss, up 15.5% and 45,083.54-million-baht total revenues, deriving from three major sources: sale and service revenues as well as financial lease of 62.4%; profit sharing from jointly controlled companies and dividend of 33.3%; and interest income and others of 4.3%. During 2018, Hongsa Power Plant increasingly contributed shared profits to the company significantly.

For financial position as of December 31, 2018, RATCH recorded total assets of 101,251.90 million baht, liabilities of 41,315.88 million baht, shareholders’ equity of 59,936.02 million baht. Cash and investment, and retained earnings are posted at 13,924.34 million baht and 49,952.77 million baht respectively.

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