Share of Profits from Associates Drive Strong Performance, Q3 to Benefit from Seasonal Hydrology
Mr. Thanawat Trivisvavet, Managing Director of CKPower Public Company Limited (SET: CKP), one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints, announced the operating results of the Company and its subsidiaries for Q2/2025 and the first half of 2025. CKPower reported the Core Net Profit of Baht 353.0 million in Q2 and Baht 416.3 million for the six-month period, representing increases of Baht 204.3 million or 137.4% year-over-year, and Baht 509.2 million or 548.1% year-over-year, respectively, marking continued operating performance growth from Q1/2025.
The improved results for Q2 and 1H 2025 were driven primarily by higher average water inflow to Xayaburi Hydroelectric Power Plant compared to the same period last year and lower financing costs at the Xayaburi Power Company Limited (XPCL) following global interest rate cuts. These have resulted in significantly higher share of profits from associate companies than the same period last year. Meanwhile, revenue from electricity sales at the Nam Ngum 2 Power Company Limited (NN2) decreased slightly in Q2 and 1H 2025 despite increased electricity sales volume, due to the Thai Baht appreciation affecting NN2’s tariff partially denominated in US dollar.
Mr. Thanawat stated that NN2 has cumulative water inflow in 1H 2025 of 1,315 million cubic meters, which was 45.2% higher than last year, resulted in higher electricity declaration in January to August of around 14.7%. At the same time, XPCL also experienced higher water flow YoY, which drove XPCL to operate on its full capacity since late June. In Q3, the expected seasonal rise in water inflow at both hydroelectric power plants, together with the reduced financing costs from policy interest rate cuts by the United States in late 2024 and Thailand in 1H 2025, would provide tailwind for CKPower’s performance during the 2H 2025. As for the Luang Prabang Hydroelectric Power Project (LPCL), construction progress reached 53% completion as of the end of June 2025, in line with plan.