Bangkok, Thailand – EGCO Group has announced a net profit of 5,518 million baht for the first nine months of 2024, driven by strong performance from large-scale power plants abroad and the recognition of revenue from the acquisition of power plants in the United States. The company is moving forward with investments under its “Triple P” strategy and is confident in its continued strong growth in 2025.
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Dr. Jiraporn Sirikum, President of EGCO Group, revealed that the company’s operating profit for the third quarter of 2024 reached 3,604 million baht, with a net profit of 2,463 million baht. For the first nine months of 2024, the operating profit reached 7,014 million baht and a net profit of 5,518 million baht. The key factors contributing to this performance include large-scale power plants abroad and the recent acquisition of a group of power plants in the United States.
Looking ahead to 2025, EGCO Group will continue to invest in the power generation and related energy businesses, with a total investment budget of 30,000 million baht, in line with its “Triple P” strategy. The focus will be on high-potential projects that can generate strong revenue and returns.
The company expects several key projects to drive its growth:
- Yunlin Offshore Wind Farm Project: Located in Taiwan, this project has already begun commercial operations and is expected to reach its full capacity of 640 MW by the end of 2024.
- Projects in the United States: Full-year revenue recognition from the acquisition of the Compass Portfolio and revenue from the sale of the APEX renewable energy project.
- EGCO Cogeneration Expansion Project: This combined heat and power plant in Rayong province has commenced commercial operations.
- Quezon Power Plant Project: A combined heat and power plant in the Philippines, currently under negotiations for a new power purchase agreement.
- Mergers and Acquisitions (M&A) Opportunities: EGCO Group continues to explore opportunities to acquire new power plants both domestically and internationally.
EGCO Group is committed to the development of renewable energy power plants to increase the proportion of clean energy in its portfolio. The company aims to achieve Carbon Neutrality by 2040 and Net Zero Carbon emissions by 2050.
With these supporting factors and a business strategy focused on sustainable growth, EGCO Group is confident in its ability to deliver strong performance and create value for its shareholders.
“Triple P” Strategy for Sustainable Growth
EGCO Group has unveiled its new “Triple P” strategy for the next three years (2025-2027), focusing on sustainable revenue and profit generation while driving the organization towards low-carbon goals.
The “Triple P” strategy consists of three main pillars:
- Profitability and Performance Energizing: Aims to enhance revenue generation and profitability, strengthen financial stability, maintain appropriate debt levels, preserve credit ratings, and implement a consistent dividend payment policy to reward shareholders.
- Power and Energy-related Focus: Emphasizes investments in the power generation business, EGCO Group’s core business, including both natural gas power plants and renewable energy power plants. The strategy includes an annual investment budget of 30,000 million baht, covering M&A and Greenfield investments, as well as exploring opportunities in related energy businesses in the eight countries where EGCO Group currently operates.
- Portfolio and People Management: Aims to maximize the efficiency of investment portfolio and human resource management through operational excellence, strategic asset management (Asset Recycling) to create new investment opportunities, organizational restructuring to support international growth, and the implementation of digital technologies to enhance business operations.
EGCO Group’s “Triple P” strategy is geared towards sustainable growth across all dimensions by balancing business opportunities, strong performance, and achieving low-carbon organizational goals. EGCO Group aims to increase the proportion of renewable energy in its power generation to 30% by 2030, achieve Carbon Neutrality by 2040, and reach Net Zero Carbon emissions by 2050.
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