BGRIM sees 54% profit growth despite COVID crisis

B.Grimm Power Plc (BGRIM) recorded a 9.4% revenue increase to 11.223 million baht in the first quarter. It posted core profit from at 1.158 billion baht, a 54% surge from the previous year. The company added 944 megawatts to its production capacity within the past one-year period. Most of its revenue comes from long-term power purchase agreements, which are not impacted by the COVID-19 crisis. Power sales in the first quarter also remained as strong as last year due to the diversity of its industrial customers. Additionally, the EBITDA margin surged to the highest level of 29.2%. However, unrealized loss from foreign exchange amounted to approximately 886 million baht, with net profit standing at 159 million baht. BGRIM has reiterated its capacity to overcome the COVID crisis. In addition to still holding over 21-billion-baht cash, the company has run a COVID-19 aid programmed worth 50 million baht and implemented measures to take care of its employees amid the crisis.