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GLOW ENERGY PUBLIC COMPANY LIMITED

1 Empire Tower, 38th Floor - Park Wing, South Sathorn Rd.,
Yannawa, Sathorn, Bangkok 10120, Thailand.
Tel. 66 (0) 2670 1500-1 Fax. 66 (0) 2670 1548-9

07 August 2019

GLOW announces Normalized Net Profit of 4.3 billion THB for the first half of 2019

For the first half 2019, Glow Group (“Glow”) has posted:

- Consolidated total revenue of THB 26,579 million,

- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease under TFRIC4 and Revenue Levelization under TFRS15, of THB 8,409 million,

- Net Profit of THB 3,990 million, and

- Normalized Net Profit (“NNP”) (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease under TFRIC4 and Revenue Levelization under TFRS15) of THB 4,273 million.


EBITDA for the first half 2019 decreased by 7%, and NNP decreased by 6% from the same period of 2018.

For the second quarter of 2019, Glow Group (“Glow”) has posted:

- Consolidated total revenue of THB 13,598 million,

- Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), excluding adjustments for Financial Lease under TFRIC4 and Revenue Levelization under TFRS15, of THB 4,782 million,

- Net Profit of THB 2,089 million, and

- Normalized Net Profit (“NNP”) (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease under TFRIC4 and Revenue Levelization under TFRS15) of THB 2,216 million.

Aiming for the SPP Replacements

Pajongwit Pongsivapai, CEO of Glow Group, commented: “We are satisfied with our performance in the first half of this year. For the Cogeneration business, the demand from our industrial customers, particularly electricity, remains strong while the operating margin in the first half of 2019 was pressured from high gas and coal prices, notwithstanding the downward trend of gas and coal prices in Q2. On the IPP business, the availability of GHECO-One in Q2 has been excellent after performing 39-day planned maintenance in January-February and continues to contribute to our financial performance.

We would also like to update that in May 2019 we submitted seven SPP Replacement proposals to EGAT for seven new 25-year Power Purchase Agreements. This is considered as new generations of our cogeneration business in order to supply power and steam to existing and new industrial customers. We are hopeful that we will receive approvals from EGAT for all seven proposals by the end of August 2019. Once we receive the approvals, the first stage of replacement consisting of two PPAs shall commence its construction around mid 2020 with an aim to reach commercial operation dates towards the end of 2022.”




About Glow Energy

Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 3,084 MW (Glow’s stake is 2,268 MW) of electricity and 1,116 tons per hour of steam.

Glow Group generates and supplies electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.

Global Power Synergy Public Company Limited (GPSC), the power flagship of PTT group, has been a major shareholder of Glow Energy since 14 March 2019.

For more information about the Glow Group please visit www.glow.co.th. For more information about GPSC please visit the company’s website at www.gpscgroup.com.

For further details, please contact:

Prapon Chinudomsub

Glow Energy Plc.

Tel. 02-670-1500-1

Email: prapon.c@glow.co.th




Last Reviewed/Updated : 7/Aug/2019