RATCH Group Public Company Limited or RATCH revealed its third-quarter 2019 operating performance with the net profit of 1,365 million baht.
On November 22, 2019, Mr. Kijja Sripatthangkura, Chief Executive Officer of RATCH, together with executives, announced its operating performance for the third quarter of 2019 during the Analyst Meeting. The net profit was 1,365 million baht, a decrease of 315 million baht compared to the 1,680-million-baht net profit of the corresponding period last year. The decline was driven by the baht’s appreciation and by plan adjustment of power plant maintenance.
RATCH and Electricity Generating Authority of Thailand (EGAT) entered into the 25-year Power Purchase Agreement on Hin Kong Power Plant Project on July 12, 2019. The Project is now on the process of conducting Environmental Impact Assessment (EIA) and negotiating the 3-year construction agreement with project partners, which is expectedly to be signed at the beginning of 2020. Moreover, RATCH signed loan agreements with 6 financial institutions, e.g., OCBC, SCB and ING, for the investment in Yandin Wind Farm, Australia on October 10, 2019; and with ADB, IFC, SMBC and MUFG for the construction of Riau Combined-Cycle Power Plant, Indonesia on March 20, 2019.
RATCH acquired 99.97% of equity stake totaling 1.998 billion baht of Navanakorn Electric Company Limited (renamed RATCH Cogeneration Company Limited on November 4, 2019), with the remaining 19-year operation period of Power Purchase Agreement with EGAT. RATCH also achieved in a 35% stake acquisition of Things on Net Company Limited with THB 180-million investment values to expand its business to Internet of Things (IoT) such as telecommunication network installation and solution services for factories, transportation, logistics, infrastructure and power sector. The target of revenues from other investments, apart from power business, is expected to be at 20%. Furthermore, the company is ready to seek investment opportunity in oversee power business with promising return and low risk, such as in Vietnam.