B.Grimm Power Plc (BGRIM) reported revenue growth for the 2021 financial year of 5.8%, a tally of 46.6 billion baht, citing a boost from stronger electricity sales.
However, its normalised net profit was hit by higher natural gas costs.
The growth in revenue was supported by a 2.4% increase in power sales to 14,794 gigawatt-hours.
Harald Link, chairman and president of BGRIM, said the 8.8% price hike in natural gas to 266 baht per million BTU in 2021 and 335 baht per million BTU in the fourth quarter of 2021 were key factors depressing the company’s normalised net profit for the year by 6.8% to 2.4 billion baht.
Mr Link cautioned that 2022 would see a continuation of rising natural gas prices.
The company has taken steps to deal with the gas price spike by tightening costs and expense controls, which are expected to save at least 100 million baht in expenditures,…
