SET-listed Electricity Generating (Egco) expects its 2020 revenue and profit will be close to last year's, despite the impact of the pandemic, as 2019 earnings tallied 47.4 billion baht.
The profit forecast between 2020 and 2024 remains unchanged, with growth of 5-6% annually. Egco reported profit of 13 billion baht in 2019.
President Thepparat Theppitak said the company has a positive outlook for its domestic and overseas power plants, which continue to earn good revenue.
"The spread of the coronavirus and fluctuating foreign exchange rates affected our performance in the first half this year, but our power plant business will drive us forward," he said.
The company saw revenue from January to June stand at 22.9 billion baht, with profit increasing by 39% to 4.6 billion baht.
In the second quarter alone, Egco's net profit increased by 29% to 5 billion baht, mainly from foreign exchange gains.
Egco prepared a 30-billion-baht budget for its 2020 investment, excluding mergers and acquisition.
"We've already spent 20 billion baht and allocated the rest for our four projects," said Mr Thepparat.
The Gangdong fuel cell project in South Korea is 98% complete and expected to start commercial operations in the last quarter of this year.
Nam Theun 1 hydropower project in Laos is 74% complete and scheduled to start operating in the second quarter of 2022.
The Yunlin offshore wind farm project in Taiwan is 48% complete and scheduled to start operations in the third quarter of 2021.
A petroleum pipeline extension in northeastern Thailand is 43% complete and expected to begin operations in the last quarter of 2021.
Power plants using fossil fuels and renewable energy will continue to be Egco's core businesses.
"The company also looking for new opportunities to invest in energy-related businesses, such as fuel and infrastructure businesses," said Mr Thepparat.