QTC Energy Plc, a Thai power transformer manufacturer, expects revenue to grow by almost 15% to 1.4 billion baht this year, up from 1.23 billion in 2022, despite a loss in the first quarter.
The company believes it can earn more revenue from higher demand for transformers and solar power panels throughout the rest of this year.
The good business prospects in 2023 are also attributed to an electric vehicle (EV) charger business, co-operated by QTC Energy's partner UAC Global Plc.
Poonphiphat Tantanasin, managing director of QTC Energy, expects the company to win bids to sell transformers worth 500 million baht to the Provincial Electricity Authority, a state power distribution arm, in the second and third quarters.
The company also expects it will gain more transformer purchase orders from the business sector.
QTC Energy plans to focus more on transformer exports to Australia and Japan this year, not depending too much on revenue from the domestic market, said Mr Poonphiphat.
The company's production capacity is 4,000 megavolt amperes a year.
It sells and leases transformers, along with providing services for transformer installation, repair and scheduled maintenance. The company also operates as a consultant on electricity management.
The transformer business makes up more than 60% of the company's total revenue, with the rest coming from solar panel and electrical appliance trade, as well as power generation from its solar farms in the province of Prachin Buri.
QTC Energy recorded a revenue decline of 17% to 205 million baht in the first quarter, posting a loss of 26 million baht because of the high cost of raw materials.
This year, the company is emphasising providing installation of rooftop solar panels and on-ground solar panels as demand for solar power increases amid costly electricity bills.
Both businesses and households are paying a new power tariff of 4.70 baht per kilowatt-hour (unit) from May 1 until Aug 31, a slight drop from the first four-month cycle.
During the first four months of this year, businesses paid 5.33 baht per unit, up 13% from the previous record high of 4.72 baht per unit, while households paid 4.72 baht per unit.
Mr Poonphiphat said QTC Energy plans to expand its charging outlets in Chanthaburi to serve the growing EV market.
He believes its solar panel and EV-related businesses will become a major source of revenue in the future.