
CK Power Plc, one of the region’s largest renewable energy producers, reported a core net profit of 63 million baht in the first quarter of 2025, marking a 305-million-baht turnaround from a net loss of 242 million baht a year earlier.
Thanawat Trivisvavet, managing director, said the improved performance was driven by stronger operations at the Nam Ngum 2 and Xayaburi hydroelectric power plants. EBITDA, including share of profits from joint ventures and associates, surged 139% year-on-year to 991 million baht.
Electricity sales from Nam Ngum 2 rose 4% as higher reservoir levels enabled a 7% increase in availability. Share of loss from investments dropped significantly, falling by 563 million baht to just 7 million baht, thanks to a 41% increase in water inflow at the Xayaburi plant, which lifted power sales volume by 34% year-on-year.
Nam Ngum 2 recorded a 3% year-on-year rise in declared electricity output during January–May 2025. Its reservoir level at the end of Q1 stood at 363 metres above mean sea level, higher than the same period last year. Water inflows at both plants are expected to be near average for the first half, pending updates in June and July.
The Luang Prabang Hydroelectric Power Project reached 48% completion as of March, on schedule. Meanwhile, the first phase of three solar projects supplying electricity to Bangkok Expressway and Metro Plc (BEM) was 86% complete, with the first plant beginning operations in December 2024 and the remainder expected online in Q2/2025.

As of March 31, CKPower’s liquidity ratio stood at 1.72, while total liabilities fell 3% from the end of 2024. Net interest-bearing debt to equity was 0.53 times. In March, TRIS Rating upgraded all CKPower debentures to ‘A-’ with a ‘stable’ outlook, citing improved capital structure and debt servicing capacity.
Shareholders approved a dividend of 0.085 baht per share for 2024 performance, amounting to 691 million baht, to be paid on May 23.
Looking ahead, CKPower aims to expand its hydro and solar portfolio and pursue green finance options, including the sale of renewable energy certificates. In 2024, the company’s facilities generated over 8.8 million MWh of clean electricity, or 16% of Thailand’s total renewable output, helping to avoid 4.4 million tonnes of carbon dioxide equivalent emissions.