#SPCG #ThanHoon – SPCG saw a drop in revenue in 2023 from 14 solar farm projects being phased out.. Adder preparing to push solar roof business revenue up to make up for lost income. Construction of solar projects in the EEC is expected to start around 500 MW in 2023 and start COD in early 2024.
Mr revealed Pipat Viriyatharanon, Director of Finance, SPCG Public Company Limited or SPCG that the performance direction of the year In 2023, the company expects that the revenue will decrease slightly from the previous year which made 4,471 million baht because there will be a total of 14 solar farms that receive an increase in the purchase price of electricity (Viber) within this year.
And continuing in 2024, 13 more projects
However, even though Wiber is gone, the project is still selling electricity. with an average basic electricity price of 3.50 baht, and it is expected that there will be more income from the Solar Roof business to compensate.
Go ahead with EEC solar projects
For new project development plans in 2023, the company expects to have 2 projects: 1. Electricity generation from solar energy. (Solar farm) for use in the new city area. The Eastern Special Development Zone (EEC), with a capacity of 500 megawatts, is expected to start construction in 2023 and is expected to start commercial operation (COD) in early 2024 and 2. IMARI Project Biomass capacity of 46 megawatts in Japan This project first biomass power plant in which the Company has invested.
While the business of installing solar power systems on the roof (Solar Roof) by Solar Power Roof Co, Ltd (SPR) expects a revenue of around 1,000-1,500 million baht in 2023 after the current customer demand for the company installation of at least 10-15 MW, expected to begin installation gradually within 2nd-3rd quarter 2023
As for the Japanese Yen, which tends to depreciate against the dollar. Considered an opportunity to reduce power plant investment in Japan. However, there is a downside that the profit share from investments in Japan may be less compared to the weaker currency. But the company expects the increased production capacity to help bring profit margins back to a similar level.
Broker expects profit to shrink
Krungsri Capital Securities Public Company Limited SPCG Public Company Limited or SPCG said that the profit from the Viper will disappear in 2023. Currently, Adder is working during SPCG’s solar power plant projects in Thailand. is a total of 9 projects where Adder 8 baht has been depleted, representing the total production capacity. 34.5 MW of a total of 181 MW (19% of capacity)
And in 2023, there will be 75.8 MW (42% of capacity) which will be phased out. As a result, revenues and profits from electricity sales will decrease because there are no new projects to compensate for Viber’s impact.
Especially the 300 megawatt EEC project that is being developed still has no progress. As a result, the 2023-2024 profit forecast has to be revised down by -11%, -34% due to the postponement of the assumption of COD from the Ukujima power plant in Japan from Q4/2023 to the second half of 2024, recommending “Neutral” The price has been reduced to 13.40 baht.
In addition, the operating results of the Company and its subsidiaries It has a net profit in 2022 of 2.32 billion baht, earnings per share of 2.20 baht, down from the previous year’s profit of 2.48 billion baht, earnings per share of 2.37 baht. and developing power generation projects from solar energy (Solar Farm), a complete solar farm construction service business (Engineering, Procurement and Construction: EPC), the business of selling and installing solar power systems on the roof (Solar Roof) and providing roof installation services metal sheets with complete services, etc.
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