The power generation arm of Ch Karnchang Plc, Thailand’s second-largest construction company, CK Power Plc (CKP), witnessed a profit growth of 11.8% to a record high of THB 2.4 billion in 2022.
Despite an increase in energy prices globally, the company saw an unprecedented rise in profits thanks to electricity sales from hydropower plants and other renewable sources of energy.
The company’s total revenue for 2022 was a whopping THB 11.4 billion which is a 22.3% increase from 2021’s figure of THB 9.33 million.
According to Bangkok Post, the company’s hydropower plants in Laos played a vital role in raking up its impressive revenue. Owing to the volatile global energy market, the company changed its strategy last year to focus on investing in renewable energy and reducing its dependency on fossil fuels.
Thanawat Trivisvavet, managing director of CKP said, “We aim to invest only in renewable energy projects across ASEAN and to increase the proportion of renewable energy in our portfolio from 89% to 95% by 2024.”
The higher-than-average water flow in the Xayaboury Hydroelectric Power Plant helped in significant growth in electricity sales volumes, added Mr. Thanawat.
CKP currently generates its electricity from 13 power plants which are based on three types of energy namely solar power, hydropower, and gas.
The company expects to achieve net zero status by 2050, wherein carbon dioxide emissions could be negated by implementing methods of absorbing carbon dioxide from the atmosphere.