CKPower Public Company Limited (CKP) has announced a significant growth in its 2025 financial results, reporting a Core Net Profit of Baht 2,323 million, an 81% increase from the previous year. The surge is attributed to favorable hydrological conditions and enhanced operational efficiency across its major hydroelectric assets.
Thanawat Trivisvavet, Managing Director of CKPower, revealed that a primary growth driver was the share of core net profit from the Xayaburi Hydroelectric Power Plant (XPCL), which reached Baht 1,814 million, a 202% year-over-year increase. This growth was supported by average water inflows rising 7% compared to 2024 and a reduction in financial costs following global interest rate trends.
Similarly, Nam Ngum 2 Power Company Limited (NN2PC) achieved record-high performance since its commercial commencement. NN2PC reported electricity sales revenue of Baht 4,365 million, up 7% year-over-year. July 2025 saw the highest water inflow in the plant’s history, ensuring a solid reservoir level heading into 2026.
2026 Outlook and Strategic Progress
Current data indicates a positive start for 2026, with January water inflows at both NN2PC and XPCL exceeding the previous year’s levels. This is expected to bolster power generation during the typically dry first quarter. Additionally, the Luang Prabang Hydroelectric Power Project is progressing on schedule, reaching 65% completion as of December 2025.
Financial Strength and Sustainability
As of December 31, 2025, CKPower’s total assets rose by 6%, fueled by investments in the Luang Prabang project and the issuance of the company’s first Green Bonds. Key financial stability indicators include:
- Liquidity Ratio: 2.26 times (up 0.40 times).
- Net Interest-bearing Debt to Equity Ratio: 0.50 times.
Thanawat highlighted that despite geopolitical and climate-related challenges, the company maintained a “AAA” SET ESG Rating. “CKPower remains committed to renewable energy development and innovation as we progress toward our goal of achieving net-zero greenhouse gas emissions by 2050,” he stated.
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