Thailand’s Super Energy posts Jan-Sep profit of $41 mln from Vietnam power business

Thailand’s Super Energy Corporation recorded a gross profit of THB1.44 billion ($41 million) from its power business in Vietnam in the first nine months of this year, according to the firm’s financial statement.

Of this, THB1.26 billion ($35.7 million) came from its solar projects in the country, up 3.73% year-on-year; and THB183.7 million ($5.2 million) from wind projects, up 55.35%.

The firm recorded a revenue of THB2.82 billion ($79.9 million) from energy activities in Vietnam in the nine-month period.

Revenue from solar power projects reached THB2.5 billion ($70.7 million), up 0.73% year-on-year. The firm attributed the increase to good light intensity in the first half of the year.

However, the slight decrease in light intensity in the third quarter of this year led to a revenue of THB789.8 million ($22.4 million) in the quarter, down THB6.61 million, or 0.83%, year-on-year, the firm stressed.

Super Energy currently has various operational solar power projects totaling 1,534.32 MW, including nine of 836.72 MW in Vietnam.

Meanwhile, wind power in Vietnam made a revenue of THB323.5 million ($9.2 million), up 20.17% year-on-year, thanks to higher average wind speeds during the high season in September, the firm noted.

Super Energy has a 50-MW wind power project in Vietnam. The firm is in the process of constructing or waiting for documents for four wind power projects of 421 MW in Vietnam and two projects of 95 MW in Thailand.

Globally, Super Energy recorded a revenue of THB7.39 billion ($209.5 million) in January-September, up 6.22% year-on-year. Activities in Vietnam accounted for 38.14% of the total.

Its global profit reached THB649.3 million ($18.4 million) in the period, down 35.59% year-on-year. However, due to changes in the foreign exchange rate, the firm made a loss of THB593.5 million ($16.8 million) in the nine-month period, resulting in a final profit of THB55.83 million, down 92.38%.

The gross profit derived from its Vietnam activities accounted for 38.86% of Super Energy's global sum.

A major step for Super Energy in Vietnam in 2023 was completing the first phase sale of a 49% interest in Solar NT Holdings, which operates nine solar farms in Vietnam, to AC Energy Vietnam Investments Pte. Ltd., a subsidiary of the Philippines-based AC Energy Corporation (ACEN). The remaining phases of the sale are set to be completed in 2023, Super Energy Corporation said.