Nonthaburi – RATCH Group Public Company Limited reported its operating results for the first nine months of 2025 (January 1 –September 30, 2025), posting a net profit of THB 5,445 million driven by the profit sharing from joint ventures valued at THB 5,882 million or 11 percent increase compared to the same period in 2024. The company also recorded THB 11,766 million of the Earnings before interest, taxes, depreciation, and amortization (EBITDA).
Mr. Nitus Voraphonpiput, Chief Executive Officer of RATCH Group, stated that the main revenue is still derived from power generation business during the nine-month period. Of the company’s total consolidated revenue, THB 18,804 million, or 79 percent, was generated from conventional power plants with a total operating capacity of 7,830.60 megawatts. Meanwhile, THB 3,874 million, equivalent to 16 percent of total revenue, was created from renewable energy power plants, including wind, solar, hydropower, and biomass, with a combined operating capacity of 1,618.21 megawatts. The infrastructure and other related businesses contributed THB 1,247 million, accounting for 5 percent of total revenue.
“In 2025, the company has emphasized asset management and cost optimization to reinforce its financial stability and ensure consistent returns for shareholders and stakeholders. These efforts have been reflected in the higher performance of IPP and renewable power plants, particularly in terms of availability and operational efficiency, while overall operating costs have decreased. Besides, the company has redefined its business strategy and investment portfolio to maintain a strong focus on power and energy businesses, in addition to enhancing long-term investment capability in new businesses. In the short-term plan, the company is preparing to participate in the community solar farm program and direct PPA projects in line with the government’s Quick Big Win policy. It is also considering investments in the operating power plants with stable revenue streams, introducing artificial intelligence technology to enhance its power plants’ efficiency and reduce greenhouse gas emissions, and formulating a redevelopment plan of the decommissioned Ratchaburi power plant by transforming into sustainability-focused projects.
For the medium and long-term plan, RATCH prepares to take part in power plant bidding opportunities under the national Power Development Plan and increase the mix of renewable energy generation by focusing investment in Thailand, Indonesia, Vietnam, Australia, the Philippines, Japan, and European countries. Furthermore, the company pursues opportunities in the future energy and net-zero-aligned businesses. It is confident that the strategies will allow the company to enhance its investment portfolio and sustainable long-term growth”, Mr. Nitus said.
As of 30 September 2025, RATCH recorded total assets of THB 211,428 million, total liabilities of THB 108,093 million, and shareholders’ equity of THB 103,335 million. The company maintains a strong financial position, demonstrated by a debt-to-equity ratio of 1.05 times, a return on equity of 10.57 percent, and investment-grade credit ratings from leading rating agencies, including AA+ from TRIS Rating, Baa2 from Moody’s, and BBB– from S&P Global Ratings.
