PDI said its 1Q2018 earnings results met expectations with a net profit of 97 million Baht from renewable energy businesses and zinc trading. The Company is confident to invest more to expand its new business and to sustainably build income and profit. It aims to increase the capacity of solar farms with 100 megawatts this year.
Mr. Francis Vanbellen, Managing Director of Padaeng Industry Public Company Limited (PDI), revealed the Company recorded sales and services of 1,289 million Baht and a net profit of 97 million Baht in the first quarter of 2018.
The first quarter performance met its expectations even though it is down from the 1Q2017 net profit of 313 million Baht after the Company ended its conventional zinc business and transitioned into renewable energy and zinc trading business. Profit margins from the trading of zinc cannot be compared with the profit from zinc operations last year from low-cost zinc ores inventories. Nevertheless, PDI remains confident in the positive outlook of its business performance this year. It predicted its profit will remain considerable, mostly from renewable energy and the management of existing obsolete assets from the zinc business.
Mr. Vanbellen said the Company invested successfully, especially in renewable energy during its business transition. Presently, PDI has solar farms in Thailand and Japan with a combined capacity of 50 megawatts, with full contribution of revenues and profit in 2018.
This year, PDI will further optimize its operating solar farms under PDI Energy to assure robust production and targets to expand the capacity with 100 megawatts. It is eyeing opportunities to invest in other potential businesses, which to grow income and profits and increase returns to shareholders.
PDI, or Padaeng Industry Public Company Limited, was founded April 10, 1981 and listed on the Stock Exchange of Thailand with a registered capital of 2,260 million Baht. PDI was a zinc mining and smelting company for over 30 years. In 2014, PDI reassessed its business structure in anticipation of a shift to sustainable business, with the objective to increase eco-efficiency and to foster growth. The Company is structured in three business units: PDI Energy – providing energy mainly from renewable sources; PDI Materials – providing added value materials from recycled materials; and PDI Eco – providing waste management solutions for complex industrial waste.