PSG extends gains following 9-billion-baht power plant project in Laos

PSG Corporation (PSG), a construction service provider, saw its share price jump to an all-time high at 1.45 baht on Thursday, after announcing a massive deal as the contractor for a power plant project in Laos.

During the morning session, PSG rose 7.4 per cent to its record high of 1.45 baht. The stock has soared over 90 per cent since the beginning of the year so far. 

Chief executive David Van Dau notified the Stock Exchange of Thailand this week that the firm was selected as a successful tenderer for the 8.9-billion-baht project of the XPPL Expansion Phase 1 of the Xekong Power Plant.

“The company shall be the turnkey contractor for construction works,” Dau said. 

The goal is to raise the coal production base from around 2.94 million tons per year to 15 million tons per year over a 32-month construction period.

According to SET, PSG has reported losses in its operation since 2019. The latest results show a 53-million-baht loss for the first three quarters of 2021. 

PSG director Chawalit Saengudomlert told local media Khao Hoon that the company will likely record earnings from the Xekong Power Plant within the first quarter this year and boost the company’s performance. 

The XPPL project is the largest project since the company was founded 40 years ago, he added.

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