PDIs started its second 11-MW solar farm in Japan PDI Energy now targeting to increase capacity by 100 MW this year Strong financial position with cash for new investment 2 billion Baht
Mr. Francis Vanbellen, Managing Director of Padaeng Industry Public Company Limited (PDI), said
Our second solar farm, in Nogata, Japan, with a capacity of 11 megawatts, started its commercial operation on March 1, 2018. This gives PDI a combined capacity of 50 megawatts in solar farms in both Thailand and Japan. This year, PDI Energy will continue to focus on its renewable energy business in Thailand and overseas with plans to increase capacity by another 100 megawatts this year.
The Company still continues exploring additional investment opportunities which have the potential to generate stable revenue and profit, in order to continuously generate returns for shareholders. PDI has closed its conventional zinc business since last year and has entirely switched its business model to zinc trading this year. It set its target to sell 50,000 tons of zinc metals in 2018 and open opportunities to sell other metals. Customers are still confident in PDI's quality and service, especially its technical support service, for which the Company has a longstanding recognized excellent track record.
PDI has changed its business model from zinc production and distribution to zinc trading, as it wants to build sustainable growth in the future. At the same time, PDI has shifted its investment focus to renewable energy, recycled materials and waste and environmental management. PDI began its renewable energy business in 2016 and has generated ever higher revenues since then.
We will maximize our existing unused assets in the zinc business such as the factories in Rayong and Tak, which have stopped their operations since last year," Mr. Vanbellen said.
Last year, PDI achieved an extremely strong performance with a record high net profit in the past 10 years, and the third highest in the 33 years since its establishment. Last year, the company posted a net profit of 905 million Baht, rising 89% year-on-year, on the back of surging global zinc prices, which rose 40% on average in 2017. With good performance and sustained profits, the company has a solid financial position and free cash exceeding 2.0 billion Baht for new investments.
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 B 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.