Somphote Ahunai just became Thailand’s newest billionaire. The CEO of the Bangkok-based energy company—which produces biodiesel and operates solar plants—saw shares of the company triple this year.
The 46-year-old Somphote owns 40 percent of the company, with the stake currently valued at $1.2 billion. This could increase still, as investors have an optimistic outlook for the company as solar and wind investments are expected to generate revenue and profit.
Suwat Sinsadok, an analyst at CIMB Securities (Thailand) Co., told Bloomberg that Somphote has been a major boon to the company.
“Somphote’s engineering and financial background has been a complete combination in successfully implementing the solar and power plant projects,” he said. “The company’s earnings will grow exponentially in the coming years with its high efficiency and projects.”
2014 has already been a banner year for the company. In Q1, profits quintupled to 459.9 million baht ($14.3 million). This was partially attributed to a 90 MW solar plant began operations in December of 2013.
Absolute Energy is closing out Q2 strong, as well. The stock hit a record price of 25.25 at the close in Bangkok. Looking ahead, the company is planning on operating a new 90 MW solar plant at the end of this year, as well as a comparable facility at the end of 2015. Plans are also in place for 620 MW of wind energy, which will be generated by 12 different wind power projects.
The rest of the year looks good for Somphote.