GULF reported core profit of 3.55 billion baht in Q2/23

Editorial Staff

GULF reported core profit of 3.55 billion baht in Q2/23, a 15% YoY increase, from the COD of GPD and an increase in share of profit from INTUCH

Gulf Energy Development Plc. (GULF) reported the financial results for Q2/23 with a total revenue of 35.26 billion baht, a 44% increase from 24.55 billion baht in Q2/22 and a core profit of 3.55 billion baht, a 15% increase from 3.,081 million in the same period of last year.

The growth was primarily driven by the revenue and profit recognition of Gulf Pluak Daeng (GPD), a 2,650-MW gas-fired IPP power project under IPD Group, of which the first unit with an installed capacity of 662.5 MW commenced commercial operation on 31 March 2023, resulting in a core profit of 223 million baht in Q2/23, along with the higher revenue from GMP Group’s 12 gas-fired SPPs due to higher electricity sales volume to EGAT with the average load factor increasing from 78% in Q2/22 to 80% in Q2/23, coupled with higher gross profit margin from electricity sales to industrial users due to the decline in average natural gas cost.

In Q2/23, GULF reported a share of core profit from its associates and joint ventures of 2.15 billion, a 6% increase from 2.03 billion baht in the same period of the previous year. The growth was mainly driven by the share of core profit from INTUCH of 1.35 billion baht, a 15% YoY increase from the stronger performance of AIS, as well as the recognition of the share of core profit from GJP group in the amount of 579 billion baht, an increase of 6% YoY, from the 7 SPPs which recorded a higher gross margin as a result of a decrease in average natural gas cost and an increase in average Ft.

Ms. Yupapin Wangviwat, deputy chief executive officer and chief financial officer, GULF, revealed, “For 2023 performance, the total revenue is expected to increase by approximately 50% from the projects that are scheduled to commence commercial operation in second half of 2023.

The infrastructure projects in the pipeline are still on track, with the Map Ta Phut industrial port development phase 3 project’s land reclamation anticipated to be completed in 2024 and the construction of the LNG terminal will begin immediately after the completion of the land reclamation. The M6 and M81 intercity motorway projects are scheduled to commence operation in 2025, while the Laem Chabang port phase 3 project is expected to commence operation as planned. Lastly, the construction of the data center under digital business is expected to start in September of this year, with commercial operations commencing in 2025.