Global Power Synergy Public Company Limited (GPSC) Reports 441% Increase in Net Profit for 3rd Quarter of 2023
Operating Results Reflect Positive Performance of Small Power Plants and Independent Producer Power Plants
Bangkok, Thailand – Global Power Synergy Public Company Limited (GPSC), a leader in the electricity business and a subsidiary of the PTT Group, announced a significant increase of 441% in net profit for the third quarter of 2023 compared to the same period last year. The company reported a profit of 1,789.51 million baht, up from 330.89 million baht in the previous year.
This remarkable growth can be attributed to the improved operating results of the small power plants (SPP), which saw a significant increase in revenue due to the Ft factor reflecting lower energy costs. Additionally, the profit from selling electricity to industrial customers (IU) increased despite a decrease in the total sales volume of steam to industrial customers due to maintenance shutdowns.
The independent producer power plants (IPP) also contributed to GPSC’s positive performance. The availability payment, which measures the electricity availability value, improved for these plants. However, the share of profits from investments in joint ventures and trade declined, primarily due to lower water volumes at the Xayaburi Hydroelectric Power Plant (XPCL).
Comparing the third quarter of 2023 to the second quarter of the same year, GPSC witnessed a 479% increase in net profit. This growth can be attributed to higher sales volumes from SPP power plants and lower energy prices, resulting in increased profits from electricity sales to industrial customers. The return to normal operation of the Phase 5 Glow Energy Power Plant and no coal cost adjustments for Gheco-One Power Plant further contributed to this impressive performance.
In terms of dividend income and profit sharing from investments, GPSC experienced growth as well. The profit share from XPCL increased by 515 million baht due to the seasonal increase in water volume. Additionally, dividends received from Ratchaburi Power Company Limited (RPCL) saw an increase of 105 million baht.
Overall, GPSC’s net profit for the third quarter of 2023 reached 1,790 million baht, representing a 441% increase from the previous year. The reduction in energy costs and improved performance of SPP and IPP power plants played key roles in achieving this remarkable result. The company’s focus on operational excellence and cost management, as well as its commitment to maintaining low-cost power plants and efficient electricity and steam networks, contributed to GPSC’s success.
GPSC’s CEO and President Highlights the Company’s Innovative Approach
Mr. Worawat Pittayasiri, CEO and President of GPSC, emphasized the company’s commitment to innovation in the electricity business. Despite a 38% year-on-year decrease in total revenue, GPSC achieved a net profit of 1,790 million baht, a significant increase of 1,459 million baht or 441%. This success can be attributed to the exceptional performance of SPP power plants and the improved income from electricity availability of IPPs, despite reduced demand for electricity from some customers.
Looking ahead, GPSC aims to increase efficiency in the production process by prioritizing low-cost power plants. The company also plans to enhance synergy operations, optimize electricity and steam grids, and implement cost reduction measures to maximize benefits. GPSC remains committed to sustainable growth, expanding its green investment portfolio, and adapting to fluctuations in global energy prices.
About Global Power Synergy Public Company Limited (GPSC)
Global Power Synergy Public Company Limited (GPSC) is a leading provider of electricity and energy solutions, with a focus on sustainable growth and operational excellence. As a subsidiary of the PTT Group, GPSC is committed to driving innovation in the electricity business and contributing to the development of a greener and more sustainable energy sector.
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#GPSC #Tuning Stocks – Global Power Synergy Public Company Limited or GPSC informed the Stock Exchange that it had a profit of 1,789.51 million baht in the 3rd quarter of 2023, an increase of 441% compared to the same period last year with a profit of 330.89 million baht, mainly due to the operating results of small power plants (SPP) increasing significantly from the Ft factor which can better reflect the cost of energy prices. This causes the profit from selling electricity to industrial customers (IU) to increase due to lower energy costs. Although the total sales volume of steam to industrial customers has decreased due to industrial customer maintenance shutdowns.
In addition, the operating results of the independent producer power plants (IPP) increased from the electricity availability value. (Availability Payment) has generally improved. Meanwhile, the share of profits from investments in joint ventures and trade fell. Mainly from the share of profits from investments in the Xayaburi Hydroelectric Power Plant or XPCL, 244 million baht fell from higher than normal water volumes.
** Compared to Q2/65
Meanwhile, net profit for the 3rd quarter of 2023 compared to the 2nd quarter of 2023 increased by 479%, mainly because the operating results of the small power plants (SPP) increased from a larger total sales volume of electricity and steam. In addition, profits from electricity sales to industrial customers increased due to lower energy prices. Meanwhile, this quarter, Phase 5 Glow Energy Power Plant, which had a planned maintenance shutdown in 2Q23, has returned to normal operation. and Gheco-One Power Plant No adjustments were recorded for coal costs as in the previous quarter.
Meanwhile, dividend income and profit sharing from investments in associate companies and joint ventures increased. Mainly from Xayaburi Hydroelectric Power Plant’s (XPCL) profit share, which increased by 515 million baht due to a seasonal increase in water volume. and received dividends from the company Ratchaburi Power Company Limited or RPCL increased by 105 million baht.
GPSC reveals net profit for the 3rd quarter of 2023 at 1,790 million baht, an increase of 441% compared to the previous year. The main factor is reduced energy costs. This resulted in better profits for SPP power plants, along with increased operating results for IPPs from better availability of electricity supply. Reflecting readiness to operate the power station immediately when called for by EGAT, emphasizing control. and increase confidence in operational excellence Willing to continuously move forward in managing production costs. Focus on operating low cost power plants. Increasing the efficiency of the electricity and steam networks together and maintaining margin levels amid fluctuations in the world energy situation
Mr. Worawat Pittayasiri, CEO and President of Global Power Synergy Public Company Limited or GPSC Electricity business innovation leader PTT Group revealed that the company’s 3rd quarter 2023 operating results had a total revenue of 21,044 million baht, a 38% year-on-year (YoY) decrease of the average selling price of electricity and steam which n decreased with the cost of energy prices In addition, some independent producer power plants (IPP) had reduced the demand for electricity, but the company had a net profit of 1,790 million baht, an increase of 1,459 million baht or 441%, and the a major factor was the consequences of superpower action. small plants (SPP) which increased significantly From the factors mentioned above, in addition, the performance of IPP has improved the income of electricity availability (AP). of maintenance stops has decreased compared to the previous year.
Compared to the second quarter of 2023, net profit increased by 1,481 million baht or an increase of 479% as a result of the profit for the sale of electricity and steam to industrial customers of SPP power plants increasing. In addition, the total sales volume of electricity and steam increased. At the same time, Glow Energy Power Plant Phase 5, which underwent a planned maintenance shutdown in the second quarter of this year, has returned to normal operation. In addition, the Company also receives dividends, shares profit from investments in Associate company and more joint ventures Mainly from Xayaburi Power Plant from seasonally increasing amount of water and receive dividends from Ratchaburi Power Company Limited (RPCL)
Regarding the operating results for the first 9 months of 2023, the company had a net profit of 3,217 million baht, an increase of 142% compared to the first 9 months of 2022 with a net profit of 1,328 million baht.
This year, the company is focusing on management to increase efficiency in the production process. By generating electricity from low cost power plants first (order of merit) in order to reduce production costs as much as possible. Including focusing on synergy operations to manage productivity. Sharing electricity and steam grids Along with measures to reduce costs to get the most benefit in line with the company’s goals and strategies. In order to maintain a good margin level As well as continuing to expand the green investment portfolio. For sustainable growth and preparation under the situation of fluctuations in energy prices in the global market.
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