Gulf Energy Development Public Company Limited or GULF disclosed through the Stock Exchange of Thailand that the company’s total revenue for the first quarter ended March 31, 2024, totaled 32,280 million baht, an increase of 19.6%. year while net profit (major shareholders’ equity) was 3,499, a decrease of 9.1% compared to the same period last year.
Total income from business operations in Q1/2024 was 32,280 million baht, an increase of 19.6 percent YoY and an increase of 14.1 percent QoQ, including:
Revenue from the natural gas electricity generation business was 28,819 million baht, an increase of 18.7 percent YoY, mainly due to the recognition of full quarterly revenue from the GPD Project Units 1-2, which will commence commercial operations during 2023. In addition, Income from the business of electricity generation from natural gas Also increased by 15.9 percent QoQ from GSRC and GPD power plants with increased electricity sales In addition, the Ft value increased from 0.2048 baht/unit in Q4/2023 to 0.3972 baht / unit in Q1/2024, causing the electricity. selling price for industrial customers, the average per unit also increased.
2) Revenue from renewable energy business was 889 million baht, an increase of 59.5% YoY, mainly due to the MKW project which opened all production units during Q3/2023 and income from the sale of solar panels GULF1 In addition, income of the renewable energy business It also increased by 16.6 percent QoQ of the aforementioned GULF1 solar panel sales. In addition, the income of the GCG biomass power plant increased in the same direction as the wholesale value of Ft.
3) Income from infrastructure business and utilities was at 1,133 million baht, an increase of 68.2 percent YoY and 29.8 percent QoQ from increased progress in the construction of the MTP3 industrial port development project As for reclamation work, the income of the satellite business was 609 million baht, a decrease of 17.2 percent YoY and 3.3 percent QoQ as a result of the contractual reduction in services provided to Thaicom customers 4 and in Q1/2023 there was recognition of one-time salaries from ground station managers for the Globalstar project
Share of core profits of affiliates and joint ventures in Q1/2024 was at 2,640 million baht, up 29.5 percent YoY, with increased profit sharing from INTUCH as well as lower natural gas costs helping to support 7SPPs power plant profits under GJP group and PTT NGD improved , along with BKR2 power plant producing more power from better wind speed and DIPWP power plant getting more electricity and fresh water distribution volumes as well.
In this regard, the share of core profit from affiliates and joint ventures decreased by 17.3 percent Q0Q, mainly as a result of a decrease in INTUCH’s profit share as in Q4/2023 a one-time special profit was recorded and GGC’s profit fell from wind speed in the adaptation area
Operating profit (core profit) in Q1/2024 was 4,152 million baht, an increase of 13.2% YoY, mainly due to the opening of commercial operations of GPD Power Plant Project Units 1-2, including the recognition of profit sharing from a company associate and more initiatives on the joint decreased by 1.6 percent QoQ due to a reduction in profit sharing from joint ventures. and joint ventures However, the improved performance of GSRC and GPD power plant projects caused the overall core profit to decline only marginally.
In Q1/2024, the Company recorded net losses from exchange rates affecting the parent company and losses from related companies’ derivative instruments. and joint venture The total is a net loss of 653 million baht, compared to Q1/2023 and Q4/2023 which had a profit from such items of 183 million baht and 545 million baht, respectively that.
However, only the net foreign exchange loss affecting the parent company will be 593 million baht.
As a result, the net profit attributable to the parent company in Q1/2024 was 3,499 million baht, a decrease of 9.1 percent YoY and a decrease of 26.5 percent QoQ.
Proofread…Silawong Sure
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