Shares of Gulf Energy Development Public Company Limited or GULF Reported the results of the 1st quarter 2024 to the Stock Exchange of Thailand that The net profit attributable to the parent company was 3,499 million baht, a decrease of 9.1% from the same period last year and a decrease of 26.5% compared by the 4th quarter of 2023.
In terms of operating profit (core profit) in 1Q24, it was 4,152 million baht, an increase of 13.2% from the previous year The main reason was the opening of commercial operations of the GPD Power Plant Project, Units 1-2, in total to recognize a share increased profits from affiliates and joint ventures
Core profit decreased by 1.6% due to a reduction in profit sharing from associates and joint ventures, however, the improved performance of GSRC and GPD power plant projects only slightly caused a slight adjustment
In the 1st quarter of 2024, the company recorded a net loss from exchange rates that affected the parent company. and losses from derivative instruments of associate partners and joint ventures. The total is a net loss of 653 million baht, compared to the 1st quarter of 2023 and the 4th quarter of 2023 which had a profit from such items of 183 million baht and 545 million baht, respectively, resulting in a net profit of attributed to the parent company. In the 1st quarter of 2024, it was 3,499 million baht, a decrease of 9.1% from the previous year and a decrease of 26.5% from the previous quarter.
For the total income from business operations in the 1st quarter of 2024, it was 32,280 million baht, an increase of 19.6% from the same period last year and an increase of 14.1% from the previous quarter, which includes:
1) Revenue from the natural gas electricity generation business was 28,819 million baht, an increase of 18.7% from the same period last year. The main factor is the recognition of full quarterly revenue from GPD Project Units 1-2, which will open for commercial operation during 2023. In addition, revenue from the natural gas electricity generation business increased by 15.9% from the previous quarter of r GSRC and GPD electricity with an increase in electricity sales and Ft value increased from 0.2048 baht/unit in 4Q/2023 to 0.3972 baht/unit in 1Q/24, increasing the price of electricity sold to industrial customers as well.
2) Revenue from renewable energy business was 869 million baht, an increase of 59.5% from the same period last year. This was mainly due to the MKW project, which opened all production units in the 3rd quarter of 2023, and income from the sale of solar panels from GULF1 In addition, income from the renewable energy business increased by 16.6% from the previous quarter . From the sale of GULF1 solar panels mentioned above. In addition, the income of the GCG biomass power plant increased in the same direction as the wholesale value of Ft.
3) Income from the infrastructure and public utilities business was 1,133 million baht, an increase of 68.2% from the same period last year and 29.8% from the previous quarter. From more construction progress on the MTP3 industrial port development project in terms of sea reclamation work.
4) Revenue from satellite business was 609 million baht, a decrease of 17.2% from the same period last year and 3.3% from the previous quarter. This is as a result of less service for Thaicom 4 customers according to the contract. In addition, in the first quarter of 2023, a one-time salary was recognized by ground station managers for the Globalstar project Core profit share from associates and joint ventures in the first quarter of 2024 was 2,640 million baht, an increase of 29.5% from the same period last year. By receiving a higher share of profits from INTUCH as well as lower natural gas costs. Help support the profit of 7SPPs power plants under the GJP and PTT NGD groups to improve. In addition, the BKR2 power plant produces more electricity from better wind speeds, and the DIPWP power plant has more sales volumes of electricity and fresh water.
Read stock and investment news with Thairath Money at
Follow the Facebook page: Thairath Money at this link.
#weak #baht #reason #GULFs #profit #plunged #billion #foreign #exchange #loss
