Gulf Energy Development Plc. (GULF) reported the financial results for Q2/24 with a total revenue of THB 32,617 million, a 3% decrease from Q2/23 due to the lower average electricity selling price resulting from lower natural gas cost and Ft.
However, core profit increased by 34% to THB 4,779 million, compared to THB 3,556 million in the same quarter of the previous year.
The growth was driven by the power generation business
The growth was primarily driven by the improve performance of the power generation business. Gulf Pluak Daeng (GPD), an IPP power project under the IPD group with a total installed capacity of 2,650 megawatts, commenced commercial operation of unit 3 in March 2024.
As a result, in Q2/24, GULF realized the full quarter contribution of GPD units 1-3, with a combined installed capacity of 1,987.5 megawatts, which had gradually commenced commercial operations since 2023.
For the renewable energy business, GULF recognized a share of core profit from wind projects under Gulf Gunkul Corporation of THB 182 million in Q2/24, an increase of 23% YoY from THB 148 million, due to higher average wind speeds that rose from 5.2 m/s in Q2/23 to 5.5 m/s in Q2/24.
In Q2/24, GULF recognized the investment in INTUCH of THB 1,621 million
In Q2/24, GULF recognized a share of core profit from the investment in INTUCH of THB 1,621 million, an increase of THB 269 million or 20% YoY from THB 1,352 million in Q2/23, primarily due to the improved performance of AIS from increased ARPU, along with lower operating costs resulting from effective cost management.
EBITDA for Q2/24 was THB 10,244 million, an increase of 19% compared to THB 8,620 million in Q2/23, while the net profit attributable to the parent company, which accounts for the impact of the FX rate and derivative instruments, was THB 4,741 million, a 64% increase from THB 2,885 million in Q2/23.
GULF maintains 2024 revenue growth projection of 25-30%
Yupapin Wangviwat, deputy chief executive officer and chief financial officer, GULF, stated, “GULF maintains its 2024 total revenue growth projection of approximately 25-30%, with projects proceeding as planned. In the second half of 2024, the GPD power project unit 4 (662.5 megawatts) is schedule to commence commercial operations on October 1, 2024.
Meanwhile, the 5 domestic solar farms and solar farms with battery energy storage systems projects, with a total install capacity of 532 megawatts, are set to begin commercial operations in December 2024.
In addition, GULF1’s solar rooftop projects are expecte to sign contracts for at least 270 megawatts and achieve at least 180 megawatts of operational capacity by the end of this year. GULF1 has a target to expand its solar energy business to over 1,000 megawatts by 2030. For the gas business, HKH, a joint venture in which the Company holds a 49% equity stake, has imported a total of 5 cargos totaling 400,000 tonnes of LNG since the beginning of the year to support electricity production for HKP project unit 1, with plans to import an addition of approximately 200,000 tonnes of LNG during the remainder of this year. As such, these factors will drive GULF to achieve its 2024 revenue target.” Ms Yupapin added,
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