Global Power Synergy Public Company Limited (SET: GPSC) has announced its 2021 consolidated financial statement as follows;
|Net Profit (Loss)
|Earning Per Share (Baht)||2.60||2.66|
GPSC reported a net profit of 7,318 million baht in 2021, slightly decreased by 2.52% from a net profit of 7,508 million baht in 2020.
Gross profit of SPP business decreased mainly due to higher natural gas and coal price, although electricity and steam sales volume to industrial customers were higher, lower margin from electricity and steam sales, and expenses due to unplanned outage of Glow Energy phase 5 even though the Company received a partial insurance claim for the incident. In addition, gross profit of IPP business decreased due to planned maintenance of GHECO-One in Q1/2021 and unplanned outage in Q2 and Q3 of 2021 resulting in lower AP.
However, shares of profit from the Xayaburi hydro power plant increased by THB 702 million as a result of higher water levels than last year, which is facing a drought situation.
The company stated that the Glow Energy Phase 5 power plant had unplanned outages which had no impact on the sale of electricity and steam to industrial customers as the Company is able to manage the operation through the Company’s electricity and steam network to serve customers’ demand during the period. In addition, the Company has done the process of insurance in order to mitigate the impact from the incidents.
The company announced a new corporate strategy to keep pace with the energy transition by moving towards clean energy in line with worldwide reducing global warming trends and Thailand’s national energy plan. The Company aims to be the top three power companies in Southeast Asia with more than half of MW from green portfolio. The 4S strategy model comprises the following:
1) Strengthen and Expand the Core: strengthening the Company’s core businesses and expertise and being operational and business excellent along with expanding the Company’s businesses that aims to ensure the balance for all stakeholders, as well as being internationally recognized.
2) Scale-up Green Energy: scaling up green energy development projects including solar and wind energy, and an integration of renewable energy with an Energy Storage System (ESS).
3) S-Curve & Batteries: investing in energy innovation to earn revenue from battery businesses and the new S-curve to support energy businesses transition in the future.
4) Shift to Customer-centric Solutions: moving towards new energy through the use of energy innovation to provide solutions for customers’ various needs.
The Board of Directors approved a dividend payment of Bt1.00 per share to be paid on April 20, 2022. The ex-dividend date is February 24, 2022.