GULF Records 107% Gains in 1Q22 Earnings on Higher Revenue and Profit Sharing from INTUCH

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
3,394.61 1,632.16
Earning Per Share
0.8900 0.1400
% Change 107.98

GULF reported a net profit of THB 3,394 million in 1Q22, increased 107% from a net profit of THB 1,632 million in 1Q21. 

Total revenue in Q1’22 was recorded at THB 22,453 million, an increase of 124.8% YoY, mainly from the revenue from Gas-Fired Power business was at THB 17,863 million, accounting for 79.6% of total revenues, and increased 156.9% YoY.

Meanwhile, revenue from Renewable Energy business was THB 2,305 million, accounting for 10.3% of total revenues, and increased 19.6% YoY.

Other income was THB 35 million, reduced by 95.0% YoY, mainly from the absence of dividend income from INTUCH which in Q121 was recorded at THB 683 million.  

Share of profit from associates and JVs was THB 1,790 million, increased by 591.4% YoY, mainly from the share of profit from INTUCH at THB 1,090 million.