GULF Records 120% Growth in Core Profit as Gas-Fired Power Business Performs Outstandingly

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
1,530.68 1,406.53
Earning Per Share
0.1300 0.1200
% Change 8.83
6 Months 2022 2021
Net Profit (Loss)
Million Baht
4,925.29 3,038.69
Earning Per Share (Baht) 0.4200 0.2600
% Change 62.09

GULF reported a net profit of THB 1,530 million in 2Q22, increased by 8.83% YoY, as losses from foreign exchange weighed on earnings.

Total revenue in 2Q22 was recorded at THB 24,553 million, an increase of 107.3% YoY, mainly attributed by the revenue from Gas-Fired Power business in 2Q22 at THB 21,019 million, increased by 111.8% YoY.

Core Profit in 2Q22 was recorded at THB 3,081 million, increased by 119.9% YoY, primarily from the performance of GSRC units 2-3 which gradually commenced commercial operation, the higher performance of BKR2 offshore wind project, and realized share of profit from INTUCH.

Share of profit from associates and JVs was THB 1,451 million, increased by 181.7% YoY, mainly from the share of profit from INTUCH at THB 1,166 million.

Meanwhile, GULF recorded FX loss of THB 1,581 million loss in the quarter, significantly increased from a THB 2 million baht of gain in 2Q21.