GULF Reports Strong Revenue Growth in 3Q22 with THB28 Billion of Cash Flow

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
1,086.63 1,588.19
Earning Per Share
0.0900 0.1400
% Change -31.58
9 Months 2022 2021
Net Profit (Loss)
Million Baht
6,011.92 4,626.87
Earning Per Share (Baht) 0.5100 0.3900
% Change 29.93

GULF reported a net profit of THB1,086 million in 3Q22, decreased 31.58% from a net profit of THB1,588 million in 3Q21.

Core Profit in 3Q22 was recorded at THB 2,167 million (-5.5% YoY, and -29.7% QoQ), primarily due to the effect of the higher gas cost which resulted in the softened performance of SPP power plants, coupled with a share of loss from PTT NGD.

Total revenue in 3Q22 was recorded at THB 24,275 million, increased by 76.2% YoY, but slightly decreased by 1.1% QoQ, and in 9M22, total revenue was at THB 71,281 million, an increase of 100.1%.

Share of profit from associates and JVs in 3Q22 was THB 569 million (+224.2% YoY), mainly from the share of profit from INTUCH at THB 1,136 million (recognized for the first time in 4Q21). However, when compared with 2Q22, share of profit decreased by 60.8% QoQ, partially as a result of the share of Core Profit from GJP which softened in tandem with the electricity sales to EGAT that declined in accordance with EGAT’s management for Thailand aggregate electricity supply, and a share of loss from PTT NGD, as well as a higher FX loss recorded in the quarter.

As of September 30, 2022, the company and its subsidiaries recorded cash and cash equivalents of THB 27,945 million.