Higher Gas and Coal Price Pressure GPSC’s Profit Margin as Earnings Plunge by 88% to THB891 Million

Global Power Synergy Public Company Limited (SET: GPSC) has announced its 2022 yearly consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
891.45 7,318.58
Earning Per Share
0.3200 2.6000
% Change -87.82

GPSC reported a net profit of THB 891 million in 2022, decreased 87.82% from a net profit of THB 7,318 million in 2021.

The company stated that the decline in net profit was mainly due to the gross profit of SPP that decreased by THB 8,770 million due to significantly higher natural gas and coal price, resulting in lower margin in selling electricity to industrial customers, while the Ft did not reflect fuel costs in time.

On the other hand, gross profit of IPP increased by THB 1,200 million mainly due to Sriracha Power Plant and GIPP generated electricity using diesel instead of natural gas, resulting in higher margin from electricity sales, and higher electricity sales volume of Sriracha Power Plant corresponding higher electricity dispatch instructed by EGAT. 

Shares of profit from Xayaburi Power Co., Ltd. (XPCL) increased by THB 330 million as a result of higher water levels than in 2021.