GULF Records Outstanding Performance in 2022 with Sales and Profit Growing Exponentially

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
11,417.56 7,670.30
Earning Per Share
0.9700 0.6500
% Change 48.85

GULF reported a net profit of THB 11,417 million in 2022, increased 48.85% from a net profit of THB 7,670 million in 2021.

Total revenue in 2022 was at THB 101,397 million, an increase of 91.8% YoY, mainly contributed by Gas-Fired Power business was at THB 80,750 million (+101.0% YoY), accounting for 79.6% of total revenues, and also an increased from the revenue from GSRC units 3-4, and higher electricity selling price in line with higher natural gas cost.

For 2022, revenue from Renewable Energy business was at THB 8,486 million (+27.7% YoY), accounting for 8.4% of total revenues, increased from improved performance of the BKR2 wind power project and revenue from solar rooftop projects under GULF1.

Revenue from the Infrastructure & Utilities business was recorded at THB 4,212 million largely increased from the construction progress for the land reclamation work of the MTP3 industrial port development project.

Share of profit from associates and JVs was THB 6,321 million (+119.0% YoY), mainly due to a recognition of share of profit from INTUCH (started from Q4’21), and recorded a share of FX gain (loss) from GJP and INTUCH, and unrealized gain on derivatives of PTTNGD and GGC, resulting in a softer loss than 2021.

For 2022, Core Profit was THB 12,098 million (+37.3% YoY), increased from the performance of GSRC units 3-4, the BKR2 project which has improved performance, and the full year recognition of share of profit from INTUCH, all of which together were able to fully offset the impact of the higher gas price.

In 2022, there was an FX loss attributable to owners of the parent and unrealized gain on derivatives of PTTNGD and GGC, resulting in a net loss of THB 680 million, lower than in 2021 which recorded a net loss from the items at THB 1,141 million. As a result, net profit in 2022 was at THB 11,418 million (+48.9% YoY).