GULF Books THB3.8 Billion of Profit in 1Q23 with Additional Gain from Satellite Business

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
3,849.98 3,394.61
Earning Per Share
0.3300 0.2900
% Change 13.41

GULF reported a net profit of THB 3,850 million in 1Q23, increased 13.41%.

Core Profit in 1Q23 was recorded at THB 3,668 million (+12.6% YoY), primarily due to the commercial operations of GSRC units 3-4 in March and October 2022, coupled with performances of the gas-fired SPPs which recovered from the electricity selling price that increased in tandem with the higher fuel cost of the power plants. Moreover, there was also a higher share of profit from associates and JVs.

Total revenue in 1Q23 was recorded at THB 29,083 million, increased by 29.5% YoY, mainly from THB 24,272 million (+35.9% YoY) of revenue from Gas-Fired Power business and THB 674 million (+105.7% YoY) from revenue from Infrastructure & Utilities business.

Meanwhile, the company also recorded  THB 735 million from the satellite business as the company included THCOM group’s revenue to its consolidated financial statements for the first time in 1Q23.

Share of profit from associates and JVs in Q1’23 was THB 2,089 million (+16.7% YoY), primarily increased from the higher share of profit from INTUCH, GGC, TTT, and JV in Oman, coupled with a share of profit from BKR2 project which was recorded for the first time.