GULF’s 2Q23 Earnings Almost Double at THB2.9 Billion as Revenue Soars 44%

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
2,884.93 1,530.68
Earning Per Share
0.2500 0.1300
% Change 88.47
6 Months 2023 2022
Net Profit (Loss)
Million Baht
6,734.91 4,925.29
Earning Per Share (Baht) 0.5700 0.4200
% Change 36.74

GULF reported a net profit of THB 2,885 million in 2Q23, representing an increase by 88.47% from the same period of last year.

Total revenue in 2Q23 was recorded at THB 35,263 million, increased by 43.6% YoY, and 21.2% QoQ, and in 6M23, total revenue was at THB 64,346 million, an increase of 36.9% YoY.

Core Profit in 2Q23 was recorded at THB 3,556 million (+15.4% YoY), driven mainly by the commercial operations of GSRC unit 4 and GPD unit 1, coupled with performances of the gas-fired SPPs which recovered from higher electricity selling price to industrial users and higher share of profit from associates and JVs.

In 2Q23, the Company recorded FX loss attributable to owners of the parent and unrealized gain on derivatives of associates and JVs at a net loss of THB 671 million, compared to net loss of THB 1,551 million from these items in 2Q22.

Share of profit from associates and JVs in 2Q23 was THB 1,754 million (+20.9% YoY), increased from the higher share of profit from INTUCH, GGC, TTT, and JV in Oman, together with profit recovery from GJP from higher Ft, and lower share of FX loss compared to the same period of last year.