GPSC Reports Q3/23 Result with 441% YoY Growth on Net Profit of 1,790 Million Baht

GPSC showcased Q3/23 operating results of 1,790 million baht, a 441% increase YoY. This remarkable growth is thanks to a decrease in energy prices, which has improved the profits margin of SPP segment. In addition, an increased contribution from IPP segment was driven by improved availability payment revenue, reflecting the IPP power plants’ readiness to supply electricity to EGAT when called upon. The Company continues focusing on plants efficiency management, maintaining excellent operation and production cost management based on merit order, and power and steam network integration. The Company maintains a sizable profit margins amidst the fluctuations of the global’s energy situations.


Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that the Company’s total revenue of Q3/2023 was 21,044 million baht, decreasing by 38% compared to the same period of the previous year (YoY), due to decreased electricity and steam selling prices according to decreased energy costs and lower dispatch of IPP business instructed by EGAT. However, the Company reports the net profit of 1,790 million baht, which increased by 1,459 million baht or 441%. This is due to the significant increase in the performance of Small Power Plants (SPP) segment thanks to aforementioned factors. In addition, IPP segment has enjoyed the positive factor from the better availability payment revenue (AP) from no plant shutdown.


Compared to Q2/2023, the net profit increased by 1,481 million baht, or a 479% growth, as a result of better SPP profit margin and increased demand for electricity and steam distributed to industrial customers. Meanwhile, the Glow Energy Phase 5 plant has resumed its normal operation after the planned maintenance in Q2/2023. Furthermore, the Company’s shares of profit from associates namely from Xayaburi hydropower plant (XPCL), thanks to increased water levels and dividends contribution from Ratchaburi Power Company Limited (RPCL).

The Company’s operating performance for 9M/2023 reported the net profit of 3,217 million baht which grew by 142% from 1,328 million baht in 9M/2022.


Additionally, GPSC has taken into account the production process efficiency management and the generation of electricity based on merit order so as to minimize the cost of production, and at the same time, continued to focus on synergy for effective joint management on electricity and steam network. The Company has also developed some measures to reduce costs in order to maximize the benefits as to its targets and strategies designated to maintain good margins. Moving toward clean energy, the company also aims to expand its green energy portfolio to ensure sustainable growth and to cope with the fluctuations in energy prices in the world market.