GUNKUL Records THB462 Million of Profit in 3Q23 with Pressure from Lower Electricity Sales

Gunkul Engineering PCL (SET: GUNKUL) reported its Q3 financial result on 8 November as follows.

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
461.91 1,539.45
Earning Per Share
0.0500 0.1700
% Change -69.99
9 Months 2023 2022
Net Profit (Loss)
Million Baht
1,369.43 2,821.13
Earning Per Share (Baht) 0.1500 0.3200
% Change -51.46


GUNKUL showed a net profit for the 3-month period equal to 461.91 million baht, a decrease of 70% YoY. Revenue from sale of electricity and adder in the purchase price of electricity are totaled in the amount of 607.35 million baht, a decrease of 19.13% YoY.

GUNKUL’s Q3 revenue from construction and rendering services was 627.71 million baht, an increase of 33.26% YoY, due to the recognition of revenue from the construction of solar power plants for private customers.


As a result, GUNKUL did not record revenue from wind power sales for Q3 and recorded such income in the profit sharing of associates and joint ventures using the equity method instead.

GUNKUL’s Q3 revenue from sale of assets under finance lease was 461.01 million baht, representing an increase of 860.39% YoY, which arises from the sale of electricity on the roof to the private sector, which is a long-term contract of 10 – 15 years.


Due to the change of interest in a subsidiary to become a joint venture of the wind power project, on 27th July 2022, GUNKUL has divided the shareholding proportion of 50% of the ordinary shares in the wind project group. The company has changed the method of recognizing revenue from recognition in the consolidated financial statements to the method of recognizing the proportion in the transaction of profit sharing in the proportion of 50% to GUNKUL and the other 50% in the joint venture to the Gulf Renewable Energy Co., Ltd.


GUNKUL’s total expense was recorded at 1,970.29 million baht, a 23.36% YoY increase which is mainly from cost of sales and services at 1,574.73 million baht, a 23.78% YoY increase.

In addition, GUNKUL filed the interim dividend payment notification at the rate of 0.06 baht per share to ordinary shareholders in the amount 8,882,530,974 shares, totaling cash dividend not exceed 535 million baht. The date of exclude dividend (XD) is on Wednesday, 22nd November 2023 and the cash dividend payment date is scheduled on Wednesday, 6th December 2023.