GULF Reports Outstanding 210% Profit Growth in 3Q23, Booking THB2.5 Billion from INTUCH

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
3,360.30 1,086.63
Earning Per Share
0.2900 0.0900
% Change 209.24
9 Months 2023 2022
Net Profit (Loss)
Million Baht
10,095.22 6,011.92
Earning Per Share (Baht) 0.8600 0.5100
% Change 67.92

GULF reported a net profit of THB 3,360 million in 3Q23, increased 210% from the same period of last year. The increase was its total revenue at THB 30,674 million (+26.4% YoY), which was mainly contributed from the Gas-Fired Power business and share of profit from INTUCH.

Revenue from Gas-Fired Power business in 3Q23 was THB 24,833 million (+27.5% YoY), grew mainly from the revenue recognition of GSRC unit 4 and GPD unit 1 since their commercial operation dates on October 1, 2022, and March 31, 2023, respectively.

Meanwhile, revenue from Renewable Energy business in 3Q23 was THB 626 million(-71.8%  YoY), primarily due to a reduction of indirect shareholding in BKR2 wind farm project to 24.99%, resulting in the Company to record a share of profit instead of consolidating the revenue and costs from the project from Q1’23 onwards.

In addition, revenue from the Infrastructure & Utilities business was recorded at THB 1,160 million in 3Q23 (-33.9% YoY).

Share of profit from associates and JVs in 3Q23 was THB 2,507 million (+340.5% YoY), increased from the higher share of profit from INTUCH, GGC, TTT, Jackson, and JV in Oman, together with profit recovery from GJP and PTT NGD, from the lower gas cost. Moreover, there was a significantly lower share of FX loss compared to the same period of last year.