GULF Reports 30% Profit Growth in 2023 to Record High at THB14.8 Billion, Paying THB0.88 Dividend

Gulf Energy Development Public Company Limited (SET: GULF) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
14,857.73 11,417.56
Earning Per Share
1.2700 0.9700
% Change 30.13

GULF reported a net profit of 14,858 million Baht, increased 30% from a net profit of 11,417 million Baht in 2022. The increase was mainly attributable from a 23% increase in total revenue, especially from gas-fired SPPs as a result of the lower gas cost. The share of profit from Intouch Holdings Public Company Limited (SET: INTUCH) was 6,196 million Baht in 2023.

Core profit in 2023 was recorded at 15,644 million Baht (+29.3% YoY), driven mainly by the commercial operations of GPD project units 1-2, coupled with performances of the gas-fired SPPs which recovered from lower gas cost, combined with the higher share of profit from associates and JVs.

Revenue from gas-fired power business was 103,727 million Baht (+28.5% YoY), grew mainly from the revenue recognition of GSRC project units 3-4 and GPD project units 1-2 since their commercial operation dates during 2022 and 2023, respectively. The higher sales volume from the aforementioned projects was able to entirely offset the effect from the lower average electricity selling price to EGAT which decreased simultaneously with the lower gas cost.

Meanwhile, revenue from renewable energy business was 2,399 million Baht (-71.7% YoY), primarily reduced from a reduction of indirect shareholding in BKR2 wind farm to 24.99%, resulting in the Company to record a share of profit instead of consolidating the revenue and costs from the project from January 2023 onwards. However, revenue in Thailand increased from the higher wholesale Ft, and additional capacity in operation from solar rooftop projects under GULF1, and revenue in Vietnam increased from additional operating capacity of Mekong wind farm.

Revenue from infrastructure & utilities business was recorded at 4,195 million Baht, a similar level when compared to 2022, as the construction progress for the land reclamation work of MTP3 industrial port development project was equivalent to the progress made last year.

Additionally, revenue from satellite business was recorded at 2,627 million Baht, as the Company included THCOM group’s revenue to its consolidated financial statements from January 1, 2023 onwards.

The total share of core profit from associates and JVs was 10,175 million Baht (+52.7% YoY), increased from the higher share of profit from INTUCH, GGC, PTT NGD, TTT, and DIPWP.

In 2023, GULF achieved a new milestone in acquiring a licenses to operate a digital asset exchange and digital asset broker business granted to Gulf Binance by the Ministry of Finance through the Securities and Exchange Commission (SEC), and has launched trading engine, digital token wallets, and cryptocurrency wallets for public use in January 2024.

The Board of Directors of the company approved a dividend payment of THB0.88 per share to be paid on 25 April 2024. The ex-dividend date is 28 February 2024.