GPSC Records THB864 Million of Net Profit in 1Q24 as Sales from Sriracha PP Weight on Margin

Global Power Synergy Public Company Limited (SET: GPSC) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
864.02 1,117.67
Earning Per Share
0.3100 0.4000
% Change -22.69

GPSC reported a net profit of THB 864 million, decreased by THB 254 million or 22.69% from 1Q23. The decrease was mainly due to lower profit margin in Sriracha Power Plant (SRC)’s electricity sales, since SRC switched to using natural gas from diesel and back to normal margin, following EGAT’s instructions.

However, performance of the Small Power Producer (SPP) segment has improved, driven by higher profit margin of electricity sales to industrial customers. The electricity prices were adjusted and reflected more reasonably through Automatic Adjustment Mechanism (Ft), and there was also an increased sales volume of electricity to industrial customers. However, the Finance costs increased due to investment expansion, and refinance to extend the average loan tenor.