GULF’s Reports a 32% Surge in Core Profit as 9-Month Net Profit Nearly Hit ฿4bn!

Gulf Energy Development Public Company Limited (GULF) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

Revenue from sales and services increased by 87.0% YoY from 4,458.3 million baht in Q3’18 to 8,337.7 million baht in Q3’19 from the revenue recognition of 12 SPPs under GMP which had gradually begun commercial operation from 2017 until Q3’19 in addition to the revenue recognition from TTCIZ-02 Solar Power Project (50.0 megawatts) in Vietnam which commenced commercial operation on April 19, 2019, compared to revenue recognized from only 7 SPPs in Q3’18. The SPPs which gradually began commercial operation over the past 3 years were able to expand the industrial customer base as well as increase the volume of electricity and steam sold (average of 8% – 10% per project).

 

Net profit attributable to the owners of the parent decreased by 9.9% YoY from 1,205.2 million baht in Q3’18 to 1,805.7 million baht in Q3’19 as a result of the recognition of unrealized gain on exchange rate of 89.1 million baht from 451.1 million baht in Q3’18 due to the slight appreciation of Thai Baht by 0.15 baht/USD QoQ compared to the appreciation by 0.75 baht/USD at the end of Q3’18 (from 33.33 baht/USD at the end of Q2’18 to 32.58 baht/USD at the end of Q3’18). The recording of such profit is an accounting transaction which has no impact on the cash flow and performance of the Group at all.

Moreover, GULF also reported a 9-month net profit at 3,981 million baht, increased 61% from a net profit of 2,474 million baht in 3Q18.

Core profit increased 32.2% YoY from 754.1 million baht in Q3’18 to 996.6 million baht in Q3’19 primarily from the GMP group, which grew 263.4% YoY from the commercial operation of all 12 SPPs

 

As of September 30, 2019, all 12 SPP projects under the GMP group has already commenced operation with an equity installed power generation capacity of 911.5 megawatts and an equity installed steam generation capacity of 129.4 tons per hour. The Group was able to complete construction for all 12SPPs by the scheduled commercial operation dates between 2017 to 2019 and within the budget for all projects.