As Expected from GULF’s 3Q Profit to Grow 78%, Reaching ฿1.2bln. to Enter MSCI Standard

GULF Energy Development Public Company Limited (GULF) has reported its 3Q18 consolidated financial statement through the Stock Exchange of Thailand as follows:

The Group earned revenue from an increase in sales and services of 10.9% QoQ and 195.2% YoY, respectively, with revenue in 9M18 increasing 506.9% YoY as a result of the successive commercial operation of three power projects under the GMP group in 2018, namely GTS4 and GNC in Q1 and GBL in Q3. As of the end of 3Q18, GULF has a total of 7 power plants in operation under the GMP group compared to 3 power plants in operation in the same period in the previous year.

 

Net profit attributable to GULF in 3Q18 was ฿1,205.2 million, a reversal from a net loss of ฿438.0 million in the previous quarter as a result of SPP power plants under the GMP and GJP groups showing improved performance due to the increase in industrial users for both power and steam despite the SPP power projects in the group being affected by a 6% increase in the average natural gas cost in the previous quarter while the Ft rate remained the same. In addition, GULF recorded profit from exchange rates as a result of the appreciation of the Thai baht against the US dollar in 3Q18 compared to 2Q18.

The profit in 3Q18 was 78.32% higher than the same period of last year, while its 9M18 profit had reached 2,474 million.

 

On November 13, 2018, GULF was listed in MSCI Global Standard Indexes, a global provider of equity, fixed income, hedge fund stock market indexes, and multi-asset portfolio analysis tools.