GULF Records a Significant Increase of Core Profit by 27% to ฿4.4Bn with a Div at Bt0.38

Gulf Energy Develop PUblic Company Limited (GULF) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, GULF reported a net profit of 4,282 million baht, decreased 12.37% from a net profit of 4,886 million baht in 2019. Meanwhile, core profit was recorded at 4,478 million baht in 2020, increased 27.6% from the record of 3,509 million baht in 2019.

 

Total revenue in 2020 was recorded at 35,833 million baht, an increment of 6.8% YoY. The increase was mainly due to an increase of 9.3% YoY in revenue from sales to record at 32,827 million baht.

 

Core profit in 2020 was recorded at 4,478 million baht, 27.6% higher YoY, primarily from the BKR2 project’s performance recognized in 4Q20, a full year performance of 12 SPPs under GMP group, and GCG biomass project which started commercial operation in March 2020, combined with the natural gas cost which dropped significantly, while the Ft rate reduced at a slower pace, and other costs including total expenses which increased at a lower rate than the growth of revenue.

In addition, dividend income in 2020 increased by 339 million baht, most of which was received from shareholding in INTUCH. Lastly, the share of core profit from an associate GJP in 2020 was higher from the aforementioned factor.

 

Dividend income in 2020 was 440 million baht, consisting of 295 million baht from INTUCH, 142 million baht from SPCG and 3 million baht from EDL Gen, which increased 101 million baht in 2019.

 

In addition, the Board of Directors approved a dividend payment of ฿0.38/share to be paid on April 28, 2021. The ex-dividend date is March 5, 2021.