GPSC’s 1Q21 Earnings Increase 25% from Profit Sharing of “Xayaburi HPP” and Sales of GRP

Global Power Synergy Public Company Limited (GPSC) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

GPSC reported a net profit of 1,973 million baht in 1Q21, increased 24.91% compared to a net profit of 1,579 million baht in 1Q20. The increase was mainly due to an increase in shares of profit from Xayaburi hydro power plant and gain on sale of 50% shares of Global Renewable Power Company Limited (GRP) as well as dividend received from Ratchaburi Power Company Limited (RPCL).

Although operating performance of IPP business decreased from planned maintenance of GHECO-One and GIPP resulting in lower Availability Payment (AP), but SPP business was higher margin from lower natural gas and coal price together with higher steam demands from industrial customers.

 

The company recognized synergy value from the acquisition of GLOW amounting 224 million baht (after tax) in 1Q21, mainly from operation and maintenance, the management of power and steam network integration and coal ash management.

 

Gross profit of Independent Power Producer (IPP) decreased by 440 million baht or 30%, mainly due to Lower Availability Payment (AP) and HHPC’s revenue decreased due to lower electricity dispatch as a result of water management from the drought situation in 2020.

 

Meanwhile, gross profit of Small Power Producer (SPP) increased by 435 million baht or 11% mainly due to higher margin from sales of electricity and steam to industrial customers as a result of lower natural gas and coal price. Also, there was higher steam sales volume while total electricity sales volume decreased slightly.

 

Lastly, gross profit of Very Small Power Producer (VSPP) and others decreased by 21 million baht or 29% mainly from Ichinoseki Solar Power 1 GK (ISP1) due to lower electricity production and sales volume resulting from lower solar radiation intensity.