GULF Records a Soaring Profit in 1Q21 at ฿1.6Bn, Booking ฿683Mn from INTUCH’s Dividend

Gulf Energy Development Public Company Limited (GULF) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

 

GULF reported a net profit of 1,632 million baht, a significant improve from a net loss of 413 million baht in 1Q20.

 

GULF’s core profit in 1Q21 was recorded at 2,390 million baht, increased 158.3% from a record of 925 million baht in 1Q20. The increase was mainly due to a 683 million baht dividend income from INTUCH, 400 million baht of profit from BKR2 offshore wind project in Germany in proportion to the company’s 50% equity stake, share of profit from PTT NGD of 52 million baht from the company’s investment of 40% equity stakein December 2020, increased profit from 12 SPPs under GMP group from higher electricity sales to industrial customers such as packaging, automotive, and electronics industries, as well as a full-quarter contribution of GCG compared to last year’s 1-month profit recognition following the project’s COD on March 1, 2020.

 

Total revenue in 1Q21 was recorded at 9,900 million baht, an increase of 30.8% YoY. The increase in revenue was mainly due to the renewable energy business that recorded at 1,927 million baht, representing an increase of 1,016% YoY, mainly due torevenue from BKR2 offshore wind power project in Germany with an installed capacity of 464.8 megawatts, which was recognized in the company’s financial statement since 4Q20, and a full-quarter revenue recognition of GCG biomass power project with an installed capacity of 25 megawatts, compared to last year’s 1-month revenue recognition following the project’s COD on March 1, 2020.

 

In the meantime, revenue from gas-fired project dropped slightly by 8.6% YoY to 6,954 million baht from average price of natural gas which decreased significantly (-17.7% YoY) and average Ft which decreased by 32.1% YoY, resulting in lower energy payment (EP) received. The 12 SPPs under GMP group maintained electricity sold to EGAT and PEA at the same level as last year’s, while the amount of electricity sold to industrial users increased as a result of the company’s IU customer base expansion policy.