Gulf Energy Development Public Company Limited Or GULF It announced operating results with total revenue of 32,280 million baht in the 1st quarter of 2024, an increase of 20% from 26,994 million baht in the 1st quarter of 2023, and operating profit (core profit) of 4,152 million baht, an increase of 13. % from 3,668 million baht in the same quarter last year.
The growth of the natural gas power plant business is a key factor from the improved operating results of the group companies. The Gulf Pluak Daeng Project (GPD), an IPP power plant under the IPD Group, has an installed capacity of generating units 1 and 2 (total installed capacity of 1,325 MW) between March and October 2023. In addition, Hin Kong Power Plant with a total installed capacity of 1,540 MW (HKP) started commercial operation of generating unit 1 (installed capacity 770 MW) at the beginning of last March, GULF realized profit from the full quarter operations of GPD units 1 and 2 and recognized profit from HKP unit 1 this quarter amounting to 542 million baht. , which is 27% higher than the same period last year. Average natural gas price of 7 SPP power plant projects has decreased significantly from 469 bd/million BTU in 1Q/2023 to 351 bd/million BTU this quarter GNS power plant is one of the IPP power plants under GJP Group 1st of 2024 There is a major maintenance shutdown (major inspection) during the quarter.
However, in terms of SPP power plants, 12 projects under the GMP group had operational results similar to the same period last year. This is because the higher gross profit from lower average natural gas prices was offset by power plants in the group that shut down for major maintenance. (C-Inspection) In addition, GULF also recognized a major profit share from the DIPWP power plant project in Oman of 193 million baht, or an increase of 29% from the first quarter of 2023. Consumer demand for electricity and fresh water also increased
In the renewable energy business GULF A recognized share of core profit of 235 million baht in the 1st quarter of 2024 from the Borkum Rifgrund 2 (BKR2) offshore wind farm project in Germany, up 54% from the same period last year. This is due to the increase in average wind speed from 10.5 m/s in the first quarter of 2023 to 11.0 m/s in this quarter, the solar rooftop power plant under GULF1 has gradually started operations by the end of the first quarter of 2024, with a capacity of 113 MW, however, the Gulf Kungul Group Under low profit participation wind speed decreased from 5.8 m/s in the first quarter of 2023 to 4.8 m/s in the first quarter of this year. feet value The average number of projects decreased in this quarter compared to Q1/2023.
For the gas business, in the first quarter of 2024 GULF Returning from a loss of 177 million baht in 1Q/2023, PTT realized a share of NGD's core profit of 211 million baht, mainly due to significantly lower natural gas costs. Although the price of fuel oil increased from 65.5 USD/barrel in 1Q/2023 to 72.4 USD/barrel this quarter, most of the sale price of the PTT NGD project is based on the price of fuel oil. The cost depends on the price of natural gas.
For the infrastructure business, GULF records construction revenue pursuant to concession agreements. Map Ta Phut Industrial Port Development Project, phase 3 sea reclamation work, is 1,133 million baht, which is 68% higher than the same period last year. Income from such construction costs will grow in line with the progress of project development. The project is scheduled to be completed by 2024, after which the group companies plan to further develop the LNG terminal project.
In the 1st quarter of 2024, GULF recognized a share of its core profit on investment. INTUCH This amount was 1,575 million baht, an increase of 329 million baht or 26% from 1,247 million baht in the 1st quarter of 2023, mainly due to improved operating results of AIS from the number of subscribers. Focus on selling value-add packages. As a result, the income increased. Coupled with effective cost control
GULF reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 9,427 million baht in the first quarter of 2024. Revenue for the parent company was 3,499 million baht in 1Q/2024, down 9% from 3,850 million baht in 1Q/2023. This is due to a decline from 34.39 baht per US dollar at the end of 4Q/2023 to 36.63 baht at the end of 1Q/2024.
However, the effect of such exchange rates is only an accounting entry. and will not affect GULF's liquidity and operating results in any way.
As of March 31, 2024, GULF had total assets of 472,868 million baht, total liabilities of 324,563 million baht, and shareholders' equity of 148,306 million baht, with a net interest-bearing debt (net debt) to equity interest ratio of 1.69 times as of December 31, 2023, an increase of 1.70 times. The increase was due to withdrawal of loans used as working capital from financial institutions.
Miss Yubabin Wangwiwat GULF's Deputy CEO and Chief Financial Officer said the company estimates total revenue growth of around 25-30% in 2024, which will gradually open for operations this year. GPD natural gas power plant project Unit 3 (662.5 MW) has commenced commercial operations as planned in the first quarter of last year. Also HKP natural gas power plant project Unit 1 (770 MW) has been opened for commercial operation as planned. For GPD Project Unit 4 (662.5 MW), commercial operation is scheduled for October 31, 2024. Additionally, in the gas business, HKH has started importing natural gas in a joint venture in which the company holds a 49% stake. 190,000 tonnes of liquefied natural gas (LNG) will be used to generate electricity at HKP Power Plant Unit 1. This
Presently Miss Yubabin added GULF Emphasize expanding investment in renewable energy businesses such as solar energy, wind energy, hydro energy and waste energy. To aim for the company's goals both domestically and abroad to emit net zero carbon emissions by 2050 (currently, the Company). There is installed power generation capacity Renewable energy It is already operational and under development in 5 countries with a total of 8,500 MW, and there are plans to expand additional renewable energy generation capacity by at least 3,000 MW to achieve this target. By investing in renewable energy businesses, not only contribute to environmental sustainability. But also caters to the needs of various industries. you want to use Clean energy Even more
“Furthermore, the company is working on developing the data center business. Currently, the demand for this has increased. Information Center Both the fast-growing public and private sectors, especially the commercial enterprise sector, are moving towards digital transformation. The use of artificial intelligence (AI) by processing and storing data in the cloud is a supporting factor for domestic companies and hyperscalers. (Hyperscalers) enter the market in Thailand The need to store and manage data has increased. The group companies data center business is focused on harnessing clean energy and is divided into 2 phases, each approximately 24-25 MW, totaling approximately 50 MW, Phase 1 is currently under construction. It is expected to be completed and opened for service by March 2025. Using clean energy in such a digital infrastructure can help increase the company's competitiveness. Amidst the fast growing digital world. Final Notes from Miss Yupop
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