Gulf Company recognizes a core profit of 4,152 million baht.

Gulf Energy Development Company achieved core profit of 4,152 million baht and total revenue of 32,280 million baht, an increase of 20% from 26,994 million baht in the first quarter of last year. Following the opening of the new Gulf Power Plant, Pluak Daeng – Hin Kong In addition, operating results from the natural gas, renewable energy and infrastructure businesses are bright.

Ms. Yupabin Wangwat, Executive Vice President and Chief Financial Officer of Gulf Energy Development Public Company Limited, or GULF, revealed that a net profit of 3,498.52 million baht was achieved, a decrease from the same period of the year before achieving 3,849.98 million baht, and total income reached 32.280 million baht, an increase of 20 million baht. % from 26,994 million baht in the first quarter of 2023, and operating profit (underlying profit) was 4,152 million baht, an increase of 13% from 3,668 million baht in the same quarter of the year. The last year

The improvement in the operating results of the group of companies is the main factor is the growth of the natural gas power plants business. The Gulf Pluak Daeng (GPD) project, an independent power plant of the IPD Group with a total capacity of 2,650 MW, has opened commercial operation of production units 1 and 2 (total installed capacity 1,325 MW). In addition, the Hin Kong Power Plant (HKP) project, with a total installed capacity of 1,540 MW, opened commercial operation of Production Unit 1 (installed capacity 770 MW) at the beginning of last March. GULF achieved profits from the full quarter operations of GPD Units 1 and 2 and began Profit from HKP Unit 1 in this quarter In addition, GULF also recognized a share of core profit from GJP Group in the first quarter of 2024 and the amount amounted to 542 million baht, an increase of 27% over the same period last year. This is mainly due to the gross profit margins of the seven average natural gas power plant projects rising significantly, from 469 baht/MMBtu in the first quarter of 2023 to 351 baht/MMBtu in this quarter over Although the GNS power plant, one of the independent power plants within the GJP Group, underwent a major maintenance shutdown (major inspection) during the first quarter of 2024. However, for the 12 SPP power plant projects within the GMP Group, the Operating results are similar to the same period last year. This is because the higher gross profit resulting from the lower average natural gas price was offset by the group's power plants being shut down for major maintenance. (C-Inspection) In addition, Gulf also recognized a share of the underlying profit from the DIPWP power plant project in Oman in the amount of 193 million baht, or an increase of 29% from the first quarter of 2023, which is a result of the demand for electricity and water also increased. fresh by customers

As for its renewable energy business, Al Khaleej recorded a share of core profit from the Borkum Rifgrund 2 (BKR2) offshore wind farm project in Germany in the amount of 235 million baht in the first quarter of 2024, an increase of 54% over the same period. From the previous year, this is due to an increase in average wind speed from 10.5 m/s in the first quarter of 2023 to 11.0 m/s in this quarter, in addition to the start of operation of the rooftop solar power plant project within GULF1, and additional commercial operations continued as of From the end of the first quarter of 2024, there was an operational capacity of 113 MW, however, this positive factor was offset by a decrease in the share of profits of the group’s wind power plant projects from the average wind speed decreased from 5.8 m/s in the first quarter. /2023 to 4.8 m/s in the first quarter of the current year, and the average value per foot of the project decreased in this quarter compared to the first quarter/2023.

As for the gas business, Gulf in the first quarter of 2024 recorded a share of core profit from PTT NGD of 211 million baht, which reversed from a loss of 177 million baht in the first quarter of 2023, mainly due to lower natural gas costs. . With a significant decline, while the fuel oil price increased from US$65.5/bbl in the first quarter of 2023 to US$72.4/barrel in this quarter, most of the PTT NGD project selling prices are based on the fuel oil price. While the cost depends on the price of natural gas.

For its infrastructure business, Al Khaleej records construction revenues under concession contracts. For sea reclamation work for the Map Ta Phut Industrial Port Development Project, Phase III, the amount amounted to 1,133 million baht, an increase of 68% compared to the same period last year. Income from these construction costs grows according to the progress of project development. This project is scheduled to complete sea reclamation by 2024. After that, the group plans to further develop the LNG terminal project.

Therefore, in the first quarter of 2024, Gulf achieved its share of the underlying profit from investment in INTUCH in the amount of 1,575 million baht, an increase of 329 million baht or 26% from 1,247 million baht in the first quarter of 2023, mainly due to the operating results AIS, which has improved due to the increase in the number of service users, has focused on selling packages that add value. As a result, income increased. In addition to effective cost control

Gulf's earnings before interest, taxes, depreciation and amortization in the first quarter of 2024 amounted to 9,427 million baht, an increase of 16% compared to 8,143 million baht in the first quarter of 2023, while the net profit (net profit) attributable to the value of the parent company in the first quarter reached From 2024 3,499 million baht, down 9% from 3,850 million baht in the first quarter of 2023, due to the recognition of unrealized foreign exchange losses. This is due to the devaluation of the baht per US dollar from 34.39 baht per US dollar at the end of the fourth quarter of 2023 to 36.63 baht per US dollar at the end of the first quarter of 2024. However, the impact from the exchange rate is just an accounting transaction. It does not affect Gulf Company's cash flow and operational results in any way.

As of March 31, 2024, GULF has 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 to equity ratio (net interest-bearing debt to equity) (1.70 times, up Slightly from 1.69 times on December 31, 2023. The increase came as a result of the withdrawal of loans from financial institutions to be used as working capital.

Ms. Yubavin also said: “The company still estimates total revenue growth in 2024 at approximately 25-30% of projects that will be gradually opened for operation this year. During the first quarter of last year, the GPD Natural Gas Power Plant Project Unit 3 (662.5 MW) began commercial operations as scheduled. The HKP Natural Gas Power Plant Project Unit 1 (770 MW) was also opened for commercial operation as scheduled. For GPD Project Unit No. 4 (662.5 MW), commercial operation is scheduled for October 31, 2024. In addition, in the gas area, HKH, a joint venture in which the company holds a 49% stake, has begun importing natural gas. 190,000 tons of LNG year-to-date for use in electricity production at Hong Kong Power Station Unit 1. There are also plans to import approximately 450,000 additional tons during the rest of the year. this”

GULF is currently focusing on expanding investments in renewable energy businesses such as solar, wind, hydro and waste energy. Both at home and abroad to aim to achieve the company's goals of emitting net zero carbon emissions by 2050 (net zero carbon emissions). Currently, the company has installed renewable energy power generation capacity already in operation and under development, totaling approximately 8,500 MW in 5 Countries, and there is a plan for this and to expand the production capacity of electricity from renewable energy to at least an additional 3,000 megawatts to achieve this goal. By investing in renewable energy businesses, it not only contributes to environmental sustainability. But it also meets the needs of different industries. Who want to use more clean energy

In addition, the company is developing its business in the field of data centers. Nowadays, the demand for data centers is growing rapidly. Both the public and private sectors, especially the entrepreneurial sector, which is moving towards digital transformation. By processing and storing data on the cloud, the use of artificial intelligence (AI) is a supporting factor for local organizations and hyperscale owners. (Hyperscalers) enter the market in Thailand There is a greater demand for data storage and management, and the group's data center business is focused on the use of clean energy, which is divided into two phases, approximately 24-25 MW each, with a total of approximately 50 MW construction and expected to be completed From it and open it for service around March 2025, using clean energy in this digital infrastructure. It will help increase the competitiveness of the company. In the midst of a digital world that continues to evolve rapidly.