HoonSmart.com>>”Gulf Energy Development” (GULF) bests 3Q23 profit to 3,360 million baht, a 209.2% increase from the previous year and a continuous 16.5% growth from the quarter. 2/66 Total income increased by 26.4%. 30,674 million baht, mainly 24,833 million baht from the natural gas power generation business, an increase of 27.5%, and a share of profit of 2,507 million baht from associates and joint ventures, an increase of 340.5%.
Gulf Energy Development Company (GULF) announced operating results for the 3rd quarter of 2023 with a net profit of 3,360 million baht, an increase of 209.2% compared to the 3rd quarter of 2022, with a net profit of 1,086.63 million baht and an increase of 16.5. % from the second quarter of 2023. For the 9 months of this year, net profit was 10,095.22 million baht, an increase of 67.9% from 6,011.92 million baht in the same period last year.
GULF operating profit was 4,203 million baht, compared to 3,556 million baht in the same period last year, an increase of 93.9%, and in the second quarter this amount increased by 2,167, 18.2% for a total of 9 months, which was 11,427 million baht, compared to an increase of 8,505 million baht. 34.4% came from total income from business activities of 30,674 million baht, up 26.4% from 24,275 million baht in the same period last year, but down 13.0% from 35,263 million baht in the 2nd quarter of the year. This was an operating profit of 11,427 million baht. This is an increase of 34.4% compared to the amount of 8,505 million baht.
Most of the income comes from the business of generating electricity from natural gas, which was 24,833 million baht, which is 27.5% higher than the same period last year. By recognizing income from GSRC Project Unit 4 and GPD Project Unit 1, which opened for business on 1 October 2022 and 31 March 2023, the income decreased by 16.6%. Since the last 2nd quarter, the average selling price per unit of electricity has decreased in the same direction as the price of natural gas. and the volume of electricity sold to EGAT from the group of IPPs power plants of the defunct company in the first 9 months of this year. Revenue from the natural gas electricity generation business was 78,870 million baht, following a 35.2% increase in the price of electricity sold per unit to industrial customers, and an increase in the average foot value of non-residential electricity users.
In terms of profit sharing from associates and joint ventures, it was 2,507 million baht, an increase of 340.5%, with increased profit sharing from INTUCH, GGC, TTT, Jackson and joint ventures in Oman with GJP and PTT NGD. Recovering from reduced gas prices it had a significantly smaller share of forex losses than in the 3rd quarter of 2022. Compared to the second quarter of 2023, the share of profit of associates and joint ventures increased by 42.9%, mainly from the operations of the Jackson project, which became profitable. And the profit share of INTUCH, PTT NGD and GGC increased for 9 months. The profit share of associates and joint ventures increased by 66.7% to 6,350 million baht.
To record net losses from exchange rates affecting the parent company. Net loss on derivative instruments of associates and joint ventures was 843 million baht, totaling 9 months this year, compared to net loss of 1,080 million baht in the 3rd quarter of 2022 and 671 million baht in the 2nd quarter of 2023, net loss of 1,331 million baht in the same period last year. compared to 2,493 million baht during the period.
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