GPSC revealed its performance of Q1/2024 with the growth of net profit by 81% compared to Q4/2023, reflecting its progress and success in the Optimization Plan to increase the efficiency management. Meanwhile, the 2 power plants COD: Glow SPP 2 and IRPC Clean Power Phase 3.

Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that the company’s total revenue of Q1/2024 was 23,773 million baht, with the net profit of 864 million baht, marking an increase of 30% and 81% compared to Q4/2023 (QoQ) respectively. This growth was driven by the higher performance of Small Power Producer (SPP) segment, as the electricity sales volume sold to industrial customers increased and the SPP performance better reflected the cost situation. In addition, performance of Avaada Energy Private Limited (AEPL) in India has improved due to additional solar projects COD and seasonal factor. However, the company has recognized some negative contribution from investments in Xayaburi Power Company Limited (XPCL) due to declining water levels.

Comparing to net profit of Q1/2023, Q1/2024 saw a decreased of 23% because of lower gross profit margin of Sriracha Power Plant (SRC), since SRC switched to using natural gas from diesel, following EGAT's instructions. Despite this the performance of SPP segment improved, since the electricity prices has reflected the cost of energy prices better than last year.

In reference to the progress in the business development plan and the production capacity expansion, during the first quarter until now projects have COD as planned: Glow SPP 2 under the SPP Replacement Project with the capacity of 100 MW along with 230 tons per hour of steam; and IRPC Clean Power Phase 3 with the power generation capacity of 70 MW. Furthermore, the successful issuance of a recent bond, totaling 15,000 million baht, demonstrated investor confidence (II/HNW).

In reference to New S-curve strategy, the company recently signed the MOU on a feasibility study for the development of SMR (Small Modular Reactor) with the potential partner and owner of technology from Denmark. The objective of this MOU is to seek opportunities in the development of clean energy technologies and innovations, preparing for green power generation.

Moreover, the company remains dedicated to optimizing the efficiency of core production process management, or Optimization, based on merit order to minimize the cost of production, and at the same time, continues focusing on synergy in order to acquire the best returns from asset management.

Share this News: