GPSC reports revenue of 17,997 million baht in Q3/2021, up by 8% YoY, despite a drop in the net profit by 27% due to rising fuel cost. Net profit for the first nine months was 6,150 million baht, up by 2% YoY. The fourth quarter is likely to see continuing strong demand for electricity and steam from industrial customers following the reopening of the country’s borders to travelers ahead of the holiday seasons.

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 performance for the third quarter of 2021 was 17,997 million baht in revenue, rose by 8% YoY from the same period of last year with revenue of 16,601 million baht. The main source of revenue was an increase in electricity and steam sales volume to industrial customers despite an unplanned outage at Glow Energy Phase 5 power plant since 14 August 2021, which had no impact on the sale of electricity and steam to industrial customers as the Company is able to manage the operation through its electricity and steam network to serve customers’ demand during the period.

Compared to Q2/2021, the revenue in Q3/2021 fell slightly by 1% with the net profit of 1,875 million baht, dropped by 699 million baht or 27% YoY, and dropped by 427 million baht or 19% QoQ, due to a drop in the gross profit margin from Small Power Producer (SPP) as natural gas and coal prices rose in line with the global market condition.

Moreover, GPSC has recognized higher profit shares from the Xayaburi hydropower plant, given higher water level compared to the same period of last year, allowing higher generating capacity. Gross profit received from Independent Power Producer (IPP) declined slightly due to an unplanned outage of the GHECO-One power plant for 28 days, where at present the plant already resumed its normal operation.

In addition, the net worth after taxes of 432 million baht from the synergy with GLOW was recognized owing to efficient electricity and steam networking. GPSC’s strength and efficiency have also been continuously enhanced through the synergized management of costs, production, customers base expansion, as well as procurement and maintenance activities.

Concerning the Company’s performance for the first nine months of 2021, the operating revenue was 52,855 million baht close to the same period of last year with revenue of 53,047 million baht. The net profit was 6,150 million baht, up by 2% compared to the same period of last year at 6,050 million baht.

Despite the COVID-19 pandemic in 2021, GPSC continues to maintain and develop its generating capacity to meet the growing demand among industrial customers for electricity and steam as the economy continues to recover. With our stringent prevention measures and management put in place through the GPSC G-COVID Center, there are designated controlled areas and special task forces at each power plant, where unauthorized persons are not allowed to enter the offices and operation areas. The measures are strictly and continuously imposed to ensure system stability and uninterrupted supplies of electricity and steam prepared for the country’s growing energy demand outlook.

“With the reopening of borders to travelers and the recovering global economy as well as the manufacturing sector’s rush to ensure delivery of goods ahead of the holiday season, the fourth quarter will probably see higher demand for electricity and steam. Though it is important to keep a close watch on energy costs, which could also rise,” said Mr. Worawat.

According with global energy trends and Thailand’s national energy plan, GPSC sets long-term business strategies which focuses on clean energy to reduce global warming. In keeping with the plan, the Company aims to be the top three power company in Southeast Asia with more than half of MW from green portfolio through the four core strategies or 4S, which comprises S1: Strengthen and Expand the Core S2: Scale-up Green Energy S3: S-Curve and Batteries, and S4: Shift to Customer-centric Solutions.

Recently, GPSC has signed a Memorandum of Understanding with Combined Heat and Power Producing Company Limited (CHPP), the wholly-owned subsidiary of GPSC, Export-Import Bank of Thailand (EXIM Bank), Thailand Greenhouse Gas Management Organization Public Company Limited (TGO), and Neo Clean Energy Company Limited (NEO) to carry out the Solar Orchestra project, which aims to encourage Thai entrepreneurs to invest in solar rooftop and apply for carbon credit registration and certification under the Thailand Voluntary Emission Reduction (T-VER) Program to be able to receive and trade carbon credits. The project is targeted to provide the Engineering, Procurement and Construction service (EPC) more than 100 MW to customers by the end of December 2022.

 

 

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