Bangkok, GPSC reveals net profit for the 3rd quarter of 2023 at 1,790 million baht, an increase of 441% compared to the previous year. The main factor is reduced energy costs. Improves margins of SPP power plants
Mr. Worawat Pittayasiri, Chief Executive Officer and President of Global Power Synergy Public Company Limited or GPSC, the innovation leader in the electricity business of PTT Group, revealed that the company's 3rd quarter 2023 operating results had a total income of 21,044 million baht, a decrease of 38% compared to the same period last year (YoY) from the average selling price of electricity and steam that decreased according to the cost of energy prices. In addition, some independent producer (IPP) power plants had reduced demand for electricity. However, the company had a net profit of 1,790 million baht, an increase of 1,459 million baht or 441%, the main factor being the operating results of large power plants. small (SPP) that increased significantly From the factors mentioned above, in addition, IPP's performance has improved electricity availability (AP) income. from maintenance stops decreased compared to the previous year.
Compared to the second quarter of 2023, net profit increased by 1,481 million baht or an increase of 479% as a result of the margin for selling electricity and steam to industrial customers of SPP power plants increasing. In addition, the total sales volume of electricity and steam increased. At the same time, Glow Energy Power Plant Phase 5, which had a planned maintenance shutdown in the second quarter of this year, has returned to normal operation. In addition, the Company also receives dividends, profit sharing from investments in Associate company and increased joint ventures Mainly from Xayaburi Power Plant from the amount of water that increases according to the season and receives dividends from Ratchaburi Power Company Limited (RPCL)
As for the operating results for the first 9 months of 2023, the company had a net profit of 3,217 million baht, an increase of 142% compared to the first 9 months of 2022 with a net profit of 1,328 million baht.
This year, the company focuses on management to increase efficiency in the production process. Through the production of electricity from low-cost power plants first (merit order) in order to reduce production costs as much as possible. Including focusing on synergy operations to manage production. Sharing electricity and steam grids Along with measures to reduce costs to get the most benefit in line with the company's goals and strategies. To maintain a good margin level As well as continuing to expand the green investment portfolio. For sustainable growth and preparation under the situation of energy price fluctuations in the world market.
Source: Thai News Agency