Global Power Synergy Public Company Limited (SET: GPSC) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
1,428.52 | 309.28 |
| Earning Per Share (Baht) |
0.5100 | 0.1100 |
| % Change | 361.88 | |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
2,292.55 | 1,426.95 |
| Earning Per Share (Baht) | 0.8100 | 0.5100 |
| % Change | 60.66 | |
GPSC reported a net profit of THB 1,429 million, increased by THB 1,120 million or 361% from Q2/2023 mainly due to a significant improvement in the performance of the Small Power Producer (SPP).
The company disclosed that the outperforming operation in SPPs was due to its effective operational management during the situation of lower energy costs, which increased the margin from selling electricity to industrial customers consistent with energy price.
In addition, there was a rise in the sales volume of electricity and steam to industrial customers which contributed to improved performance. However, the shares of profit of associate and joint venture decreased, mainly due to a drop of THB 159 million from AEPL refinanced its commercial projects totaling approximately THB 18,000 million, which have been a prepayment expense as a one-time expense to secure lower interest cost, increase cash flow and more leverage capital after project’s COD. In case excluding refinancing expenses, the normal operating profit has been improved from last year.
Gross profit of Independent Power Producer (IPP) decreased by THB 390 million or 25% YoY, primarily due to GHECO-One’s accounting record by using a weighted average method that caused the inconsistency records between coal cost and coal revenue during the period of electricity dispatch instruction by EGAT starting from January 2024. However, this did not affect cash flow in such period.
Meanwhile, gross profit of Small Power Producer (SPP) increased by THB 1,779 million or 72% YoY, primarily due to the increase in the sales volume of electricity and steam, combined with effective cost management resulting in higher margins of selling electricity to industrial customers from lower energy costs.
Gross profit of Very Small Power Producer (VSPP) and others increased by THB 48 million or 82% YoY, mainly due to a decrease in other costs from RDF power plant.
