Global Power Synergy Public Company Limited (SET: GPSC) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
770.07 | 1,789.51 |
| Earning Per Share (Baht) |
0.2700 | 0.6300 |
| % Change | -56.97 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
3,062.61 | 3,216.46 |
| Earning Per Share (Baht) | 1.0900 | 1.1400 |
| % Change | -4.78 | |
In Q3 2024, GPSC reported a net profit of THB 770 million, decreased by THB 1,020 million or 57% from the same period of last year, primarily due to a reduction in gross profit margin from 29% in 3Q23 to 24% in this quarter. Meanwhile, net profit margin dropped from 9% to 4%, respectively.
The performance of independent power producers (IPP) declined, largely because the Gheco-One recorded coal costs based on a weighted average method that did not align with revenue derived from coal prices billable to EGAT (via dispatch instructions). In Q3/2024, EGAT called on more electricity between September 2-30 compared to the previous year, which had a reserved shutdown throughout the quarter. Additionally, the availability payment (AP) decreased due to its USD linkage, impacted by the Baht appreciation.
For SPP, the Ft rate dropped by THB 0.279 per unit (from THB 0.6762 per unit to THB 0.3972 per unit) compared to Q3/2023, even though fuel costs, especially for natural gas, significantly decreased.
Meanwhile, share of profit declined mainly due to lower profit from XPCL, impacted by plant shutdowns and unrealized foreign exchange losses from the Baht appreciation. TSR’s Adder benefits are gradually expiring, further lowering electricity selling prices. CFXD, however, showed reduced losses in Q3/2024.
Additionally, the company reported a foreign exchange loss of THB 258 million, primarily unrealized (compared to a gain of THB 66 million in Q3/2023).
