Global Power Synergy Public Company Limited (SET: GPSC) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q22 | 3Q21 |
| Net Profit (Loss) Million Baht |
330.89 | 1,874.75 |
| Earning Per Share (Baht) |
0.1200 | 0.6600 |
| % Change | -82.35 | |
| 6 Months | 2022 | 2021 |
| Net Profit (Loss) Million Baht |
1,327.86 | 6,150.34 |
| Earning Per Share (Baht) | 0.47 | 2.18 |
| % Change | -78.41 | |
GPSC reported a net profit of THB 330 million in 3Q22, decreased 82.35% from a net profit of THB1,874 million in 3Q21. The decrease was mainly due to significantly higher natural gas and coal price, resulting in lower margin in selling electricity to industrial customers, and the electricity and steam sales volume to industrial customers decreased slightly.
However, IPP’s operating results were higher due to an increase in electricity sales volume corresponding to higher dispatch instructed by EGAT and the generations using diesel instead of natural gas, resulting in higher margin from electricity sales. In addition, there was an increased in shares of profit from Xayaburi hydro power plant according to higher water level.
Despite pressure from higher commodity costs, the company still recorded an increase by 88% in operating revenue for THB 33,866 million in the third quarter, compared to THB 17,997 million in 3Q21.
GPSC stated that the company recognized synergy value from the acquisition of GLOW amounting THB 595 million (after tax) in 3Q22, mainly from power and steam network integration, commercial activities especially cost optimization, production and expanding customers base, production costs management and debentures management.
Gross profit of 3Q was THB 2,949 million, decreased by THB 1,973 million or 40% from 3Q21. Gross profit of Independent Power Producer (IPP) increased by THB 470 million or 43%, while Gross profit of Small Power Producer (SPP) decreased by THB 2,346 million or 63% mainly due to significantly higher natural gas and coal price, resulting in lower margin in selling electricity to industrial customers. However, total electricity sales volume increased due to higher energy dispatch to EGAT. Meanwhile, steam sales volume to industrial customers decreased slightly.
