Gulf Development Public Company Limited (SET: GULF) has announced its financial information after the amalgamation with Intouch Holdings Public Company Limited (SET: INTUCH).
In a disclosure to the Stock Exchange of Thailand (SET), GULF’s total revenue in 2024 was recorded at THB 124,622 million (+6.5% YoY), supported mainly from its energy businesses.
For 2024, net profit was recorded at THB 21,383 million, an increase of 19.3% YoY. The increase was driven by higher core profit, primarily from the commencement of commercial operations of the GPD project and improved performance of associates and JVs. However, in 2024, the Company recorded a loss from exchange rate attributable to the owners of the parent and unrealized loss on derivatives of associates and JVs, totaling at a net loss of THB 189 million, compared to THB 680 million loss from these items in 2023, leading to the higher increase in the net profit attributable to the owners of the parent when compared to the growth in core profit.
In 2024, GULF recorded a share of core profit from associates and JVs at THB 15,380 million (+30.8% YoY), mainly comprised of share of core profit from ADVANC of THB 10,230 million, GJP of THB 1,940 million, PTT NGD of THB 1,077 million, GGC of THB 772 million, HKP of THB 543 million, and DIPWP of THB 478 million. When including the share of FX gain and unrealized loss on derivatives, totaling a net gain of THB 512 million, the share of profit from associates and JVs in 2024 was THB 15,891 million.
