GULF’s 2019 Profit Soars 61% to Nearly ฿5bn after Recording High Sales Revenue and FX

Gulf Energy Development Public Company Limited (GULF) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

In 2019, GULF’s net profit increased by 61.4% YoY from THB 3,028 million to THB 4,887 million due to the recognition of unrealized gain on exchange rate which increased from the appreciation of the Thai Baht by 2.2835 THB/USD compared to the previous year.

The recognized unrealized profit was THB 1,377.2 million, compared to THB 201.7 million in 2018 from the slight appreciation of the Thai Baht by 0.23 THB/USD in 2018, while in 2019, Thai Baht appreciated by 2.28 THB/USD (from 32.61 THB/USD at the end of 2018 to 30.33 THB/USD at the end of 2019).

The revenue from sales and services increased by 74.8% YoY from THB 17,181 million in 2018 to THB 30,039.7 million in 2019 from the revenue recognition of all 12 SPPs under GMP group which gradually commenced commercial operation between 2017 –2019, combined with the revenue recorded from Solar Power Projects TTCIZ-01 (capacity of 68.8 megawatts) and TTCIZ-02 (capacity of 50.0 megawatts) in Vietnam which commenced commercial operation on March 6, 2019 and April 19, 2019, respectively, while in 2018 there were only revenue realized from the 8 power projects of 12 SPPs.

Moreover, GULF also recorded revenue from management fee, which is revenue received from the provision of management services by the Company to its associate Gulf JP Company Limited (GJP) and to SPPs under Gulf Electric Public Company Limited and its subsidiaries (GEC Group), in the amount of THB 318.6million, an increase of 6.2%YoY.