Monday , March 1 2021

The Gulf grows at 63, earning 35.833 billion

Mrs. Yupapin Wangwiwat Chief Executive Officer And Chief Financial Officer of Gulf Energy Development Public Company Limited or Gulf revealed that the company’s operating results for the fourth quarter of 2020 have a profit of 1.239 billion baht, an increase of 85% over the same period last year Based on the project performance recognition of the BKR2 offshore wind farm with an installed power generation capacity of 465 MW in Germany. After acquiring a 50% stake in September 2020 and benefiting from the Gulf of Chana green biomass power plant project, which opened in March 2020.

At the same time in the year 63 The company obtained total revenues of 35,833 million baht, an increase of 7% and the basic profit of 4,478 million baht, an increase of 28% over the 3,509 million baht of the last year. From the recognition of the benefit of the BKR2 offshore wind project, the project benefit of the GCG biomass power plant and the full year benefit of the 119 MW solar power plant project in Vietnam, along with the reduction of natural gas costs From 272.90 baht / million BTU in 2019 to 244.51 baht / million BTU in 2020, while the average Ft decreased at a lower rate of (0.11160) baht / kW -time in 2019 to (0.1818) baht / kWh in 2020, which resulted in Gross Profit Margin from 23.9% in 2016 to 27.6% in 2020.

In this sense, the 7 SPP power plants of the GJP group continue to have an increase in electricity sales to EGAT due to There were 6 main shutdowns of SPP power plants, while in the year 20 there was only one main shutdown of SPP power plants. As for the 12 SPPs of the GMP group, there was a volume of electricity sold to EGAT. since 63 It is the first year that the 12 SPPs of the GMP group have been selling electricity for a full year after the commercial operation was launched between the years 60-19.

However, the GJP and GMP groups experienced a slight decrease in electricity sales to industrial customers in 2020. This is due to the fact that some customers are affected by COVID-19, such as motor vehicles. . And textile groups While customers of the food and beverage groups And the packaging group had a growing demand for electricity during the period. Thus the company With a limited impact of COVID-19, the demand for electricity from industrial customers has recovered to normal levels at the end of the year 20. Currently, the company sells 88% of electricity to EGAT and sells electricity. To industrial customers only 12%. in addition, the increase in profit in the year 63 is a consequence of the company Receive dividends for the investment in INTUCH in the amount of 295 million baht and SPCG in the amount of 142 million baht.

Net profit Owners of the parent company for 2020 were 4,282 million baht, a decrease of 12.4% over the previous year due to the recognition of unrealized foreign exchange losses. That they are just accounting records And there is no impact on cash flow or company performance.

As of December 31, 2020, the company had a net debt-to-interest ratio of 1.47 times, compared to the terms of the obligations rights at 3.50 times, as on September 20 the company increased the capital of 32 billion baht offering newly issued ordinary shares to existing shareholders in proportion to their stake Which makes the company has the potential to expand investment in the future of more than 100 billion baht

However, set a revenue target for the year 64 Approximately 50% growth from 2020 due to the commercial operation of the 2,650 MW IPP project, i.e. GSRC units 1 and 2 , with a total installed power generation capacity of 1,325 MW, which will start selling electricity. In March and October 2021, the Mekong phase 1-3 wind project, with a total installed capacity of 128 MW, will start selling electricity in May and October 2021. Phase 1 of the power plant Oman’s natural gas pipeline (DIPWP), 326 MW, with an installed capacity of 40 MW, will be commercially operational in the second quarter of this year, all of which will provide GULF with generation capacity. The facility increased from 6,409 MW in 2016 to 7,903 MW in 2021. In addition, in 2021, the company will begin recognizing the full-year profits from the BKR2 offshore wind power project. And the PTT NGD natural gas distribution project that the company acquired 40% in December 2020 and also recognized an increase in dividends for investment in INTUCH shares.

In addition, the Board of Directors has also approved a resolution approving to propose to the General Meeting of Shareholders for the year 2021 the consideration and approval of the payment of the dividend. For the company’s operating results for the year ended December 31, 2020 at a rate of 0.38 baht per share or equivalent to the dividend payment ratio of 88%, specifying the names of eligible shareholders to receive dividends (registration date) on March 8th. , 2021 and the dividend payment is scheduled for April 28, 2021, which the SET XD will be released on March 5, 2021 and the 2021 Annual General Meeting of Shareholders will be scheduled for April 9, 2021.

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