Gulf Energy Development reported total revenue of 32.6 billion baht for the second quarter of this year, achieving a core profit of 4.78 billion baht, largely fueled by strong performance in its power generation sector.
As of June 30, 2024, the company stated that it had total assets of approximately 482 billion baht, total liabilities of around 338 billion baht, and shareholders’ equity of about 144 billion baht.
Yupapin Wangviwat, Gulf’s Deputy Chief Executive and Chief Financial Officer, mentioned that the company is maintaining its revenue growth forecast for 2024 at 25-30%, with ongoing projects progressing as planned.
Looking ahead, the GPD power project unit 4 is set to begin commercial operations on October 1, 2024. Additionally, five domestic solar farms, along with solar farms equipped with battery energy storage systems, are expected to start commercial operations in December.
Gulf’s solar rooftop projects are also anticipated to finalize contracts for operational capacity by the end of 2024.
In terms of the gas sector, Gulf’s joint venture, HKH, in which it holds a 49% stake, has imported five cargoes totaling 400,000 tonnes of liquefied natural gas (LNG) this year to support electricity generation for Unit 1 of the HKP project. The company plans to import an additional 200,000 tonnes of LNG for the remainder of the year.
“These factors will contribute to Gulf reaching its revenue targets for 2024,” Ms. Yupapin stated.
She also noted that other projects in the pipeline are on track. The land reclamation for phase 3 of the Map Ta Phut industrial port development is anticipated to be completed by the end of this year, with construction of the LNG terminal expected to begin in mid-2025.
Furthermore, phase 3 of the Laem Chabang port development project is slated to receive land from the port authority to start construction by late next year. The intercity M81 (Bang Yai-Kanchanaburi) motorway project is set to commence operations in 2025, while the M6 (Bang Pa-in-Nakhon Ratchasima) motorway is scheduled to start operations in 2026.
In the digital sector, the GSA Data Centre (DC) is currently under construction, with phase one, boasting a capacity of 25 megawatts, slated for operation by April 2025.
Additionally, the merger between Gulf and Intouch Holdings (INTUCH) is progressing, with the establishment of the new company, referred to as NewCo, expected to be finalized in the second quarter of 2025, according to Ms. Yupapin.
