“GPSC Reports 257% Q1 2023 Profit Growth Thanks to Automatic Variable Electricity Adjustments”

Global Power Synergy Public Company Limited (GPSC), the giant power business in the PTT Group, announced that the first quarter of 2023 profit grew by 257% at 1,118 million baht as a result of automatic variable electricity (Ft) adjustments. Electricity sales revenue increased according to cost.

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Global Power Synergy Public Company Limited or GPSC, the power business in the PTT Group, announced its operating results for the first quarter of 2023. The company’s total revenue was 27,905 million baht, an increase of 2% compared to the same period of the year. before The net profit was 1,118 million baht, an increase of 804 million baht or an increase of 257%. EBITDA was 4,568 million baht, an increase of 88% from the same period last year.

In this regard, compared to the fourth quarter of 2022, the company’s net profit Adjusted to 1,554 million baht or an increase of 356%

There is a positive factor from the adjustment of automatic variable electricity (Ft) for the period January-April 2023 that reflects more energy costs, resulting in higher margins of electricity sales to industrial users. Although the sales volume of electricity and steam in the industrial sector decreased due to the maintenance of industrial customers in the first quarter.

At the same time, there is also a factor from the performance of GHECO One power plant that has increased profits. In addition, the share of profit from the investment in Avada Energy Private Limited (Avaada Energy Private Limited or AEPL) increased, including sales and administrative expenses decreased. Although the company will receive a decrease in the profit share of the Xayaburi Hydroelectric Power Plant due to the decrease in the amount of water

As of March 31, 2023, the Company had total assets of 287,282 million baht, a decrease of 1% and liabilities of 172,020 million baht, a decrease of 1% from as of 31 December 2022, while cash and cash equivalents were 20,941 million baht, an increase of 47%

Read full details: Management Discussion and Analysis Quarter 1 Ending 31 Mar 2023