GPSC shows its vigorous earnings in Q1 with a net profit surging by 160% to 871 million baht due to efficient cost management.

GPSC reveals its earnings in the first quarter of this year growing continuous with the revenues hitting 5,484 million baht and net profit surging to 871 million baht, up 160% due to an efficient cost management as well as operational management system and increasing demand from PTT Group clients and EGAT.

Dr.Toemchai Bunnag, Chief Executive Officer of Global Power Synergy Public Company Limited (GPSC) said the company has posted an excellent earnings in the first quarter of 2016, which continues to grow further due to increasing power purchasing contracts from new clients at a time that power demand hit the peak during summer. That helps increase units of power and steam sold to the clients, while a good plant optimization, efficient operation and costs control have support the company to have such that strong income. As a result, the company has the revenues of 5,484 million baht with a net profit surging by 160% from Q4 of last year to 871 million baht. Besides, the company has also recognized its income dividend of 180 million baht from its 15% shares in Ratchaburi Power Co., Ltd. (RPCL), making GPSC to have such that continuous growth.

“The earnings in the first quarter of this year is satisfying since we have rising profit thanks to efficient operation and costs management that help the company to have rising cash flows that would allow the company to proceed with other expanding projects both domestically and internationally in the future. With strong performance, the company has debt to equity ratio of 0.48, which is still well below the level that we expected earlier,” said Dr.Toemchai.

Currently, the company has power plants that are under construction with a combined capacity of 584 megawatts that would start generating revenues for the company during 2016-2019 as following:

• Schedule of commercial operation date (SCOD) by June 2016

• Nava Nakorn Electricity Generating Company Limited (NNEG), a SPP Co-Generation power plant, using natural gas as fuel with capacity of 125 MW of electricity, 30 tons per hour of steam (30% of shareholder by GPSC)
• Solar power plant project for Agricultural Cooperatives, thru its subsidiary (100% of shareholder by GPSC), a solar farm with capacity of 5 MW of electricity and SCOD by December 2016

• Schedule of commercial operation date (SCOD) by 2017

• IRPC Clean Power Company Limited (IRPC-CP) phase 2, a SPP Co-Generation power plant, using natural gas as fuel with total capacity of 240 MW of electricity, 170-300 tons per hour of steam (51% of shareholder by GPSC)
• Bangpa-In Cogeneration Company Limited (BIC) phase 2, a SPP Co-Generation power plant, using natural gas as fuel with capacity of 117 MW of electricity, 20 tons per hour of steam (25% of shareholder by GPSC)
• Ichinoseki Solar Power 1 GK (ISP1) in Japan with a total power generating capacity of 20.8 MW and FIT rate of 40 yen per kilowatt per hour for 20 years (99% of shareholder by GPSC)

• Schedule of commercial operation date (SCOD) by 2018

• Central Utility Plant 4 (CUP4), a Co-Generation power plant, using natural gas as fuel to supply to Petrochemical Industrial clients, located in Asia Industrial Estate, Rayong with capacity of 45 MW of electricity, 70 tons per hour of steam (100% of shareholder by GPSC)
• Namlik 1 Power Company Limited (NL1PC), a Hydroelectric power plant (Run-of-River Hydropower) in Laos with capacity of 65 MW of electricity (40% of shareholder by GPSC)

• Schedule of commercial operation date (SCOD) by 2019

• Xayaburi Power Company Limited (XPCL), a Hydroelectric power plant (Run-of-River Hydropower) in Laos with capacity of 1,285 MW of electricity (25% of shareholder by GPSC)