GPSC had a total revenue of Bt.5,716 million the first quarter of 2018, increasing Bt.867 million or 18% from the fourth quarter of 2017. The rises in revenue and profit were due to increasing sales of the IRPC Clean Power, which operates at full capacity in the first and the second phase, while the company also plan to invest more to increase power generating capacity, aiming to sell more power to clients in the EEC area, particularly the PTT Group.
Dr. Toemchai Bunnag, President and Chief Executive Officer of Global Power Synergy Public Company or GPSC, the innovative power flagship of PTT Group said the company had a total revenue of Bt.5,716 million in the first quarter of 2018, increasing Bt.867 million, or 18% from the fourth quarter of 2017. While net profit in the first quarter was at Bt.922 million, represent the rise of Bt.200 million, or 28% from the fourth quarter of 2017. The rise in revenue and profit came from increasing power sale from the IRPC Clean Power Plant (IRPC-CP), which GPSC holds 51% stakes in the plant, which operates at full commercial power generating capacity in the first and the second phases since November 2017 as planned.
As a result, the company started booking rising revenue from the full capacity of the IRPC-CP for 2 consecutive quarters. Besides, the plan to cut power generating costs in the co-generation power plants have helped the company to have rising profit.
For the business outlook in 2018, GPSC is ready to serve customers of PTT Group and other industries in Maptaphut area with the plan to develop new investment projects which are expected to grow rapidly, particularly from PTT Global Chemical Plc (PTTGC). It has announced the plan to invest in upstream and downstream petrochemical projects within 5 years. That has increased GPSC’s opportunity to grow substantially and continuously. Besides, there are still some existing deals to extend the power and steam purchasing and sales agreements including the new ones in the future. GPSC is willing to support the government in expanding new private and government investment and comply with the plan to develop new investment projects in the Eastern Economic Corridor (EEC), GPSC will accelerate its new investment plan in Maptaphut industrial estate and others to meet rising power demand and power security for the industrial zones of the country.