Mr. Worawat Pithayasiri CEO and President Global Power Synergy PLC or GPSC He revealed that in the 2023 operating results, the company achieved a total net profit of 3,694 million baht, an increase of 2,803 million baht or 314% over the previous year. From increasing the efficiency of production management to controlling production costs and focusing on maximizing benefits. As a result, the gross profit of large power plants has reached a good level. The operating results of the small power plant (SPP) group can continue to grow.
Combined with the electricity price factor better reflecting the cost of energy prices compared to the previous year, the margin for selling electricity to industrial customers began to increase accordingly. In addition, this year the company focused on controlling lower operating expenses (OPEX Savings Programme) and committed to expanding investment, resulting in the company being able to achieve profit share from Avada Energy Private Limited (AEPL) solar platform business in India, more than 300 million baht of increased business operations for projects. In addition, in 2023, AEPL will be able to win the tender for more than 5 GW of new power plants production capacity, which will be able to gradually increase commercial operation.
The company still attaches great importance to the local power plant management plan, which is the core of its business. To increase the efficiency of the production process or improve and manage power plant operations and prioritize production with low production costs first or rank order of merit in order to manage production costs to achieve maximum efficiency. It continues to focus on synergies
As for operating results in the fourth quarter of 2023 compared to the same period last year, total revenue reached 18,319 million baht, while total net profit reached 478 million baht, an increase of 209%, the main factor coming from electricity which better reflects energy costs. In addition, the volume of electricity sold to industrial customers increased.
In addition, certain revenues are recognized from insurance reimbursements from Gheco-One power plants. And Sriracha Power Plant, compared to the third quarter of 2022 (quarterly), net profit decreased by 73%, mainly due to lower operating results in the Solar and Power division, coupled with a lower total electricity and steam sales volume from certain industrial industries. Customers ceased maintenance during the fourth quarter of 2023, while dividends and profit sharing from associates decreased due to seasonal factors.
However, the company took a share of profits from its offshore wind business in Changfang and Shidao (CFXD), Taiwan, boosted by higher full-quarter electricity sales for all 12 wind turbines.
Mr. Worawat He said GPSC continues to look for opportunities to develop its clean energy business for sustainable growth. To support the changing trend of global energy reflects the success of developing renewable energy projects abroad. Which invested according to the production expansion plan with the Avaada group in India. As a result, the company is able to expand the proportion of renewable energy production capacity faster than the target. Last year 2023, AEPL won the tender to sell electricity with a total of 5,161 megawatts, which makes AEPL currently has the capacity A total planned throughput of 9,525 MW, divided into projects of which 3,990 MW is already in commercial operation and the remaining capacity is scheduled to be commercially operated during the period 2024-2026.
In order to advance energy technology development and innovation, GPSC jointly opened a factory and battery products of NV Gotion Company Limited (NV Gotion), a joint venture in which Nuovo Plus Company Limited (Nuovo Plus) holds common shares with Gotion Singapore. Pte Ltd (Gotion) in East Siam Industrial Park 2, Pluak Daeng District, Rayong Province, to carry out import business. It assembles and distributes battery modules and battery packs for energy storage systems and electric vehicles, and provides high-quality lithium-ion batteries to the market. It is ready to expand production capacity to 8 GWh per year in the future, which is in line with the company's battery business support strategy. and investment strategies for PTT Group's future energy business.
In 2024, we still need to monitor risk factors resulting from uncertainty about the conflict situation in the Middle East. This may affect the direction of global energy prices, but the company is preparing to expand its work in the field of clean energy and other innovative businesses. Whether within the country or the target country, it aims to search for opportunities and expand the business of batteries, cells, and energy storage systems (ESS), in addition to the energy management system, to be in line with the company’s strategy for sustainable growth.
At the same time, the company is preparing dividends for the operating period from January 1, 2023 to December 31, 2023 and cash retained earnings of 0.44 baht, the non-receipt of dividend rights (XD) date is February 23, 2023 and the dividend is scheduled to be paid on April 23, 2024.
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