Gulf Energy Development Public Company (GULF) Q2 2024 earnings summary

Executive summary

• Q2'24 core profit rose 34% year-over-year to THB 4,779 million, driven by new capacity, improved performance from associates, and digital growth.

• Total revenue for Q2'24 was THB 33,508 million, down 3% year-over-year due to lower average electricity selling prices.

• Major developments include the planned amalgamation with INTUCH, expansion in renewables, LNG imports, and digital business initiatives.

• Q2'2024 saw major investments in waste-to-energy and solar projects, including new PPAs and a partnership with Google for sovereign cloud solutions.

• Issued THB 20,000 million in debentures to refinance debt and fund future investments, with strong investor demand and A+ rating.

Financial highlights

• Q2'24 EBITDA increased 18.8% year-over-year to THB 10,244 million.

• Net profit attributable to parent surged 64.3% year-over-year in Q2'24.

• Core profit in Q2'2024 was THB 4,779 million (+34.4% YoY, +15.1% QoQ); 6M'2024 core profit was THB 8,931 million (+23.6% YoY).

• Total assets as of June 30, 2024, stood at THB 481,852 million (+4.9% from Dec 2023), liabilities at THB 337,974 million (+7.2%), and equity at THB 143,877 million (-0.9%).

• Basic EPS for Q2'2024 was THB 0.40 (+62.7% YoY); 6M'2024 EPS was THB 0.70 (+21.9% YoY).

Outlook and guidance

• Committed capacity to grow from 15,120 MW in 2024 to 23,356 MW by 2033, with renewables rising from 7% to 36% of the portfolio.

• Targeting net zero emissions by 2050 and 40% renewables contribution by 2035.

• Amalgamation with INTUCH expected to complete in Q2'25, with special dividend and VTOs for ADVANC and THCOM planned.

• Multiple power and renewable projects are under construction, with significant capacity scheduled for commercial operation between 2024 and 2029.

• Ongoing development in digital infrastructure and data centers, with a focus on high-security cloud solutions.