Gulf Energy Development Public Company (GULF) Q3 2024 earnings summary

Executive summary

• Q3'24 revenue rose 11% year-over-year to THB 31,259 million, with core profit up 12% to THB 4,710 million, driven by new capacity additions and improved performance from ADVANC.

• Net profit attributable to parent surged 79.4% year-over-year to THB 6,030 million, supported by higher share of profit from Jackson Generation, reversal of over-accrued property tax, and FX gains.

• Major developments include the GULF-INTUCH amalgamation, expansion in renewables, LNG imports, and digital business growth.

• Shareholder approval for amalgamation with INTUCH and planned tender offers for ADVANC and THCOM, with NewCo establishment in Q2'25.

• Issued THB 25,000 million in debentures at 3.37% average interest, rated A by TRIS, to refinance loans and fund future investments.

Financial highlights

• EBITDA increased 5.1% year-over-year to THB 10,244 million in Q3'24; 9M'2024 EBITDA was THB 29,514 million (+13.0% YoY).

• Total assets reached THB 486,837 million (+5.9% from Dec 2023), liabilities at THB 338,421 million (+7.3%), and equity at THB 148,416 million (+3.0%).

• Net IBD/E ratio stood at 1.71x as of September 30, 2024, well below the bond covenant threshold of 3.5x.

• Q3'2024 gross profit margin: 19.2%; EBITDA margin: 31.5%; net profit margin: 27.9%.

• Basic EPS for Q3'2024: THB 0.51 (+81.6% YoY); 9M'2024: THB 1.22 (+41.8% YoY).

Outlook and guidance

• 2025 targets include new capacity COD of 1,475 MW, raising total to 16,577 MW.

• Share of profit from ADVANC expected to double to THB 10,000–11,000 million per year post-amalgamation.

• LNG imports planned at 5 million tonnes in 2025 to support power projects.

• Amalgamation and acquisitions expected to complete by Q2'2025, targeting a balanced portfolio between energy, infrastructure, and digital businesses.