Compared to the previous quarter, core profit decreased by 989 million baht or 41.4% due to the absence of dividend income from
Intouch Holdings Public Company Limited (INTUCH) in this quarter, as well as from Borkum Riffgrund 2 (BKR2) offshore wind power
plant project’s lower volume of electricity sales due to seasonality, since Q2 and Q3 are low season while Q1 and Q4 are peak
season for offshore wind power projects in Germany.
Total revenue for Q2’21 was recorded at 11,845 million baht, an increase of 2,707 million baht or 29.6% YoY.
The rise in revenue
is mainly due to the revenue from GSRC Unit 1’s commercial operation in Q1’21, the revenue recognized from BKR2 offshore wind power
project, which was recognized for the first time in Q4’20, and from the higher electricity and steam sales to industrial customers
of the GMP group. Meanwhile, electricity sales from GTN1 and GTN2 solar power projects in Vietnam had a slight drop due to the temporary
curtailment from the COVID-19 pandemic, affecting the nation’s electricity demand.
The EBITDA margin was 35.6%, an increase from 31.9% YoY. This was mainly due to a decrease in natural gas costs by 8.7% YoY,
despite the decline in average Ft rate.
GULF recorded net profit attributable to the parent company, which includes the impact from foreign exchange rate, of 1,407 million baht,
a decrease of 25.2% YoY compared to net profit of 1,881 million baht in Q2’20. This resulted from the unrealized gain of 892 million baht
in the previous year, while there was unrealized gain of 6 million baht in Q2’21.
As of June 30, 2021, GULF had net interest-bearing debt to equity ratio of 1.75 times, which is still lower than the bond covenant
level of 3.50 times.
“Following the completion of the tender offer for INTUCH securities, GULF has 42.25% equity stake in INTUCH. The acquisition was
financed by loans from Thai financial institutions of approximately 48,612 million baht. GULF plans to issue debentures totaling
approximately 20 billion baht within this year. The proceeds will be used for future investments to support the company’s growth
as well as partial loan repayment for the acquisition of INTUCH shares. In addition, the company will immediately book dividend
income of approximately 1.6 billion baht in the third quarter this year,” Ms. Yupapin added.
For the second half of 2021, GULF has a lineup of projects that will soon begin commercial operation such as the 128-MW ‘Mekong Wind’
offshore wind farm in Vietnam. Phase 1-3 will gradually start operating within Q3-Q4 2021, GSRC unit 2 with an installed capacity
of 662.5 MW is scheduled for commercial operation in October 2021, the 326-MW gas-fired power plant in Oman (DIPWP) with an
installed capacity of 40MW in the first phase will be in operation by the third and fourth quarter; and solar rooftop projects
under Gulf1 with a total installed capacity of 20 MW will be gradually in operation by the end of the year, resulting in the
company’s total gross installed capacity of 7,922 MW by the end of 2021.