Gulf Energy and Thaicom among the top performing stocks
Four Thai stocks have been performing well this year, reporting a combined net profit of 26.79 billion baht for the first six months despite global central banks adjusting interest rates to combat inflation and the ongoing Thai political uncertainty.
Gulf Energy Development (GULF) reported a net profit of 2.88 billion baht for the 2nd quarter of this year, an increase of 88.47% compared to the same period in 2022. For the first 6 months of this year, profit was recorded at 6.73 billion baht, up by 36.74% from the same period in 2022. GULF's total revenue for the 2nd quarter of this year was 35.26 billion baht, a 44% increase from the same quarter in the previous year. Additionally, their operational profit for the same period is 3.56 billion baht, up by 15% from the previous year.
The growth is largely attributed to the GULF Pride project, a natural gas-fired IPP power plant with an installed capacity of 2,650 MW, which began commercial operations on March 31. This, coupled with increased sales of electricity from the natural gas SPP 12 project under GMP Group, has contributed to the overall growth.
Advanced Info Service (AVANC) reported a net profit of 7.18 billion baht for the 2nd quarter of this year, a 14% growth compared to the same period in 2022. Total revenue was 44.77 billion baht, a 1.1% decrease from the previous year, while In the first half this year, net profit was 13.94 billion baht.. The company's 5G subscriber base has significantly expanded.
Intouch Holdings (INTUCH), meanwhile, reported a net profit of 2.88 billion baht for the 2nd quarter of this year, a 9% growth over the previous year. For the first 6 months of 2023, net profit was recorded at 5.57 billion baht, a 7% increase. The majority of the growth came from AIA’s net profit due to increased revenue from service provision and efficient cost control.
In terms of the performance of specific companies in the 2nd quarter of this year and the six-month period of 2023, INTUCH has a share of profits from subsidiaries and joint ventures amounting to 2.9 billion baht and 5.64 billion baht, respectively. These figures have increased compared to the previous quarter and the previous year. The majority of this increase is attributed to the rising profits of AIS (Advanced Info Service) subsidiaries. Operating expenses of INTUCH, for the 2nd quarter of this year and the six-month period of 2023, were 37 million baht and 79 million baht, respectively..
INTUCH has announced a dividend payment of 1.47 baht per share scheduled for August 23 and a payment date of September 9 of this year.
Thaicom (THCOM) also disclosed its results for the 2nd quarter of this year. The company achieved a net profit of 457 million baht, marking a 47.8% increase from the same quarter in 2022 where the net profit was 309 million baht. Moreover, the net profit saw a remarkable increase of 409.8% from the preceding quarter, which had a net profit of 90 million baht.
For the first half of this year, the company's net profit stood at 546 million baht, a growth of 51.8% compared to the same period in the previous year. The primary driver behind this growth was the recognition of other income, primarily compensation from disputes.
Net profit from operations in the first half of the year amounted to 189 million baht, representing a decrease of 37.1% compared to the same period in the previous year, where the net profit was 301 million baht. This decrease was mainly due to the adjustment in revenues from broadband services.
Revenue in the first half of the year, it reached 1.81 billion baht, marking a 9.9% increase from the same period in 2022. Rrevenue from sales and services amounted to 1.37 billion baht, a decrease of 4.0% from the same period in the previous year, This decrease was primarily attributed to a reduction in satellite services and related services.
