GPSC’s second-quarter revenue growth tops 200% on back of Glow acquisition
Global Power Synergy’s (GPSC) revenue for the second quarter of 2019 soared 203 per cent year on year to Bt19.9 billion on the back of immediate gains from its acquisition of Glow.
The company said the revenue jump reflected the company’s strong potential to distribute power and utilities, including to independent power producers (IPP), small power producers (SPP) and very small power producers (VSPP).
GPSC will continue to focus on customers’ power security with a plan to increase capital in order to strengthen its financial status to keep investing in new technology and innovation to align with changing power demand amid the rise of renewable power in Thailand.
Chawalit Tippawanich, president and chief executive officer of GPSC, the power flagship of PTT Group, said the company said in the second quarter the company’s adjusted net income was Bt1.44 billion, arising from the assessment of the fair value of net assets and allocation of business acquisition costs of Bt1,441 million, up Bt499 million.
“The company is also able to produce increasing power and steam for customers in industrial sector, reflecting strong efficiency and expertise in securing power supply professionally,” said Chawalit.
For the first six months of 2019, GPSC’s total revenue was Bt29,057 million, rising Bt16,728 million. That marked a 136 per cent rise from the same period of last year due to increased revenue from the acquisition of Glow, as the acquisition was completed on March. This will lend support to GPSC for a continued rise in contributions from the power and utility plants of GPSC and Glow.
From this year, there are four power and steam projects that are due to start commercial operation (COD, mainly in 2019-2020. There are: the 65 MW Nam Lik 1 Power Company Limited (NL1PC) project in Laos, in which GPSC holds a 40 per cent stakes, and has started COD since July 1, 2019; the 1,285 MW Xayaburi Power Company Limited (XPCL) in Laos, in which GPSC holds a 25 per cent stakes and is due to start COD in the fourth quarter of 2019; the Central Utility Plant 4 (CUP 4) in Rayong province with 45 MW of power and 70 tonnes per hour of steam, which is due to start COD in the third quarter of /2019; and the expansion of the Nava Nakorn Elecricity Generating Company Limited (NNEG), which is due to have an additional 60 MW of power and 10 tonnes per hour of steam, in which GPSC holds a 30 per cent stake and is due to start COD in 2020.
