Global Power Synergy (GPSC) Q2 2024 earnings summary

Executive summary

• Strategic focus on decarbonization, expanding the green energy portfolio, and supporting sustainability goals.

• Corporate strategy emphasizes sustainable growth, operational excellence, and innovative energy solutions.

• Commitment to net zero GHG emissions by 2060, with interim targets for carbon intensity reduction by 2025 and 2030.

• Interim consolidated and separate financial statements reviewed with no material misstatements found under Thai Accounting Standard 34.

• Principal business is production and distribution of electricity, steam, and water for industrial use.

Financial highlights

• Q2 2024 EBITDA rose 48% year-over-year and 10% sequentially, reaching THB 9,765 million.

• Net income for Q2 2024 was THB 1,429 million, up 362% year-over-year and 65% quarter-over-quarter.

• Total assets as of 30 June 2024: Baht 307,064 million; total equity: Baht 121,032 million.

• Net profit for six months ended 30 June 2024: Baht 2,674.4 million (up from Baht 1,834.9 million year-over-year).

• Cash and cash equivalents increased to Baht 37,483.1 million from Baht 13,196.7 million at year-end 2023.

Outlook and guidance

• Performance expected to improve with increasing COD levels and full operation of new renewable projects.

• Offshore wind project in Taiwan (CFXD) to contribute more revenue in 2H24 as it reaches full COD and enters high season.

• Continued focus on expanding renewable capacity and distributed generation.

• Adoption of amended Thai Accounting Standards effective 1 January 2024, with no significant impact on financials.

• New long-term loan agreements totaling Baht 7,000 million signed in July and August 2024.