Global Power Synergy (GPSC) Q3 2024 earnings summary

Executive summary

• Q3 2024 focused on expanding green energy, operational excellence, and new business ventures, including a JV in Cooling as a Service and battery production ramp-up.

• Completed GRP restructure, enhancing solar portfolio and securing 100% of net profit from GRP assets.

• Overseas renewable projects advanced, with offshore wind in Taiwan and solar/wind in India progressing.

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

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

Financial highlights

• Q3 2024 revenue: THB 20,912 MM; EBITDA: THB 4,607 MM; Net income: THB 770 MM; EPS: 0.27 THB.

• 9M 2024 revenue: THB 68,562 MM; EBITDA: THB 14,372 MM; net income: THB 3,063 MM; EPS: 1.09 THB.

• Total assets at 30 September 2024 were Baht 280.3 billion; total equity Baht 116.9 billion; liabilities Baht 163.4 billion.

• Cash and cash equivalents increased to Baht 22.7 billion from Baht 13.2 billion at year-end 2023.

• EBITDA margin at 21%; net profit down 46% YoY in Q3.

Outlook and guidance

• Stable Ft rate forecast at 39.72 satang/kWh; SPP blended gas cost expected at 340-350 Baht/MMBTU.

• IPP availability projected at 97.5-100%; coal index at 130-140 USD/ton.

• Q4 expected to benefit from high water levels and seasonal demand recovery.

• New long-term loan agreements totaling Baht 7 billion were signed but not yet drawn as of 30 September 2024.

• Interim dividend of Baht 0.45 per share for the first half of 2024 was approved and paid in September 2024.