Global Power Synergy (GPSC) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in FY2024, with resilient revenue and EBITDA growth driven by SPP business and OPEX savings, despite FX losses and lower share of profit.

• Financial statements for the year ended 31 December 2024 were audited and present fairly in accordance with TFRS.

• Expanded renewable energy capacity, completed key projects, and advanced decarbonization initiatives.

• Maintained stable cash flow and robust balance sheet, supporting ongoing investments and dividend payments.

• The Group operates in electricity, steam, and water production and distribution for industrial and government customers.

Financial highlights

• FY2024 revenue: THB 90,730 million, down 0.4% year-over-year.

• Consolidated revenue from sales and services was Baht 90,452 million, with gross profit of Baht 11,423 million for 2024.

• EBITDA: THB 19,009 million, up 8% year-over-year.

• Net income: THB 4,062 million, up 10% year-over-year.

• Basic EPS: 1.44 Baht/share for FY2024.

Outlook and guidance

• 2025 focus on fuel management, EBITDA uplift, financial expense reduction, and asset monetization.

• Projected FY2025 power sales: 12.93 GWh; steam sales: 13.17 MT.

• The Group is assessing the impact of new financial reporting standards effective in 2025, including changes to liability classification and supplier finance disclosures.

• Pillar Two global minimum tax rules will be effective from 2025, with no material impact expected.

• Continued emphasis on renewable growth, efficiency, and cost optimization amid regulatory and market challenges.