GPSC releases Baht 66,562 Million revenue with 21% net profit growth with certain plans to expand capacity and develop innovative power projects.
GPSC reveals its 2019 earnings with total revenue of Baht 66,562 Million which growing as expected, generating a net profit Baht 4,061 Million or growth of 21% from the previous year due to the recognizing performance from GLOW acquisition. GPSC also successfully its financial deleveraging plan to repay short-term loan that cut financial costs and continue to grow in the year 2020. GPSC announces dividend payment of Baht 1.30 per share, with the XD (Excluding Dividend) sign posted on February 26, 2020.
Mr.Chawalit Tippawanich, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, said the company had total revenue of Baht 66,562 Million in 2019, up 168% from the previous year. Net profit was at Baht 4,061 Million Baht, rose Baht 702 Million, or 21% from last year due to recognized additional revenue from new power plants that had started commercial operation date (COD) and the company’s financial restructuring plan to pay short-term debts that help cut total financial costs eventually.
GPSC announces 2019 dividend payment, at the rate of Baht 1.30 per share, or approximately 74% of the net profit of consolidated financial statements. On September 12, 2019, the interim dividend for the first half of 2019 was paid at the rate of Baht 0.50 per share. Therefore, the Company will pay the remaining dividend for second half of 2019 performances at Baht 0.80 per share. Accordingly, the Record Date to entitle rightful shareholders to attend 2020 Annual General Shareholders’ Meeting (2020 AGM) and to receive the dividend will be on February 27, 2020 (XD on February 26, 2020) and the dividend payment date of Baht 0.80 per share will be on April 17, 2020, subject to approval from the 2020 AGM.
The additional revenue came from the plants with already started COD in 2019 which are Rayong Central Utility Plant 4 (CUP-4), Nam Lik 1 Power Company Limited (NL1PC), Xayaburi Power Company Limited (XPCL) and Chonburi Clean Energy Company Limited (CCE). There was also increasing revenue from the completion the acquisition of Glow Energy Public Company Limited or GLOW since 14th March 2019 that was added up into the company’s 2019 revenue substantially.
Moreover, the Rights Offering of Baht 74,000 Million and debenture issuance of Baht 35,000 Million in Q4/2019 had allowed the company to repay bridging loan which reduces the company’s interest burden.
Adjusted Net Income (excluding the fair value of intangible asset from the acquisition of GLOW) was Baht 5,177 million in 2019 which increased by Baht 1,818 million or 54% from 2018 due to the above mentioned reasons and the higher Availability Payment (AP) and the increase in Contracted Availability Hours as well as management of the maintenance contract of Sriracha Power Plant
Mr.Chawalit said GPSC will continue to glow in 2020 due to the completion of GLOW acquisition, the additional 2 projects of 18 MW from the expansion of the Nava Nakorn Electricity Generating Company Limited (NNEG), which is expected to COD in Q3/2020 and another 9 MW of RDF power plant, which will start COD in Q2/2021.
Regarding the drought situation, GPSC has closely monitored the water situation and prepared mitigation plan for water management with relevant parties in all sectors in order to be able to produce electricity and utilities sufficiently and maximum operating efficiency. GPSC is confident that our power plants will be able to continue to support the industrial sector.
GPSC will continue to invest in new projects both domestically and internationally and is expected to finalize new projects in ASEAN this year. The new projects include Gas to Power in Myanmar, research and investment in energy storage system for renewable energy as well as the project to develop natural gas facility in ASEAN and west Asia etc.