Global Power Synergy Plc (GPSC), the power generation arm of PTT Group, recorded an 85% increase in profit last year thanks to cost savings and full-year operation of a new asset acquired from France-based Engie Group.
Turnover last year rose to 7.51 billion baht from 3.45 billion in 2019 despite the pandemic hammering the Thai economy.
President and chief executive Worawat Pitayasiri said GPSC acquired SET-listed Glow Energy Plc, a business unit of Engie Global Development B.V. (Engie), in mid-2018, but it had to spend almost a year completing the transaction and receiving approval from the Energy Regulatory Commission.
Once the procedure was completed in December 2019, Glow Energy was delisted from the stock market.
This allowed GPSC to rack up revenue through Glow Energy for the first time since the merger last year.
The synergy is valued 701 million baht, based on electricity and steam network integration.
GPSC's better business performance last year also resulted from lower natural gas and coal prices as well as financial costs. It also benefited from the electricity tariff granted to its small power producer scheme.
Mr Worawat said financial costs decreased because of its capital restructuring programme.
The company completed the rights offering process in the fourth quarter of 2019 and had a short-term loan repayment following Glow Energy's acquisition in March 2020.
He said this year the company will gear up for fast growth of new S-curve businesses and open an energy storage system production facility in the second quarter.
GPSC said earlier it is accelerating spending on electric vehicle battery production by making a 500-million-baht investment to acquire an 11.1% equity interest in Chinese battery manufacturer Anhui Axxiva New Energy Technology Co. The deal allows a stronger foothold in the energy storage industry, following its move to build a factory in Rayong to produce batteries used in buildings.