Gulf Energy Development Plc posted revenue growth of 92% to 101 billion baht last year, driven by earnings from its power generation facilities, divestment and InTouch Holdings Plc, the parent firm of telecom operator Advanced Info Service (AIS).
The company, InTouch's biggest shareholder, recorded 52.8 billion baht in revenue in 2021.
Its net profit in 2022 increased by 37% to 12.1 billion baht, up from 8.81 billion in 2021.
Yupapin Wangviwat, Gulf's chief financial officer, attributed the business growth to the commercial operation of Gulf Sriracha power plant's units 3 and 4, with 1,325 megawatts in capacity, along with the DIPWP gas-fired power plant in Oman, which has a capacity of 155MW.
Gulf also gained 381 million baht from selling a 50.01% share in BKR2 Holding, which operates the Borkum Riffgrund 2 (BKR2) offshore wind power project in Germany, to Keppel Group.
The company recognised revenue of 324 million baht from three wind power plant projects run by Gulf Gunkul Corporation, in which Gulf made an investment in July last year.
Ms Yupapin said Gulf also recognised profit from InTouch as well as the acquisition of Thaicom Plc. The profit totalled 4.6 billion baht.
This year Gulf expects its revenue to keep growing by 50%, driven by projects that are scheduled for commercial operation in 2023.
These include Gulf Pluak Daeng power plant's units 1 and 2, with 1,325MW in capacity, which are in the independent power producer category, and the Jackson Generation power project in the US, which has a capacity of 1,200MW.
Ms Yupapin said Gulf would focus more on investment in renewable energy businesses this year in order to achieve a net-zero target, a balance between greenhouse gas emissions and absorption.
The company aims to increase the proportion of renewable energy it produces to 40% of the total in 10 years, up from 9% at present.
Among the renewable energy projects targeted are hydropower plants, rooftop solar power as well as solar and wind farms overseas.
Gulf was recently awarded the right to develop and operate Pak Beng and Pak Lay hydropower projects in Laos and sell their electricity to the Electricity Generating Authority of Thailand.