Gulf Energy Development posted total revenue of 32.6 billion baht in the second quarter this year, with core profit of 4.78 billion baht, primarily driven by the improved performance of its power generation business.
The firm reported total assets of roughly 482 billion baht, total liabilities of roughly 338 billion and shareholders' equity of around 144 billion as of June 30, 2024.
Yupapin Wangviwat, deputy chief executive and chief financial officer of Gulf, said the company maintains its 2024 total revenue growth projection of 25-30%, with projects proceeding as planned.
In the second half, the GPD power project unit 4 is scheduled to commence commercial operations on Oct 1, 2024.
Five domestic solar farms and solar farms with battery energy storage systems are set to begin commercial operations in December.
In addition, Gulf's solar rooftop projects are expected to sign contracts for operational capacity by the end of 2024.
Regarding Gulf's gas business, HKH, a joint venture in which Gulf holds a 49% equity stake, has imported a total of five cargos totalling 400,000 tonnes of liquefied natural gas (LNG) this year to support electricity production for Unit 1 of the HKP project, with plans to import an additional 200,000 tonnes of LNG during the remainder of this year.
"These factors will drive Gulf to achieve its 2024 revenue target," she said.
Ms Yupapin said the company's other projects in the pipeline are also on track.
Land reclamation for phase 3 of the Map Ta Phut industrial port development project is expected to be completed by the end of this year, with construction of the LNG terminal set to begin in the middle of next year.
Meanwhile, phase 3 of the Laem Chabang port development project is scheduled to receive land from the port authority to begin construction of the port late next year.
The intercity M81 (Bang Yai-Kanchanaburi) motorway project is scheduled to commence operations in 2025, while the M6 (Bang Pa-in-Nakhon Ratchasima) motorway is scheduled to commence operations in 2026.
For the company's digital business, the GSA DC (data centre) is currently under construction. The first phase, with a capacity of 25 megawatts, is scheduled to become operational in April 2025.
Moreover, the amalgamation between Gulf and Intouch Holdings (INTUCH) is being implemented.
"The establishment of the new company [NewCo] is expected to be completed in the second quarter of 2025," said Ms Yupapin.
