SET-listed Gulf Development's diversification into the telecom business is bearing fruit, helping the energy developer drive revenue in the first quarter, with net profit soaring by 28% to 5.3 billion baht.
The company registered a profit of 4.15 billion baht in the same period last year.
Chief financial officer Yupapin Wangviwat attributed the increase to profit from major telecom operator Advanced Info Service Plc (AIS), the full-quarter operation of gas-fired power plants and the liquefied natural gas (LNG) business.
AIS is a subsidiary of Intouch Holdings Plc, which merged with Gulf Energy Development Plc to become Gulf Development.
Businesses under Gulf Development helped the company rack up a total of 32.3 billion baht in revenue in the first quarter.
For the quarter, Intouch posted net profit of 1.9 billion baht, up 22% year-on-year, driven by the improved performance of AIS, supported by higher premium package offerings, increased 5G network adoption and effective cost management, said Ms Yupapin.
In the power sector, Gulf-owned power plants, including the 2,650-megawatt Gulf Pluak Daeng and Hin Kong's 770MW generator, were fully operational during the first quarter.
Gulf also recognised profit from its investment in solar farms, solar farms with battery energy storage systems, and wind farms.
In the gas business, the company recognised profit from LNG shipping through its wholly-owned Gulf LNG Co. LNG imports were supplied to Gulf's gas-fired power plants and 19 small power producers that sell electricity to industrial customers.
"These LNG-related businesses contributed greater net profit," she said.
In the infrastructure business, Gulf earned profit by working on land reclamation for the government's third-phase Map Ta Phut deep-sea port.
Ms Yupapin expects Gulf's total revenue to grow by 25% in 2025, driven by the scheduled commercial operation of new power plant projects, with combined installed electricity generation capacity of 1,500MW.
Gulf plans to import 4-5 million tonnes of LNG this year for its power plants and industrial customers.