SET-listed Global Power Synergy Plc (GPSC), an electricity and utility producer under PTT Group, posted a net profit of 2.7 billion baht in 2016, up 42% from the previous year, because of additional income from the operations of new projects.
Chief executive Toemchai Bunnag said rising revenue was attributed to effective management and strong growth of its PTT Group clients, resulting in increased steam and electricity sales of its central utility plants in Rayong province.
He said this year was the first for its IRPC Clean Power Co's phase 1 to run at full capacity, allowing the plant to generate more revenue.
The company also realised an increase in equity-based profit from Nava Nakorn Electricity Generating Co (NNEG), which started commercial operation in June 2016.
"We are focused on cost management of electricity and steam projects, especially following up and seeking more opportunities in investments," said Mr Toemchai.
For the fourth quarter of 2016, the company had total revenue of 4.5 billion baht, down 14% from the previous quarter because the independent power producer in Si Racha had a lower sales volume of electricity submitted to the Electricity Generating Authority of Thailand (Egat), according to the dispatch instruction.
The lower revenue was part of the energy payment subject to the amount of electricity sold to Egat. However, the company still received an availability payment from Egat as the power plant was available to supply electricity upon Egat's demand.
As a result, net profit in the fourth quarter was 419 million baht, down 42% from the previous quarter because the company received an equity-based dividend from Ratchaburi Power Co Ltd in the third quarter.
Mr Toemchai said the company aims to deliver more growth in 2017, focusing on project developments with PTT Group and its partners, both domestic and international.
GPSC recently started its solar power project after being awarded rights to operate a solar farm for local agricultural cooperatives by the Energy Regulatory Commission.
The solar farm has total power- generating capacity of five megawatts and is operated by Combined Heat and Power Producing Co (CHPP), a subsidiary of GPSC and the Chanthaburi Solar Cooperatives.
Mr Toemchai said the project to develop CHPP Solar Cooperatives with the Shrimp Farmers Cooperatives in Chanthaburi province started commercial operations on Dec 30, 2016 and has been supplying electricity to the Provincial Electricity Authority.