Gulf core profit gains 36% in Q1

Gulf core profit gains 36% in Q1

Firm posts 125% increase in revenue

SET-listed Gulf Energy Development recorded a core profit of 3.25 billion baht in the first quarter of 2022, a rise of 36% from the previous year.

The company’s total first-quarter revenue tallied 22.4 billion baht, an increase of 125% year-on-year.

According to the firm, the growth came from the first and second units of its subsidiary Gulf SRC Co (GSRC), together with higher profit from the Borkum Riffgrund 2 (BKR2) offshore wind power project in Germany — despite the German government’s curtailment — as well as profit from shares of InTouch Holdings Plc worth 1.1 billion baht.

However, while the gross profit from sales in the first quarter was 4.45 billion baht, up 51% year-on-year, the gross profit margin actually declined from 33.1% in the…