gulf energy development public company limited · 2019. 5. 21. · in thailand’s power industry,...

Gulf Energy Development Public Company Limited

Q1 2019 Analyst Meeting

May 2019

2

Business Updates

3

Bidding submission of Map

Ta Phut Industrial Port Phase 3 project

Key events in Q1 2019

Jan 1 Jan 25 Mar 29Feb 1 Feb 15 Mar 1 Mar 6

7,500 million baht debentures allotment

GNLL2 (127 MW) COD GNPM (135 MW) COD

Bidding submission

of Laem Chabang Port Phase 3 project

TTCIZ-01 (69 MW) COD

Increased stake in TTCIZ-02 from 49% to 90%

4

Key activities in Q2 – Q4 2019

APR MAY DECJUN JUL SEP OCT NOVAUG

JUL 1:

GNRV2 (128 MW) SCOD

GPD (2,500 MW)

financial close

MAY 1:

GNRV1 (128 MW) COD

NGD4 SCOD

(2,000,000 mmbtu/year)

APR 19:

TTCIZ-02 (50 MW) COD

APR 25:

Signed SPA and SHA to

increase stake from 49%

to 95% in Mekong

Project (Solar & Wind in

Vietnam)

Tie-line program fully integrated

(GNLL & GNLL2, GNK2 & GNPM,

and GNRV1 & GNRV2)

Plant A Plant B

100% 100%

Turbine Turbine

100%

Turbine Turbine

Mekong Wind Farm

(Phase I: 30 MW)

commences

construction

Mekong Wind Farm

(Phase II: 49 MW)

commences

construction

5

Business Overview

6

Business overview

Gas-fired Business Renewable Business Other Business

▪ 2 IPPs and 7 SPPs

▪ 4,237 MW

▪ COD: 2013-2015

40%Ownership

▪ 12 SPPs

▪ 1,563 MW

▪ COD: 2017-2019

70%Ownership

70%Ownership

(75% dividend)

75%Ownership

100%Ownership

▪ 4 Rooftop-solar VSPPs

▪ 0.6 MW

▪ COD: 2014-2015

▪ 1 Biomass project

▪ 25 MW

▪ COD: 2020

▪ 2 IPPs

▪ 5,300 MW

▪ COD: 2021-2024

Solar power projects49-95%Ownership

▪ 3 Solar projects

▪ 149 MW

▪ COD: [2019-2020]

▪ Natural Gas Distribution

• 2 NGD projects

• 4,000,000 mmbtu/year

• COD in 2018-2019

▪ Investment

• 8.38% in SPCG

• 0.46% in EDL-Gen

11,426 MW

35%Ownership

WHA MT

Thailand

Overseas

484 MW

▪ 1 Independent power

and water project

▪ 326 MW

▪ COD: 2020-2022

45%Ownership

Duqm Power

Company (“DPC”)

Wind power project95%Ownership

▪ 1 Wind project

▪ 310 MW

▪ COD: 2021-2023

7

Power business

Preparing for or

under construction/

development

33 Power projects

in 3 countries

With over 20 years of continued experience in Thailand’s Power industry, Gulf has become one of the

largest power companies in the country, operating in all

types of power producers – IPP, SPP and VSPP – using

environmental-friendly fuels, mainly natural gas plus

growing contribution from renewables.

In operation

Vietnam(4 projects)

Oman(1 project)

Thailand(28 projects)

Installed capacity Gross Equity

In operation 5,791 MW 2,583 MW

Preparing for or under construction/ development 6,119 MW 4,295 MW

Total 11,910 MW 6,878 MW

1994

Thailand’s 1st IPP

2007 20132010 2016 2018

Thailand’s 1st SPP

Thailand’s 2nd IPP

Thailand’s 2nd SPP

Thailand’s 3rd SPP

Thailand’s 3rd IPP

8

Power capacity growth – over 20% in 5 years

Gross Installed Capacity (MW):

Equity Installed Capacity (MW):

831

2,485

4,237 4,237 4,772 5,282

5,791 5,919 6,083

7,596

9,145

10,585

11,910

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2013 2014 2015 2016 2017 2018 May-19 2019 2020 2021 2022 2023 2024

GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

Note: 1/ Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based on the pro-forma 40% stake for comparison purposes

2/ Include the gas-fired power project in Oman

76%

20%

4%

320 982

1,683 1,683 1,964 2,253

2,583 2,673 2,775

3,827

4,913

5,950

6,878

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013 2014 2015 2016 2017 2018 May-19 2019 2020 2021 2022 2023 2024

GJP GMP IPD GCG Gulf Solar Vietnam Oman Total

76%

18%

6%

IPP2

SPP

Renewables

IPP2

SPP

Renewables

1

1

1 1

1

1

1 1

9

2. Project Updates

10

GVTP

COD 16 May 2017

GNC

COD 1 Mar 2018

GBL

COD 1 Sep 2018

GBP

COD 1 Nov 2018

GNLL2

COD 1 Jan 2019

GTS4

COD 1 Jan 2018

GNPM

COD 1 Mar 2019

GNRV1

COD 1 May 2019

GNRV2

SCOD Jul 2019

GTS1

COD 8 Jul 2017

GTS2

COD 1 Sep 2017

GTS3

COD 1 Nov 2017

Installed

capacity

Electricity: 1,563.4 MW

Steam: 225.0 TPH

Contracted

capacity

Electricity: 1,466.5 MW

Steam: 210.5 TPH

PPA: Signed with EGAT,

for 25 years

GSA: Signed with PTT

EPC:Signed with Toyo

Engineering

LTSA: Signed with SIEMENS

and GE

COD: 2017 – 2019

Project cost: 6,200 MB → 6,000 MB (managed to be under budget)

Overall status: • 11 projects in operation

• 1 project under

construction

✓ ✓ ✓ ✓

✓ ✓

COD

2017

COD

2018

COD

2019

Construction progress on track

98.3%

✓

✓

✓

✓

GMP – 12 SPPs (1,563 MW)

✓

✓

✓ ✓ ✓

As of May 2019

11

IPD – 2 IPPs (5,300 MW)

In operation

Under construction/

development

CHONBURI

RAYONG

Location: WHA Eastern Seaboard

Industrial Estate 1, Chonburi

Installed

capacity

2,650.0 MW

Contracted

capacity:

2,500.0 MW

Fuel type: Gas-fired

PPA Signed with EGAT

for 25 years

GSA Signed with PTT

EPC Signed with Mitsubishi,

MHPS and STEC

LTSA Signed with MHPS

SCOD: Unit 1-2: Mar and Oct 2021

Unit 3-4: Mar and Oct 2022

Project

cost:

51,000 MB → 50,000 MB (savings from FX hedging & IRS)

• Debt: 38,000 MB (D/E 3:1)

• Equity back-ended structure

Overall

status:

Under construction

26% completed

Location: Rojana Rayong 2

Industrial Park, Rayong

Installed

capacity

2,650.0 MW

Contracted

capacity:

2,500.0 MW

Fuel type: Gas-fired


for 25 years

GSA Signed with PTT

EPC Signed with Mitsubishi,

MHPS and STEC

LTSA Signed with MHPS

SCOD: Unit 1-2: 2023

Unit 3-4: 2024

Project cost: Approx. 51,000 MB

• Debt: 38,000 MB (D/E 3:1)

• Equity back-ended structure

Overall

status:

• Under development

• Financial close is

expected by Sep 2019

✓

✓

✓

✓

✓

✓

✓

✓

As of April 2019

12

GSRC’s project developments

Civil works progress as planned

13

Gulf Chana Green (25 MW)

(GCG)

SONGKHLA

Location: Songkhla, Thailand

Installed

capacity:

25.0 MW

Contracted

capacity:

20.6 MW

Fuel type Parawood

Tariff EP + Ft + Bt 1.3 adder for 7 years

after COD


EPC Signed with STEC

SCOD: Mar 2020

Project cost: Approx. 2,300 MB

Overall

status:Under construction

50% completed

✓

✓

As of April 2019

14

NGD projects (4,000,000 mmbtu/year)


Industrial Estate 2

Capacity: 2,000,000 mmbtu/year

Customers: 500,000 mmbtu/year

(Around 60% was secured under

10-year, long-term contracts)

GSA Signed with PTT (10 years)

COD: 1 Dec 2018

Project cost: Approx. 198 MB


Industrial Estate 4

Capacity: 2,000,000 mmbtu/year

Customers: 500,000 mmbtu/year

(Around 20% was secured under

10-year, long-term contracts)

GSA Signed with PTT (10 years)

SCOD: Jun 2019

Project cost: Approx. 234 MB

Overall

status:

Under construction

95% completed

✓

✓

✓

As of April 2019

15

New renewable investment in Vietnam

Project ProvinceFuel

type

Equity

interest

Gross

installed

capacity

(MW)

Equity

installed

capacity

(MW)

Approx.

project

cost

(US$m)

COD/SCOD

TTCIZ-01 Tay Ninh Solar 49% 69 34 65 6 Mar 2019

TTCIZ-02 Tay Ninh Solar 90% 50 45 50 19 Apr 2019

Mekong

Solar Farm

Ben Tre Solar 95%* 30 28 33 [2019-2020]

Mekong

Wind Farm

Ben Tre Offshore

wind

95%* 310 295 618 2021-2023

Total 460 402 766

Investment portfolio

One of the leading conglomerates in Vietnam,

operating various businesses, including energy and

industrial estates with an asset size of approx.

US$1.9 billion

Under construction/

developmentNote: *On April 25, 2019, GIH signed the Share Purchase Agreement and Shareholders Agreement to

increase its equity interest in Mekong Projects from 49% to 95% and the share transfer is expected to

be completed tentatively by the end of May 2019.

In operation

16

TTCIZ-01 and TTCIZ-02 (119 MW) reached COD

Location Tay Ninh, Vietnam

Installed

capacity

Approx. 69 MW

Shareholding - GULF (49%)

- TTC Group (51%)

Fuel type Solar

EPC Signed with JGC Vietnam

Offtaker Vietnam Electricity (EVN)

Tariff US9.35c./kWh

PPA Signed with EVN for 20 years

COD 6 Mar 2019

Project cost Approx. US$ 65 million

TTCIZ-01 TTCIZ-02

Location Tay Ninh, Vietnam

Installed

capacity

Approx. 50 MW


- TTC Group (10%)

Fuel type Solar

EPC Signed with JGC Vietnam


Tariff US9.35c./kWh

PPA Signed with EVN for 20 years

COD 19 Apr 2019


As of April 2019

In operation

17

Mekong Project in Vietnam (340 MW)

Location Ben Tre, Vietnam

Installed

capacity

Approx. 30 MW

Shareholding - GULF (95%)*

- TTC Group (5%)

Fuel type Solar


Tariff US[9.35c.]/kWh

SCOD [2019-2020]


Overall status Waiting for approval from

Ministry of Industry and

Trade of Vietnam

Mekong Solar Mekong Wind

Location Ben Tre, Vietnam

Installed

capacity

1st Phase: 30 MW

2nd Phase: 49 MW

3rd Phase: 231 MW

Total: 310 MW

Shareholding - GULF (95%)*

- TTC Group (5%)

Fuel type Offshore Wind


Tariff Increase from approx.

US7.8c./kWh to approx.

US9.8c./kWh

PPA 20 years

SCOD 1st Phase (30MW): 2021

2nd Phase (49 MW): 2021

3rd Phase (231 MW): 2022-2023


Overall

status

• Under EPC selection process

• Seeking for key licenses and

PPA

• Expect to sign EPC contract

by Jul 2019 and begin the

construction in Q3 2019

Note: *On April 25, 2019, Gulf entered into SHA and SPA to increase its equity interest

from 49% to 95%. The share transfer will be completed tentatively by May 2019. As of April 2019

Under construction/

development

In operation

18

Newly awarded gas-fired project in Oman (326 MW)

DUQM

POWER

PROJECT Desalinated

water

Electricity

55%45% 50%50%

Duqm Independent Power

& Water Project (DIPWP)

Location Duqm Special Economic Zone, Oman

Installed

capacity

Power: approx. 326 MW

Water: approx. 1,667 m3/hour

Contracted

capacity

Power: approx. 208 MW

Water: approx. 1,250 m3/hour


- Oman Oil (55%)

Fuel type Gas

Gas turbine SIEMENS SGT800

EPC Signed with consortium of

4 companies:

1) Alghanim International General

Trading & Contracting Co. W.L.L.

2) Cobra Instalaciones y Servicios

S.A.

3) Sojitz Corporation

4) Tecnicas De Desalinizacion De

Aguas

Offtaker Duqm Refinery

PPA Signed with Duqm refinery for

25 years (+5 years renewal)

SCOD 2020-2022


Overall status Under construction

18% completed

Oman Oil Kuwait Petroleum

Capacity: 230,000 bbl/day

Project cost: US$7,000m

(Designed to have

extra 2 units to

standby in case of

emergency (n-2).

Availability

payment will be

paid based on

installed capacity.)

Under construction/

development

As of April 2019

In operation

19

3. Operating performance

20

Projects in operation

40%Ownership

70%Ownership

4,237 MW 1,435 out of 1,563 MW

GKP1

GKP2

GTLC

GNNK

GNLL

GCRN

GNK2

GNS

GUT

100%

100%

100%

100%

100%

75%

100%

114 MW

114 MW

114 MW

114 MW

123 MW

119 MW

133 MW

100%

100%

1,653 MW

GVTP

GTS1

GTS2

GTS3

75%

75%

75%

75%

137 MW

134 MW

134 MW

130 MW

7 SPPs 2 IPPs 11 SPPs out of 12 SPPs

COD: 2013

COD: 2014-15

COD: 2017

1,752 MW

GTS4

GNC

GBL

GBP

75%

100%

75%

75%

130 MW

126 MW

127 MW

127 MW

COD: 2018

GNLL275%

127 MW

COD: 2019

GNPM100%

135 MW

GNRV1

135 MW

100%

21

GJP – 2 IPPs (3,406 MW)

6,989 7,061

6,963

Average

Average heat rate (BTU/kWh)

2017 2018 3M'19

2 IPPs Key customer

94.697.296.2 97.3

99.8 99.7

GNS GUT

Availability (%)

2017 2018 3M'19

COD: Unit 1 Jun 2014

Unit 2 Dec 2014

GNS GUT

COD: Unit 1 Jun 2015

Unit 2 Dec 2015

100% of contracted capacity

22

GJP – 7 SPPs (831 MW)

98 9799 99 99 99 9997 97 98 97 98 97 99

100 100 99 99 99 100 97

GKP1 GKP2 GTLC GNNK GNLL GCRN GNK2

Availability (%)

2017 2018 3M'19

7,700 7,685 7,677


2017 2018 3M'19

COD: Jan 2013 COD: Feb 2013 COD: Mar 2013 COD: Apr 2013

COD: May 2013 COD: Jul 2013

GKP1 GKP2 GTLC GNNK

GNLL

COD: Oct 2013

7 SPPs Key customers

GCRN GNK2

90 MW of each project is dispatched to

The rest is supplied to industrial users

23

GMP – 10 out of 12 SPPs (1,307 MW)

COD: May 2017 COD: Jul 2017 COD: Sep 2017 COD: Nov 2017

COD: Jan 2018

GVTP GTS1 GTS2 GTS3

COD: Mar 2018

10 out of 12 SPPs Key customers

GTS4 GNC

90 MW of each project is dispatched to

The rest is supplied to industrial users

COD: Sep 2018GBL

96

98 100 9898 97 98 97 98 98100 100100 100 99 100 100 99 100

98100 100

GVTP GTS1 GTS2 GTS3 GTS4 GNC GBL GBP GNLL2 GNPM

Availability (%)

2017 2018 3M'19

7,479

7,415 7,411


2017 2018 3M'19

COD: Nov 2018GBP

COD: Jan 2019GNLL2

COD: Mar 2019GNPM

24

A B C

A (3 days)

CI (10 days)

CI (1 days)

SIEMENS

MHPS

GE

B (18 days)

TI (18 days)

HGPI (18 days)

C (22 days)

MI (35 days)

MO (22 days)

Maintenance Schedule 2018 - 2019

Group Project Type COD

2018 2019

Quarter

1

Quarter

2

Quarter

3

Quarter

4

Quarter

1

Quarter

2

Quarter

3

Quarter

4

GJP

GKP1 SPP

2013

GKP2 SPP

GTLC SPP

GNNK SPP

GNLL SPP

GCRN SPP

GNK2 SPP

GNS IPP 2014

GUT IPP 2015

GMP

GVTP SPP

2017GTS1 SPP

GTS2 SPP

GTS3 SPP

GTS4 SPP 2018

A

A

A

A

A

A

A

B

A

A

A

A

C

C

C

C

A C

CA

A

A

A

A

A B

A

A

As of April 2019

25

SPP heat rate improvement, to be fully completed in 2019

• Heat rate will improve around 150 BTU/kWh/plant

• Gross profit will improve around 50 MB/year/SPP

• Gross profit of the total 14 plants will improve approx.

700 MB/year (Gulf’s portion 350 MB/year)

TIE-LINE CONCEPT

Plant A Plant B

Plant A Plant B

67% 67%67% 67%

100% 100%100%

Turbine Turbine Turbine Turbine

Turbine Turbine Turbine Turbine

Off Peak

GJP: 7 SPPs

Stand-alone 3 SPPs 7,750 BTU/kWh

Tie-line concept 4 SPPs 7,600 BTU/kWh

GMP: 12 SPPs

Stand-alone 2 SPPs 7,450 BTU/kWh

Tie-line concept 10 SPPs 7,300 BTU/kWh

26

Tie-line 14 SPPs (7 pairs) from the total 19 SPPs

2013 2014 2015 2016 2017 2018 2019

GKP1 & GKP2Nong Kae Industrial Estate

Saraburi

GTS1 & GTS2Eastern Seaboard

Industrial Estate

Rayong

GTS3 & GTS4WHA Eastern Seaboard

Industrial Estate

Rayong

GBL & GBPHi-Tech

Industrial Estate

Ayutthaya

GNLL & GNLL2WHA Rayong

Industrial Land

Rayong

GNK2 & GNPMWHA Rayong

Industrial Land

Saraburi

GNRV1 & GNRV2Suranari Industrial

Estate

Nakhon

Ratchasima

27

4. Financial Highlights

28

3,361

5,193

6,477 75

75

77

1,300

437

895

48

51

47

4,784

5,756

7,496

Q1'18 Q4'18 Q1'19

Sales revenue Management fee Share of profit

Other incomes Total revenues

Total revenues

SPPs commencing their operations in 2017–Q1’19 boosted up revenues

Total Revenues

Unit: Million Baht

Note: 1/ Consolidated sales revenue include electricity and steam sales from SPPs under GMP and electricity sales from VSPPs under Gulf Solar

2/ Consolidated other incomes include dividend income, interest income and other income

57% YoY

Total revenues in Q1’19 was 7,496 MB

• QoQ: +30% from COD of GNLL2 and GNPM in

Q1’19 and the overall increase in electricity and

steam sold.

• YoY: +57% mainly from 10 SPPs under GMP

group compared to 6 SPPs in Q1’18. Volume of

electricity and steam sold also increased.

29

Share of profit from GJP (40%)

Share of profit from GJP

Unit: Million Baht

GJP’s share of profit (excl. FX) in Q1’19 was 655 MB

• QoQ: +45% from lower maintenance days (2 power

plants in Q1’19 vs. 4 power plants in Q4’18)

• YoY: -6% from GNS’s lower AP rate and 19% surge

in gas price while Ft rates increased by only 4.3

satang

GJP’s share of profit (incl. FX) in Q1’19 was 895 MB

• +99% QoQ and -31% YoY mainly from the FX rates

fluctuations

695

452

655

605

-2

240

1,300

450

895

Q1'18 Q4'18 Q1'19

Share of profit (excluding FX) FX gain/loss

Share of profit from GJP (excl. FX) improved QoQ but softened YoY

Total share of profit

-31% YoY

-6% YoY

(Gas price was 237.29 baht/MMBTU, 279.00 baht/MMBTU and

282.02 baht/MMBTU in Q1’18, Q2’18 and Q1’19, respectively)

30

Net profit / Core profit

Net profit / Core profit

Core profit continued to increase aligned with increasing number of power projects

Unit: Million Baht

756 522

857

347

34

196

605

-2

240

1,708

553

1,293

Q1'18 Q4'18 Q1'19

Core profit GMP Gain on FX

GJP Gain on FX Net profit

13% YoY

(Baht 31.41/ USD, Baht 32.61/ USD and Baht 31.98/ USD in

Q1’18, Q4’18 and Q1’19, respectively)

Core profit in Q1’19 was 857 MB

• QoQ: +64% from greater contribution from GMP

(10 SPPs in Q1’19 vs. 8 SPPs in Q4’18) and power

plants’ lower maintenance days

• YoY: +13% due mainly to:

• Better performance from GMP (10 SPPs compared

to 6 SPPs in Q1’18). Also, profit margin improved

from increasing demand from both existing and

new IUs.

• However, share profit from GJP dropped by 6%.

Net profit in Q1’19 was 1,293 MB

• +134% QoQ and -24% YoY from the movement in

unrealized FX gain.

-24% YoY

31

31,556 31,556 31,556

1,935 3,924 5,217 1,074

1,057 907 4,783 8,251 9,161

39,348

44,788 46,840

31-Dec-17 31-Dec-18 31-Mar-19

Total equity

Balance sheet

Balance sheet

Unit: Million Baht

4,374 9,349 8,357

56,930 69,532

75,172

61,304

78,880 83,528

31-Dec-17 31-Dec-18 31-Mar-19

Total liabilities

9,267 15,552 15,740

50,547

67,664 73,362

20,439

21,659 22,130

20,399

18,794 19,137

100,652

123,669 130,369

31-Dec-17 31-Dec-18 31-Mar-19

Total assets

D/E ratio as of Mar 31, 2019 was at 1.78x

Total assets was 130,369 MB,

+5% from the development and

construction of SPPs under GMP

and GSRC, TTCIZ-02 and GCG

Total liabilities was 83,528 MB,

+6% mostly from long-term loan

drawdowns for the construction of

SPPs under GMP and GSRC

Total equity was 46,840 MB,

+5% from the increase in R/E

and non-controlling interests

31-Dec-17 31-Dec-18 31-Mar-19

D/E 1.56x 1.76x 1.78x

ID/E 1.45x 1.55x 1.60x

ND/E 1.04x 1.34x 1.37x

Cash, cash equivalents and deposits

used as collateral

Investments in an associate and joint

ventures

Property, plant and equipment

Other assets

Interest-bearing debts

Other liabilities

Non-controlling interests

Other components of equity attributable

to owners of the parent

Paid-up capital and share premium

Unappropriated retained earnings

5%

6%

5%

32

Debts outstanding

As of March 31, 2019

40% 70% 75% 100%

7,500 MB in

debentures

70%

56%

44%

74%

26%1,015 MUSD

41,162MB

447 MUSD

39,777 MB

83%

17%

63 MUSD

10,050 MB

100%22 MB

100%1,274 MB

Total

73,627 MBTotal

54,083 MB

Total

12,066 MB

• All of the power projects in Thailand have long term loans of 20 - 23 years (vs. PPA term of 25 years).

• To mitigate interest rate fluctuation, the company entered into interest rate swaps to swap interest rate from floating

rate into fixed rate for 18-20 years.

33

Bond issuance in January 2019

Indicative terms

Issuer Gulf Energy Development Public Company Limited

Objective • To repurchase the existing debenture valued 6,000 million baht• To fund new investments

Type of security Thai Baht unsecured and unsubordinated debentures

Issue size 7,500 million baht

Placement methodology

Private Placement to institutional and high net worth investors

Credit rating Company rating “A” and issue rating “A-” by TRIS Rating Company Limited

Issue date January 25, 2019

Joint Lead Arrangers

• Bangkok Bank Public Company Limited

• Kasikornbank Public Company Limited

• The Siam Commercial Bank Public Company Limited

Co-Manager • Standard Chartered Bank (Thai) Public Company

Details of the allotment

Debenture Term Interest rate Amount

Debenture tranche 1 3 years 2.73% 2,000 million baht




Total 5.7 years 3.30% 7,500 million baht

34

Dividend payment

Shareholders approved dividend payment of Bt 1.2 per share

Note: The Company has 2,133.3 million shares outstanding.

Unit: Million baht 2017 2018

Dividend (Baht per share) 0.40 1.20

Dividend payment 853 2,560

Separate net profit for the year 1,730 3,245

Dividend payout 49.3% 78.9%

Dividend payout• Gulf has a dividend payment policy to

pay out at least 30.0% of the Company’s

separate net profit (after taxes), subject to

meeting the relevant legal reserve

requirement and contractual obligations.

• On April 24, 2019, the Company’s

shareholders approved dividend payment of

1.20 baht per share, totaling 2,560 million

baht, representing 78.9% of the separate

net profit (after tax).

Key dates

Ex-dividend date : May 2, 2019

Dividend payment date : May 21, 2019

Thank You

gulf energy development public company limited · 2019. 5. 21. · in thailand’s power industry,...

Documents