Gulf Energy and Thaicom are top Thai stock performers pulling billions of baht in revenue

Gulf Energy Development (GULF) reported a remarkable 88.47% surge in net profit. This amounted to 2.88 billion baht, during the second quarter of 2023 compared to the same period in 2022. The first half of the year saw profits of 6.73 billion baht, reflecting a significant 36.74% increase from 2022. GULF’s Q2 revenue reached 35.26 billion baht, marking a substantial 44% rise from the previous year. Operational profit also rose by 15% from the previous year, totaling 3.56 billion baht. These gains were largely driven by, firstly, GULF Pride project, a natural gas-fired power plant. Secondly, an increase in electricity sales from the SPP 12 project.

Advanced Info Service (AVANC) displayed a 14% growth in net profit, reaching 7.18 billion baht in the second quarter, despite a marginal 1.1% dip in total revenue at 44.77 billion baht. AVANC’s 5G subscriber base expanded notably, contributing to its overall growth. Net profit for the first half of the year stood at 13.94 billion baht.

Intouch achieves 2.88 billion net profit for Q2 2023

Intouch Holdings (INTUCH) achieved a 9% increase in net profit, totaling 2.88 billion baht for Q2 2023. The first six months of 2023 showed a net profit of 5.57 billion baht, up 7%. Increased service revenue and effective cost management within AIA, a subsidiary, primarily drove the growth. A rise in profits from subsidiaries and joint ventures, notably AIS, strengthened INTUCH’s performance.

Thaicom (THCOM) witnessed a significant boost in net profit during Q2 2023, reaching 457 million baht—a 47.8% increase from Q2 2022. For the first half of the year, THCOM’s net profit surged to 546 million baht, showcasing a 51.8% growth. This was mainly due to additional income recognition from dispute settlements. However, net profit from operations in H1 2023 decreased by 37.1% compared to the same period last year, primarily due to adjustments in broadband service revenues. Total revenue for H1 2023 reached 1.81 billion baht, marking a 9.9% increase from 2022, while revenue from sales and services slightly dropped by 4.0%.

Overall, these companies’ impressive financial results reflect their successful projects, expanding subscriber bases, and effective cost management strategies, which collectively contributed to their substantial profit growth and revenue generation.