Page 63 - PSTC - One Report 2023 (EN)

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Power Solution Technologies Public Company Limited
The Company’s revenue structure and gross profit margin categorized by business group as shown in the table above and the changes in revenue and gross profit of each business group can be explained as follows:
Sales Revenue
The main items that contribute to the Group’s sales revenue are, namely, the sales of LPG, LNG, and NGV and sales of project equipment. In 2023, sales revenue decreased from the previous year by 50.4 million baht or 3.9 percent due to the main reason being:
(1) In 2022 the Company earned revenue from sales of project equipment in the amount of 278.6 million baht, while in 2023, there was no such revenue.
(2) Revenue from sales of fuel products including LPG, LNG, and NGV increased, particularly, LNG , which saw a 47 percent increase in sales volume and a 62 percent increase in average selling price compared to the previous year. This is due to the cost of LNG in the market has increased.
Gross profit margin from sales decreased by 0.6 percent from 4.7 percent in 2022 to 4.1 percent in 2023 due to higher costs of products, especially LNG while the Company was unable to increase the selling price of products to customers by the same proportion as the increase in the costs right away. However, this is in line with the practice of the business group.
Service Revenue
In 2023, service revenue decreased from the previous year by 4.7 million baht or 44.6 percent due to a decrease in revenue from fuel products transportation service as contracts with some customers have expired. There was also a decrease in other services due to a decrease in the number of projects.
The gross profit margin showed no significant changes.
Revenue from Electricity Sales
In 2023, revenue from electricity sales increased from the previous year by 11.5 million baht or 9.8 percent, mainly due to the fact that the privatepower purchase agreement (Private PPA) project had the capacity to produce electricity as contracted at a total of 5.2 megawatts. These are projects that have begun commercial operation between July and August 2022. In 2023, the electricity produced was 3.7 megawatts and 0.88 megawatts, respectively.
Construction Revenue
In 2023, construction revenue decreased from the previous year in the amount of 208.0 million baht, representing a decrease of 49.2 percent. The main reason for the decrease was due to the recognition of construction revenue from the main project in 2022, namely the construction of a power plant at the amount of 295.1 million baht. The project reached completion at the end of 2022. In contract, in 2023, the main construction revenue came from construction work on the natural gas separation plant project, unit 7 of PTT (GSP7), which the construction began in the 1st quarter of 2023.