Global Power Synergy Public Company Limited (SET: GPSC) has announced 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss)
Million Baht |
2,019.25 | 1,428.52 |
| Earning Per Share
(Baht) |
0.7200 | 0.5100 |
| % Change | 41.35 | |
| 6 Months | 2025 | 2024 |
| Net Profit (Loss)
Million Baht |
3,159.29 | 2,292.55 |
| Earning Per Share (Baht) | 1.12 | 0.81 |
| % Change | 37.81 | |
GPSC reported a net profit in 2Q25 of Baht 2,019.25 million, an increase of Baht 590.73 million or 41.35% compared to the previous year. The increased net profit was due to higher dividend income and share of profit from investments in associates and joint ventures.
The Company reported a net profit of THB 2,019 million in 2Q25, an increase of THB 879 million or 77% compared to 1Q25. The main reason for the increase was the higher dividend income and share of profit from investments in associates and joint ventures, totaling THB 588 million, an increase of THB 467 million or 388%.
The increase in dividend gains was primarily due to CFXD recognizing unrealized foreign exchange gains from US dollar-denominated loans of the CFXD project, because of the appreciation of the New Taiwan Dollar. Meanwhile, CFXD’s normal operating performance declined due to seasonal factors. XPCL reported improved performance due to higher electricity generation, supported by increased water inflows from China and the La Niña phenomenon. AEPL recognized tax income that had previously been recorded as a loss in 2021, related to the early redemption of debt instruments in that year. However, AEPL’s normal operating results declined seasonally due to lower solar irradiance during the second quarter of the year.
Net foreign exchange gains amounted to THB 301 million; an increase of THB 358 million (Q1/2025: Net foreign exchange loss THB 57 million). This was mainly due to the appreciation of the New Taiwan Dollar, which resulted in unrealized foreign exchange gains from the revaluation of US dollar loans provided by Global Renewable Synergy Company Limited (GRSCTW) through GPSC Treasury Center Company Limited (GPSCTC) to support the CFXD project.
Finance costs totaled THB 1,292 million, a decrease of THB 88 million or 6%. The decrease in finance costs was primarily due to partial loan repayments and a reduction in the average interest rate, reflecting the Company’s effective capital structure management. This also indicates a stronger cash flow position, which enhances confidence among shareholders and lenders.
Income tax expenses decreased by THB 78 million or 117%. This was primarily due to an increase in deferred tax assets arising from accounting adjustments under TFRS16 regarding financial lease contracts, as well as adjustments in deferred tax liabilities of subsidiaries for the year 2024. These adjustments followed tax payments made due to tax depreciation being higher than accounting depreciation.
Gross profit totaled THB 5,123 million, a decrease of THB 126 million or 2%. The decline was mainly attributable to lower availability payments from the Sriracha Power Plant, as the plant had already completed its electricity operating hours stipulated in power purchase agreement with EGAT in May 2025.
In addition, the Company received a credit rating outlook revision from “Negative” to “Stable” by Fitch Ratings (Thailand) Limited, reflecting progress in debt reduction and the Company’s ability to consistently generate operating cash flow.
