Gulf Development Public Company Limited (SET: GULF) reported strong financial results for Q2/25, with total revenue of THB 40,617 million, a 24% increase from THB 32,629 million in Q2/24, while core profit reached THB 7,101 million, rising 27% from THB 5,611 million in the same quarter last year. GULF reported net profit of THB 63,871 million, mainly attributable to a gain from amalgamation with INTUCH of THB 56,120 million. Since the amalgamation was completed on 1 April 2025, the Company has compared its Q2/25 performance with Q2/24 pro forma financial information.
The improved performance of the Group was primarily driven by the growth of the energy business, including both gas-fired and renewable energy segments. In Q2/25, the Company recognized profit from all 4 units (total installed capacity of 2,650 MW) of the Gulf Pluak Daeng (GPD) power project, an IPP under the IPD group, which gradually commenced commercial operations from 2023 to 2024. This compares to profit from only 3 units (total installed capacity of 1,987.5 MW) in Q2/24.
The Company also recognized a share of core profit from 2 units (total installed capacity of 1,540 MW) of the Hin Kong (HKP) gas-fired power project which gradually commenced commercial operations from 2024 to 2025, compared to Q2/24 when profit was recognized from only 1 unit (installed capacity of 770 MW). Additionally, GULF recognized a share of core profit of THB 134 million from the Jackson Generation gas-fired power project in the United States, recovering from a loss of THB 164 million in Q2/24.
The improved performance was driven by a significant increase in the average Capacity Payment, rising from USD 29/MW-Day during June 2024 to May 2025 to USD 270/MW-Day during June 2025 to May 2026, due to increased electricity demand in the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, while conventional electricity supply to the system declined. Moreover, in Q2/25, the Company recognized profit from 5 domestic solar farms and solar farms with battery energy storage system (BESS) projects, with a total installed capacity of 532 MW, which commenced commercial operations in December 2024.
However, the Company recorded a 22% decline in share of core profit from the GJP group to THB 500 million in Q2/25 from THB 643 million in Q2/24. This was due to lower electricity sales from the 2 IPP projects—Gulf Nong Saeng (GNS) and Gulf Uthai (GUT)—as national power demand softened. GNS’s average load factor decreased from 52% in Q2/24 to 19% in Q2/25, and GUT’s average load factor decreased from 40% in Q2/24 to 5% in Q2/25. Meanwhile, the 7 SPPs under GJP reported lower gross margins due to a retrospective gas cost charge imposed by PTT. This charge resulted from a government policy to stabilize gas prices in late 2023 to maintain the electricity price at THB 3.99 per unit during the energy crisis.
Subsequently, in June 2025, the Energy Regulatory Commission (ERC) allowed PTT to recover the actual gas cost difference incurred during that period. As a result, the Company recognized the gas cost difference in Q2/25 and will gradually settle the amount over 6 installments, in line with the Ft adjustment cycles. Moreover, the average Ft declined at a faster rate than gas prices, falling from THB 0.40/kWh in Q2/24 to THB 0.25/kWh in Q2/25, while gas prices decreased from THB 319.6/MMBtu to THB 317.3/MMBtu.
The 12 SPPs under the GMP group also saw core profit decline by 17% YoY, from THB 751 million in Q2/24 to THB 626 million in Q2/25, mainly due to the aforementioned gas cost charge and Ft reduction. Nevertheless, as industrial users account for only 6% of the Group’s total electricity sales, the overall impact on the Company was limited.
Meanwhile, profit from the Gulf Sriracha (GSRC) power project, an IPP under the IPD group, declined compared to the same period last year due to lower electricity sales to EGAT, with the load factor decreasing from 84% in Q2/24 to 70% in Q2/25. The Company also recognized lower core profit from wind power projects under Gulf Gunkul Corporation (GGC) and Borkum Riffgrund 2 (BKR2) in Germany, due to lower wind speeds. The average wind speed at GGC decreased from 5.5 m/s in Q2/24 to 4.8 m/s in Q2/25, while BKR2’s wind speed decreased from 8.4 m/s to 7.5 m/s.
For the gas business, the Company realized a share of core profit from PTT NGD of THB 208 million in Q2/25, a 45% decrease from THB 382 million in Q2/24. This decline was due to a decrease in the average fuel oil price, which fell at a faster rate than the decrease in the average natural gas cost. The average fuel oil price decreased from USD 81.6/barrel in Q2/24 to USD 70.5/barrel in Q2/25, while average natural gas cost fell from THB 337.8/MMBtu in Q2/24 to THB 330.3/MMBtu in Q2/25. For the LNG shipper business under GLNG and HKH, during the first half of 2025, the Company imported a total of 29 LNG cargoes, equivalent to approximately 2 million tons, resulting in increased revenue from shipper fees.
In Q2/25, the Company recognized a share of core profit from the investment in AIS of THB 3,483 million, a 41% increase from THB 2,476 million in Q2/24. This was primarily driven by the improved performance of AIS, supported by higher ARPU from a strategic focus on premium package offerings, increased 5G network adoption, and effective cost management. In addition, the Company received dividend income of THB 977 million from the investment in KBANK.
EBITDA for Q2/25 was THB 13,432 million, a 21% increase compared to THB 11,079 million in Q2/24, while net profit attributable to the parent company (including foreign exchange impacts and gain from amalgamation) was THB 63,871 million in Q2/25.
As of 30 June 2025, the Company reported total assets of THB 742,205 million, total liabilities of THB 396,105 million, and shareholders’ equity of THB 346,100 million, with a net interest-bearing debt to equity ratio of 0.87 times.
Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “We maintain our full-year 2025 revenue growth target at approximately 25%. Q2/25 marked the first quarter GULF began recognizing share of profit from its 40.4% direct stake in AIS, following the completion of the amalgamation with INTUCH in April. In the second half of this year, we expect continued revenue growth, supported by the scheduled commercial operation of 7 domestic solar farms and solar farms with BESS, with a combined installed capacity of 597 MW. Profit from the Jackson Generation project is also expected to grow further due to higher Capacity Payments, driven by increased electricity demand from data centers and the retirement of coal and nuclear power plants. The Capacity Payment is set to increase further from USD 270/MW-Day to USD 329/MW-Day in mid-2026.
The Company has already achieved its target of increasing the contribution of renewable energy to over 40% of the total installed power generation capacity by 2035. Currently, the Company has more than 10,000 MW of installed renewable energy capacity, including both operating and developing projects across 5 countries including Thailand, Vietnam, Laos, Germany, and the United Kingdom. Since the beginning of this year, the Company has continued to expand its investments in renewable energy, including 9 solar power projects with a total installed capacity of 653 MW in partnership with GUNKUL, and 5 wind power projects with a total installed capacity of 437 MW in partnership with Blue Sky Wind Power Holding Company Limited. In addition, the Company has increased its stake in the Pak Lay hydropower project in the Lao PDR, with an installed capacity of 770 MW, from 40% to 100%, and raised its ownership to 100% in 12 industrial waste-to-energy projects with a combined installed capacity of 119 MW, as well as in 3 solid recovered fuel production facilities. GULF remains committed to continuously expanding its renewable energy business both domestically and internationally to support its long-term goal of achieving net zero carbon emissions by 2050.
For the gas business, in 2025, the Group plans to expand LNG imports to approximately 70 cargos, equivalent to 4–5 million tons, to support power generation at the GSRC, GPD, HKP and 19 SPPs for industrial customers, driving sustained growth in the gas business.
The digital business continues to be a key driver of the Company’s growth. The data center business, a joint investment with Singtel and AIS, has gradually commenced operations of the first phase with a capacity of 25 MW and plans to expand to 200–300 MW within the next 3 years to meet the growing demand for digital infrastructure in Thailand. For the cloud business, the Company has partnered with AIS to offer both public and private cloud services, collaborating with Oracle and Google to develop solutions that comprehensively address the needs of enterprise customers, SMEs, government agencies, and state enterprises.
The Company has an equity investment plan of over THB 100 billion over the next 3–5 years, focusing on renewable energy projects including domestic solar and wind power plants, hydropower projects, industrial waste-to-energy projects, and data centers. To support this plan, the Company intends to issue debentures of approximately THB 30,000 million in September, to be offered to institutional investors, high-net-worth investors, and the general public. The proceeds from the debenture offering will be used to repay loans from financial institutions and to support the Company’s business expansion both domestically and internationally, in order to drive long-term sustainable growth.”
