Global Power Synergy Public Company Limited (SET: GPSC) has announced its 3Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
1,741.88 | 770.07 |
| Earning Per Share (Baht) |
0.62 | 0.27 |
| % Change | 126.20 | |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
4,901.16 | 3,062.61 |
| Earning Per Share (Baht) | 1.74 | 1.09 |
| % Change | 60.03 | |
GPSC, the power generation arm of PTT Group, reported a 126% year-on-year (YoY) jump in net profit for the third quarter of 2025 (3Q25) to THB 1,742 million, up from THB 770 million in 3Q24. The strong performance was driven by improved core operations and a one-time gain from an asset divestment.
Total revenue rose 2% YoY to THB 21,561 million, while gross profit climbed 9% to THB 5,717 million. The increase was underpinned by solid performance across both key business segments:
- The Independent Power Producer (IPP) segment saw gross profit surge 22%, as GHECO-One operated at full-quarter dispatch from EGAT, compared to only 28 days in 3Q24.
- The Small Power Producer (SPP) segment posted a 6% rise in gross profit, supported by lower fuel costs that helped offset reduced electricity prices following a decline in the Fuel Adjustment Charge (Ft).
A major boost came from the THB 788 million gain recognized from the sale of a 3.03% stake in Avaada Energy Private Limited (AEPL), which lifted other income and expenses by 236% YoY. Meanwhile, finance costs fell 16%, reflecting disciplined debt management and lower average interest rates.
However, these gains were partially offset by lower dividend income and a sharp drop in the share of profit from associates and joint ventures, which swung 925% into negative territory due to an unrealized FX loss at the CFXD project from the depreciation of the New Taiwan Dollar against the U.S. dollar. Additionally, income tax expenses surged 467%, mainly from taxes related to the AEPL share sale.
