PSG Corporation Public Company Limited (mai: PSG, PSGC) delivered strong financial performance in Q3 2025, reporting net profit of THB 187.7 million, an 887.9% increase QoQ, driven by accelerated project execution and stabilizing foreign exchange conditions. The Company further announced that its Board of Directors has approved a strategic 64% investment in Nam Tien Limited Liabilities Company, positioning PSGC to expand into regional energy resource supply, logistics, and energy resources infrastructure.
Q3 2025 Financial Performance
PSGC recorded Q3 revenue of THB 773.7 million, representing growth of 16.4% QoQ and 5.9% YoY, supported by ongoing revenue recognition of its construction projects.
For the first nine months of 2025, the Company delivered THB 2,081.6 million in revenue and THB 305.5 million in net profit, reflecting normalization from a previously higher-margin project mix last year.
PSGC maintains a contracted project backlog of THB 3.9 billion, with approximately THB 1.0 billion expected to be recognized in Q4 2025. The Company expects revenue momentum to continue through year-end.
Board Approval Secured for Strategic Vietnam Investment
Following the successful completion of PSGC’s mining and resource sector pilot initiative earlier this year, the Board of Directors concluded that a strategic acquisition represents the most effective and risk mitigated pathway to scale operations and accelerate market entry. Accordingly, the Board has approved an investment of USD 23 million (THB 750.21million) to acquire a 64% stake in Nam Tien Limited Liabilities Company. The transaction is targeted for completion in Q1 2026, at which point Nam Tien will be consolidated into PSGC’s financial statements.
Incorporated in Vietnam and founded in 2006, Nam Tien operates an integrated energy resource supply chain business spanning mining operations, logistics, and cross-border coal delivery in Lao PDR and Vietnam. The company will hold exclusive operational and offtake rights connected to Xekong Power Plant Limited (XPPL) — the largest coal mine concession in Lao PDR, with over 600 million tons of reserves under a long-term government concession agreement and license. In addition, Nam Tien shall also have the exclusive selling and distribution rights for XPPL coal in both the Lao PDR and Vietnamese markets. Current Lao PDR coal demand is estimated to be 0.5-1 million tons while Vietnamese market demand for imported coal is approximately 30-35 million tons per annum.
With PSGC’s investment and based on current contracted production targets, logistics infrastructure, and forecasted industrial demand, Nam Tien is projected to scale toward USD 740 – 1,130 million (THB 25.0 – 38.0 billion) in annual revenue by 2030, subject to market conditions and realized delivery volumes of 6-10 million tons per annum.
Strengthening Reliable, Baseload Energy for the Region
Southeast Asia continues to experience sustained industrial power demand growth, with grid expansion and renewable deployment not yet sufficient to fully meet baseload requirements. Coal therefore remains a critical transition fuel supporting grid stability, industrial competitiveness, and energy security throughout the region.
PSGC’s investment establishes direct participation across a strategic energy corridor linking production, processing, logistics, and industrial end-market coal delivery into regional markets where reliable baseload energy supply remains essential to economic growth and grid stability.
David Van Dau, Chief Executive Officer of PSGC, said:
“This investment represents a defining step in our transition from project-driven revenues to long-term recurring earnings underpinned by energy reliability and regional demand fundamentals. Nam Tien provides immediate scale, integrated logistics, and direct access to markets where coal baseload power remains critical and in high demand for the next decade and beyond.”
PSGC plans to introduce coal beneficiation and process optimizations to improve efficiency, reduce emissions intensity, and support compliance with evolving regulatory and industrial standards. These enhancements form part of the Company’s broader strategy to responsibly deliver fuel, critical for regional energy security, while building a scalable foundation for future portfolio expansion.
The integration of Nam Tien accelerates PSGC’s transition toward recurring, throughput-linked revenues with clearer multi-year earnings visibility. Supported by existing construction backlog and the scale-up of its resource and commodities platform, PSGC is positioned to deliver sustained revenue expansion from 2026 onward, enhancing earnings resilience, improving revenue mix quality, and expanding its participation in regional baseload energy supply chains.
