Gulf Development Public Company Limited (SET: GULF) has concluded its 2025 fiscal year with a historic performance, reporting a 304.8% surge in net profit, reaching THB 86,562 million.
This massive increase was primarily fueled by a one-time gain on the bargain purchase of THB 56,120 million resulting from the landmark amalgamation between GULFI and INTUCH on April 1, 2025.
Beyond the one-time gain, GULF’s core profit grew a robust 33.4% year-on-year to THB 28,776 million. Total revenue for 2025 hit THB 135,596 million, an 8.8% increase compared to 2024 pro forma figures. Key drivers included:
- Renewable Energy: Revenue jumped 49.6% year-on-year following the commercial operation of domestic solar farms and battery energy storage systems (BESS).
- Resources Business: The newly launched natural gas procurement business contributed THB 13,890 million as the group began its first LNG imports.
- Associates & JVs: Share of core profit from associates rose 39.6% to THB 21,474 million, led by the strong performance of ADVANC, which benefited from higher ARPU and lower operating costs.
Conversely, revenue from the gas-fired power business declined 5.1% due to increased maintenance shutdowns and lower average selling prices linked to falling natural gas costs.
Operating expenses also rose, with the cost of sales and services increasing 8.2% to THB 101,203 million. This was driven by higher fuel consumption, retroactive gas charges from PTT, and increased depreciation from new renewable projects. Additionally, finance costs climbed 17.8% to THB 13,213 million as the company issued new debentures and secured loans to fund its aggressive expansion into green energy.
With its corporate credit rating recently upgraded to AA- by TRIS Rating, GULF appears well-positioned to navigate the transition to a low-carbon economy.
Additionally, the Board of Directors approved a cash dividend payment of THB 1.05 per share and a special dividend payment of THB 2.20 per share. Both will be paid on 7 May 2026 with an ex-dividend date on 2 March 2026.
