Super Energy Corporation Public Company Limited (SET: SUPER) has released its full-year 2025 financial results, revealing a challenging year marked by significant non-cash impacts and structural transitions. The group’s net profit plummeted by 91.39%, falling from THB 1,311.05 million in 2024 to just THB 112.91 million in 2025.
Total revenue from sales and services reached THB 8,076.49 million, a 13.56% decrease compared to the THB 9,343.42 million recorded in the previous year. This decline was largely driven by a 16.58% drop in Thai solar revenue, primarily due to the disposal of the SUNFLOWER group and the expiry of Adder revenue for certain projects. Furthermore, revenue from Vietnam was stifled by the appreciation of the Thai Baht against the Vietnamese Dong, which impacted financial translation despite stable operational performance. Consequently, gross profit fell 14.65% to THB 3,852.79 million.
The bottom line was severely impacted by THB 916.29 million in foreign exchange losses and THB 291.63 million in impairment provisions for wind projects in Vietnam. While these are accounting adjustments with no impact on cash position, they weighed heavily on the results. Additionally, income tax expense surged 74.41% to THB 350.54 million following the expiry of Board of Investment (BOI) tax privileges.
Despite lower profits, SUPER made strides in debt reduction. Finance costs decreased by 15.91% to THB 2,968.35 million, aided by the use of asset disposal proceeds to repay loans. The group’s debt-to-equity ratio improved from 2.29 to 2.14 times, enhancing financial flexibility.
Moving forward, the group is prioritizing strategic partnerships and domestic project development, while navigating ongoing regulatory reviews and payment delays in Vietnam.
