Global Power Synergy Public Company Limited (SET: GPSC) has kicked off the first quarter of 2026 with a powerful bottom-line performance. According to its latest financial report, the company achieved a net profit of THB 1,719 million, representing a substantial 51% increase compared to the THB 1,140 million recorded in the same period last year. This surge in profitability comes despite a 22% decline in total revenue, which fell to THB 16,640 million from THB 21,414 million in Q1 2025.
The revenue contraction was primarily attributed to the Independent Power Producer (IPP) segment. Specifically, the GHECO-One power plant underwent an extensive 88-day scheduled maintenance and efficiency improvement shutdown, resulting in zero availability payments for most of the quarter. Furthermore, the Sriracha Power Plant saw lower revenue following the completion of its contracted dispatch hours with EGAT in May 2025.
Conversely, the Small Power Producer (SPP) segment showed resilience. While total SPP revenue dropped by 8% due to a reduction in the fuel tariff (Ft) and lower natural gas prices, the segment’s contribution margin actually improved. This was driven by lower fuel costs and a 9% year-on-year increase in steam sales volume to industrial customers.
The primary catalyst for the 51% profit jump was a massive 388% increase in the share of profit from associates and joint ventures, reaching THB 391 million. Key performers included XPCL, which benefited from higher water inflows due to the La Niña phenomenon and a special interest rate adjustment, and the CFXD offshore wind project, which recognized monthly availability compensation that was absent in Q1 2025.
GPSC’s financial position was further bolstered by an 18% reduction in finance costs—amounting to THB 1,137 million—due to partial loan repayments and lower interest rates. Additionally, the company recorded a net foreign exchange gain of THB 226 million, reversing a loss from the previous year, primarily driven by unrealized gains on U.S. dollar-denominated borrowings as the Thai Baht depreciated.
