Atlas Energy Public Company Limited (SET: ATLAS) has reported a robust start to 2026, with net profit surging 35% year-on-year to THB 73.3 million in the first quarter. This impressive bottom-line growth comes despite a pressurized Thai economy, highlighting the company’s effective retail-led strategy and improved financial management.
Total revenue for 1Q26 reached THB 3,032.3 million, a 4.3% increase compared to the THB 2,907.6 million recorded in 1Q25. The growth was primarily driven by the core LPG business, which saw revenues rise by 3.4% to THB 2,732.1 million.
Notably, while the automotive segment experienced a marginal revenue decline of 0.4%, the household and industrial sectors delivered strong performances with growth of 12.7% and 11.4%, respectively. This shift toward higher-margin retail segments helped improve the Gross Profit Margin to 15.2%, up from 14.1% in the same period last year.
The company’s asset monetization efforts also bore fruit, with revenue from asset leasing and advertising services jumping 34.7% YoY. Advertising revenue alone expanded by nearly 59% due to a broader client base and heightened media utilization.
On the expenditure side, selling and administrative (SG&A) expenses rose 17.0% YoY to THB 308 million. This increase was largely attributed to higher employee and service expenses required to support the expansion of the service network, which reached 746 touchpoints by the end of the quarter.
However, these costs were significantly offset by a 26.2% reduction in finance costs, which dropped to THB 23.4 million. This improvement was driven by lower interest expenses following the repayment of long-term loans and the elimination of borrowings from related parties.
Consequently, EBITDA grew 13.2% YoY to THB 238.7 million, with the EBITDA margin improving to 7.9%. Looking ahead, ATLAS maintains its 2026 guidance, aiming for 8-12% growth in LPG sales volume as it continues to expand its market share under the “Creative Energy Retail” concept.
