Energy giant BANPU Public Company Limited (SET: BANPU) reported a net profit of USD 12 million for the first quarter. This represents a significant turnaround compared to the USD 14 million loss recorded in the same period last year. The group’s resilience is attributed to its diversified energy portfolio and effective cost management amid global market volatility.
The company’s total sales revenue rose 4% to USD 1,340 million, up from USD 1,284 million in 1Q25. The Next-Gen Mining sector remained the primary engine, generating USD 689 million, supported by higher global coal prices and a 3% increase in sales volume. Simultaneously, the US Closed-Loop Gas segment saw a 48% revenue surge to USD 321 million. This growth was fueled by higher natural gas prices and increased demand resulting from severely cold winter temperatures in the United States.
A critical contributor to the bottom line was a USD 136 million foreign exchange gain, a sharp reversal from the USD 8 million loss in 1Q25. This gain primarily resulted from the depreciation of the Thai baht against the U.S. dollar. Furthermore, BANPU recorded USD 31 million in gains from financial instruments, compared to a loss in the previous year. Total EBITDA for the quarter reached USD 269 million, with mining contributing USD 155 million and the U.S. gas business adding USD 79 million.
While performance was strong, administrative expenses climbed 31% to USD 118 million due to ongoing expansion in the U.S.. The most notable impact on the P&L was the 915% spike in income tax expense, which reached USD 132 million. This increase was largely driven by a gain on the disposal of a 25% investment interest in BKV-BPP Power, LLC, as well as the recognition of deferred tax liabilities. Despite these costs, BANPU’s strategic move toward its “NewCo” amalgamation remains on track for completion by 3Q26.
