Global Power Synergy Public Company Limited (SET: GPSC) reported a net profit of THB 1,819 million for 2Q26, representing a 6% increase from 1Q26, while declining by 10% compared to the same period last year. The performance reflects a significant operational recovery following heavy maintenance schedules earlier in the year.
Total revenue dipped marginally by 3% year-on-year but surged 30% quarter-on-quarter to THB 21,714 million. The primary driver for growth was the Independent Power Producer (IPP) segment, where revenue skyrocketed 249% quarter-on-quarter to THB 4,932 million. This was spearheaded by the GHECO-One Power Plant, which returned to full availability after an 88-day maintenance shutdown in Q1.
Conversely, the Small Power Producer (SPP) segment faced margin compression. While SPP revenue rose 11% quarter-on-quarter to THB 16,361 million due to higher industrial demand, gross profit fell 12% as rising natural gas and coal costs outpaced the increase in the fuel tariff.
Operational gains were partially offset by a 70% decline in net foreign exchange gains, which fell to THB 68 million due to Thai Baht volatility. Core earnings were also impacted by higher fuel costs; average natural gas prices for power generation jumped 27% to THB 345 per MMBTU due to Middle East geopolitical tensions affecting LNG supply routes.
As of June 30, 2026, GPSC maintained a stable liquidity position with THB 17,702 million in cash and equivalents. Total assets stood at THB 260,118 million, with interest-bearing debt at THB 105,207 million.
Looking ahead, management is executing its ‘4S’ strategy, focusing on expanding renewable energy and ‘New S-curve’ technologies like hydrogen and energy storage. Management highlighted long-term opportunities from Thailand’s expanding data center industry, noting that BOI applications for data center projects represent combined electricity demand of nearly 20 gigawatts if implemented as planned.
In addition, the Board of Directors approved an interim dividend payment of THB 0.55 per share to be paid on September 3, 2026, with an ex-dividend (XD) date on August 19, 2026.
