Mr. David Van Dau, Chief Executive Officer of PSG Corporation Public Company Limited (mai: PSGC), stated that the company posted a net profit of THB 359.3 million for 2Q26, marking an increase of 1,791.1% compared to the same period last year when net profit stood at THB 19 million. This significant improvement reflects the full-quarter consolidation for the first time of Nam Tien Limited Liability Company (NT), PSGC’s subsidiary, into the group’s consolidated financial statements.
For the second quarter of 2026, PSGC recorded total revenue of THB 4,692.5 million, representing a surge of THB 4,027.6 million or 605.7% from the previous year’s THB 664.9 million. The revenue structure experienced a significant shift as a result of the consolidation of NT’s financial performance, which led to additional revenue streams from sales and service operations, reducing the group’s traditional reliance on construction business revenues.
The revenue composition for 2Q26 included sales revenue of THB 4,047 million, accounting for 86.3% of total revenue. The majority of this revenue stemmed from coal sales by NT to customers in Vietnam. Construction contract revenue totaled THB 398 million or 8.5%; service revenue stood at THB 142.6 million or 3%; other income amounted to THB 49.2 million; and gains from foreign exchange totaled THB 55.7 million.
Meanwhile, revenue from the construction business declined by THB 260.9 million or 39.6%, from the previous year. This was attributed to the Xayaburi Hydropower Plant Phase 1 (XPPL EP 1) project nearing completion, with over 98% progress, while new community construction projects witnessed approximately 55% progress.
The group’s total costs included construction contract costs of THB 309.2 million, down 20.8% year-on-year, reflecting the completion stages of ongoing projects. Cost of sales amounted to THB 3,251.3 million, primarily from NT’s coal sales, while cost of services from mining and coal processing businesses reached THB 96.9 million.
Selling expenses stood at THB 252.7 million. Administrative expenses increased to THB 263.2 million, up 112.6% from the previous year, mainly due to the consolidation of additional subsidiary expenses and investments in exploring new business opportunities. Finance costs were THB 60.2 million, a rise of THB 59.1 million over the previous year, largely attributed to interest expense from short-term loans from financial institutions, interest expense incurred from right-of-use assets, and bank fees.
For the first half of 2026, PSGC achieved total revenue of THB 7,292.5 million, an increase of THB 5,984.6 million or 457.4% from THB 1,307.9 million in the prior year. The company recorded net profit of THB 626.7 million, up by THB 508.9 million or 432% from THB 117.8 million, while comprehensive income totaled THB 688.4 million, growing by THB 584.9 million or 565.1% from THB 103.5 million in the same period last year.
The investment in NT has been instrumental in transforming PSGC’s business structure, introducing new revenue streams from coal sales, management services, and other energy supply chain-related businesses. This diversification has contributed to a higher proportion of recurring revenue and reduced PSGC’s reliance on construction project income over the long term.
Looking ahead, PSGC believes that expanding the customer base, effective cost management, and enhancing NT’s operational efficiency will be critical growth factors. Economic prospects in Vietnam and the Lao PDR remain positive, supported by ongoing industrial investment, domestic consumption, and infrastructure development. These trends offer PSGC greater opportunities to expand its natural resources, energy, and construction businesses in the CLMV region.
Nevertheless, PSGC will continue to monitor energy price volatility, fuel and transportation costs, as well as risks associated with construction project management, including costs, timelines, and quality. These factors remain essential to sustaining the group’s profitability and cash flow going forward.
On Thursday at 10:27 AM (Bangkok time), the share price of PSGC rose by 4.72% or THB 0.25 to THB 5.55, with a trading value of THB 1.41 million.
