Gunkul Engineering Public Company Limited (SET: GUNKUL) delivered a robust second-quarter performance for 2026, reporting a net profit of THB 575 million, an 18.7% increase year-over-year. Total revenue surged 41.5% to THB 2.82 billion, propelled by a massive scale-up in its engineering and construction division.
Key Financial Highlights:
- Net Profit: THB 575 million (+18.7% YoY)
- Total Revenue: THB 2,823 million (+41.5% YoY)
- Earnings Per Share (EPS): THB 0.07 (+16.7% YoY)
The Construction and Services segment was the quarter’s standout performer, with revenue skyrocketing 190.6% to THB 1.47 billion. This growth reflects the progressive recognition of major public and private electrical system projects. While the segment’s gross margin of 22.3% is lower than the power generation business, its sheer volume now accounts for over 52% of total operating revenue.
The Power Generation business remained stable, contributing THB 605.47 million. Domestic solar revenue rose 6.65% due to favorable irradiation, though overseas solar revenue dipped 5.31% on currency volatility. Notably, the share of profit from wind projects jumped 20.6% as monsoon winds improved generation volumes.
Earnings growth was underpinned by core operational strength and aggressive debt management. Finance costs fell 15.5% YoY, aided by a downward trend in interest rates and the disposal of treasury shares, which raised THB 914.5 million for working capital. The company also pivoted from a foreign exchange loss last year to a THB 10.86 million gain this quarter.
Management is pivoting toward regional leadership, recently acquiring a 40% stake in a massive 784.1 MW floating solar project in the Philippines. With a backlog of THB 4.3–4.5 billion and a total portfolio of 2,121 MW, Gunkul is well-positioned to capitalize on Thailand’s new “Solar + Battery” initiatives and residential subsidies.
