Gunkul Engineering Public Company Limited (SET: GUNKUL) delivered stellar third-quarter 2026 financial results, highlighted by a 79% YoY surge in net profit attributable to equity holders to THB 818.15 million, up from THB 457.12 million in 3Q25. Basic earnings per share expanded by 80% to THB 0.09.
Top-line performance was equally robust, with total revenues surging 45.8% YoY to THB 2,680 million. Core revenue from operations rose 35% YoY to THB 2,445.54 million. Operational growth was anchored by a 109.8% jump in electrical equipment manufacturing to THB 694.77 million amid expanding infrastructure investments, alongside a 44.7% rise in construction and services revenue to THB 1,058.73 million.
Conversely, consolidated power generation revenue fell 10.8% YoY to THB 523.44 million due to adverse typhoon weather in Japan, though equity-accounted wind power projects offset this with a 36.3% profit increase to THB 330.42 million during the monsoon season.
GUNKUL’s gross profit margin contracted from 38.4% in 3Q25 to 32.3% in 3Q26, primarily driven by a higher revenue contribution from lower-margin construction services. However, operational efficiency improved as the SG&A-to-revenue ratio declined from 15.8% to 13.6%. Effective debt management also reduced finance costs by 10% YoY to THB 140.05 million.
The quarter’s bottom line was shaped by several non-recurring items, including a THB 340.96 million gain on a bargain purchase for a 40% stake in the Philippine floating solar project and a THB 95.89 million gain from deconsolidating project subsidiaries in a joint venture restructuring with GULF.
These gains were partially offset by a conservative THB 307.59 million expected credit loss provision on Vietnam electricity receivables following EVN’s retrospective tariff proposal. Excluding special items and FX gains, GUNKUL’s core profit grew 31.8% YoY to THB 601.94 million, confirming strong underlying operational momentum.
