Gulf Energy Development Plc. (SET: GULF) reported strong financial results for Q1/25, with total revenue of THB 32,343 million, remaining broadly in line with the same period of last year, while core profit reached THB 5,335 million, a 28% increase from THB 4,152 million in Q1/24.
The improved performance of the Group was primarily driven by the growth of the gas-fired power generation business, as this quarter marked the first full-quarter contribution from all four units of the Gulf Pluak Daeng (GPD) power project, an IPP under the IPD group with a total installed capacity of 2,650 MW, which gradually commenced commercial operations from 2023 to 2024. Additionally, Hin Kong (HKP) power project, an IPP with a total installed capacity of 1,540 MW, recorded a full-quarter contribution from all two units following the commercial operation of its second unit (770 MW) in January 2025.
The Company also started to recognize profits from five wholly owned domestic solar farms and solar farms with battery energy storage system (BESS) projects, with a total installed capacity of 532 MW that started commercial operations in December 2024, contributing THB 206 million in core profit in Q1/25. In addition, the Company recognized a share of core profit from wind power projects under Gulf Gunkul Corporation of THB 226 million, a 147% increase YoY, due to higher average wind speed, rising from 4.8 m/s in Q1/24 to 6.6 m/s this quarter.
However, the Company recognized a lower share of core profit from the GJP group, which declined by 68% YoY from THB 542 million in Q1/24 to THB 175 million in this quarter, due to scheduled maintenance of the two IPP projects under the GJP group—Gulf Nong Saeng (GNS) and Gulf Uthai (GUT)—which underwent A-inspection and C-inspection, respectively, during the quarter.
Additionally, the 7 SPPs under the GJP group experienced a slight decrease in gross margin due to a reduction in average Ft from THB 0.40/kWh in Q1/24 to THB 0.37/kWh in Q1/25, while the average natural gas cost decreased slightly from THB 334.54/MMBtu to THB 331.16/MMBtu.
Moreover, electricity sales to industrial users also declined, with average load factor decreasing from 60% in Q1/24 to 56% in Q1/25, due to weaker electricity demand from customers in the textile and petrochemical sectors. Furthermore, 12 SPPs under the GMP group recorded lower core profit compared to the same period last year, primarily due to reduced electricity sales to Electricity Generating Authority of Thailand (EGAT). This was driven by scheduled major maintenance (C-inspection) at 3 SPPs during the quarter, coupled with the aforementioned Ft reduction. Nevertheless, as industrial customers account for only 6% of the total electricity sold, the impact on the Company was limited.
Meanwhile, profit from the Gulf Sriracha (GSRC) power project, an IPP under the IPD group, declined compared to the same period last year due to higher maintenance expenses recognized under the Long-term Service Agreement, following scheduled maintenance of all four units.
For the gas business, the Company realized a share of core profit from PTT NGD of THB 242 million, a 14% increase YoY from THB 211 million in Q1/24. This increase was due to an increase in the average fuel oil price at a higher rate than an increase in average natural gas cost, as the majority of the project’s revenue is linked to fuel oil prices while costs are dependent on natural gas prices.
Moreover, the Company also began recognizing profit from its LNG shipper business under GLNG, which imports LNG to support electricity production at GSRC, GPD, and 19 SPPs for industrial customers. The Company also recognized core profit from HKH for LNG imports used for electricity production at HKP power project. Combined, these LNG-related businesses contributed a total of THB 93 million in core profit in Q1/25.
For the infrastructure business, the Company recognized profit from service concession arrangement for the land reclamation work of the MTP3 industrial port development project, totaling THB 48 million in Q1/25, a 60% decrease from THB 119 million in Q1/24. The decline was due to revenue and profit being recognized based on the progress of construction, with the land reclamation work for the MTP3 project already completed during the quarter.
In Q1/25, the Company recognized a share of core profit from the investment in INTUCH of THB 1,927 million, a 22% increase from THB 1,575 million in Q1/24. This was primarily driven by the improved performance of ADVANC, supported by higher ARPU from a strategic focus on premium package offerings, increased 5G network adoption, and effective cost management.
EBITDA for Q1/25 was THB 11,445 million, a 21% increase compared to THB 9,427 million in Q1/24, while net profit attributable to the parent company (including foreign exchange impacts) was THB 5,395 million in Q1/25, a 54% increase from THB 3,499 million in Q1/24.
As of 31 March 2025, the Company reported total assets of THB 522,478 million, total liabilities of THB 376,802 million, and shareholders’ equity of THB 145,676 million, with a net interest-bearing debt to equity ratio of 1.96 times, rising from 1.80 times as of 31 December 2024, due to an increase in long-term liabilities following the issuance of THB 30 billion in debentures in March 2025.
Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “The amalgamation between the Company and INTUCH has been successfully completed, and a new entity—Gulf Development Plc. (“GULF”)—was officially listed on the Stock Exchange of Thailand on 1 April 2025. The newly formed company has a stronger business foundation in both the energy and digital businesses, along with a more solid financial position. Following the amalgamation, TRIS Rating Co., Ltd. upgraded GULF’s corporate credit rating from ‘A+’ to ‘AA-’, and also raised the rating on GULF’s senior unsecured debentures to ‘AA-’.
In 2025, revenue is expected to grow by approximately 25%, driven by the scheduled commercial operation of new power projects with a total installed capacity of approximately 1,500 MW, including the second unit of the HKP with an installed capacity of 770 MW, which commenced commercial operation as scheduled in January, along with seven domestic solar farms and solar farms with BESS, with a combined installed capacity of 597 MW, and an additional 100 MW of solar rooftop projects under GULF1. GULF1 has also launched the ‘1Rtid’ project to expand into the residential retail market, offering full-service solar rooftop installations aimed at promoting energy savings and sustainable clean energy usage.
For the gas business, in 2025, the Group plans to expand LNG imports to approximately 70 cargos, equivalent to 4–5 million tons, to support power generation at the GSRC, GPD, HKP and 19 SPPs for industrial customers. This expansion is expected to drive the growth of the gas business and result in higher revenue from shipper fees. During the first four months of 2025, the Company had already imported 19 cargoes, totaling approximately 1.3 million tons of LNG.
Regarding the infrastructure and utilities business, the projects in the pipeline are still on track. The Bang Yai–Kanchanaburi (M81) motorway is set to commence operations in 2025, while the Bang Pa-In–Nakhon Ratchasima (M6) motorway is expected to be operational by 2026. Meanwhile, the Map Ta Phut industrial port development phase 3 project has completed the land reclamation, and construction of the LNG terminal is scheduled to begin in Q4/25. Additionally, the Laem Chabang port phase 3 project is expected to receive land handover from the Port Authority of Thailand for construction of the port by the end of 2025.
The digital business continues to be a key growth driver for the Company. The data center business is scheduled to gradually commence operations of its first phase, with a capacity of 25 MW, in May 2025. GULF plans to expand this capacity to 100–200 MW over the next three years. Meanwhile, the cloud business, in collaboration with Google to provide Google Distributed Cloud air-gapped services, is scheduled to commence operations in the second half of 2025 to meet the growing demand for secure and efficient data processing and storage for both government and enterprise clients.
To support the Group’s business growth and enhance financial structure management efficiency, GULF plans to issue additional debentures this year. Prior to the amalgamation, the Company received shareholders’ approval to issue and offer debentures of up to THB 210 billion. However, following the completion of the amalgamation, this resolution ceased to have legal effect. As a result, GULF has scheduled an Extraordinary General Meeting of Shareholders on 30 May 2025 to seek approval for a new debenture issuance limit of up to THB 300 billion, to be gradually issued over the next 5–10 years to support future business expansion and refinance existing loans and debentures, with current outstanding debentures amounting to THB 185.55 billion. GULF also plans to issue an additional THB 20–30 billion in debentures in Q4/25.”
