Gunkul Engineering Public Company Limited (SET: GUNKUL) has announced 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss)
Million Baht |
484.52 | 461.87 |
| Earning Per Share
(Baht) |
0.0600 | 0.0500 |
| % Change | 4.91 | |
| 6 Month | 2025 | 2024 |
| Net Profit (Loss)
Million Baht |
851.49 | 761.43 |
| Earning Per Share (Baht) | 0.10 | 0.09 |
| % Change | 11.83 | |
GUNKUL reported a net profit in 2Q25 of Baht 484.52 million, an increase of Baht 22.65 million or 4.91% compared to the previous year. The increased net profit was due to improved cost management across all business segments, resulting in a higher gross profit margin, as well as growth in interest income under finance lease agreements and other income.
The company’s total revenue for the second quarter was 1,995.00 million Baht, compared to 2,297.40 million Baht in the same period of the previous year, representing a decrease of 302.40 million Baht or 13.16%.
Revenue from sales of assets under finance lease agreements for 2Q25 was 104.40 million Baht, compared to 20.19 million Baht in the same period of the previous year, representing an increase of 84.21 million Baht or 417.09%.
The growth was driven by higher revenue from sales of electricity generated from private-sector solar rooftop power projects (Private PPA Solar Rooftop) under long-term contracts of 10–25 years. Such revenue is recognized as sales of assets under finance lease agreements in accordance with the adjustment under Thai Financial Reporting Standard (TFRS) 16.
The increase in revenue from sales of assets under finance lease agreements will consequently result in a continuous increase in interest income under finance lease agreements throughout the term of the contracts.
Other income, as presented in the consolidated financial statements for the period ended 30th June 2025, was 192.75 million Baht, compared to 39.33 million Baht in the same period of the previous year, representing an increase of 153.42 million Baht or 390.08%.
The increase was mainly attributable to the management of the Group’s deposit accounts with various financial institutions, resulting in higher interest rates and income, the recognition of 7 gains from the partial disposal of investments in a subsidiary, and adjustments to construction costs for completed projects to reflect the actual costs of the projects.
In 2Q25, the Company’s gross profit margin was 41.49%, an increase from 33.77% in the same period of the previous year, representing a rise of 7.72%.
The net profit margin for the second quarter ended 30th June 2025 was 24.33%, compared to 20.12% in the same period of the previous year, representing an increase of 4.20%. The normal operating net profit margin* was 26.55%, compared to 20.13% in the same period of the previous year, representing an increase of 6.42%.
The improvement was mainly attributable to (1) stronger performance in the Company’s core businesses, particularly from electricity generation and sales from solar power plants, both ground-mounted and rooftop solar projects under long-term private sector agreements (Private PPA), and (2) more effective project cost management and operating expense control.
Total costs for the second quarter ended 30th June 2025 amounted to 1,054.42 million Baht, compared to 1,495.50 million Baht in the same period of the previous year, representing a decrease of 441.08 million Baht or 29.49%.
