Yupapin Wangviwat, Chief Financial Officer of Gulf Development Public Company Limited (SET: GULF), stated that the company is currently considering a policy to pay dividends twice a year, as the company understands shareholders’ expectations for dividends, especially former shareholders of INTUCH who previously received dividends twice a year. However, this is subject to the board’s resolution. Nevertheless, the company has continuously increased dividends every year.
The proposal is expected to be submitted to the board for consideration between February and March 2026, before being presented for approval at the Annual General Meeting of Shareholders in April 2026. This year’s dividend payment trend is anticipated to rise, with most dividends to be evaluated based on the company’s performance in the second half of the year, which showed outstanding growth and is a key factor pushing overall dividends to be higher than last year.
The company’s performance outlook for 4Q25 indicates continued profit growth, stemming from the launch of seven domestic renewable power projects, with a combined total capacity of 597 megawatts, enabling the company to recognize an additional profit of approximately THB 550 million per year. This period is also the high season for the wind energy business, resulting in strong performance from the Borkum Riffgrund 2 (BKR2) project in Germany and projects under Gulf Gunkul Corporation (GGC).
On the progress of the establishment of Clicx Bank Public Company Limited, in which Krungthai Bank Public Company Limited (SET: KTB) holds 41%, GULF (through Advanced Info Service Public Company Limited, SET: ADVANC) holds 39%, and PTT Oil and Retail Business Public Company Limited (SET: OR) is also a shareholder. The bank plans to begin providing full virtual banking services in 2Q26.
Yupapin further added that as of December 31, 2025, GULF’s subsidiaries, held indirectly via Gulf Renewable Energy Company Limited (GRE) with a 100% shareholding, commenced commercial operation (COD) for two ground-mounted solar power plant projects with battery energy storage system (Solar BESS), totaling 121 megawatts of contracted capacity (288.7 megawatts of installed capacity), and have already delivered electricity to the Electricity Generating Authority of Thailand (EGAT).
In 2025, the company achieved COD for all seven planned ground-mounted solar farms and Solar BESS projects, with a total contracted capacity of 354.3 megawatts (installed capacity of 596.7 megawatts).
In 2026, the company plans to COD six additional solar projects with a total contracted capacity of 370.6 megawatts (installed capacity of 622.8 megawatts), comprising four solar farm projects with a contracted capacity of 244.6 megawatts (installed capacity of 321.3 megawatts) and two Solar BESS projects with a contracted capacity of 126 megawatts (installed capacity of 301.7 megawatts). The company will provide updates as project development progresses.
The aforementioned two Solar BESS projects are part of GRE’s renewable energy projects selected under the Energy Regulatory Commission’s regulation regarding procurement of renewable energy in a Feed-in Tariff (FiT) model for 2022–2030, for groups without fuel costs.
Electricity purchased from these projects will help mitigate fuel price volatility and reduce the burden on both households and industrial sectors, enabling them to access appropriately priced electricity throughout the contract period, as the electricity sales price is lower than the current average.
Additionally, the project development aligns with both national and company policies to promote the reduction of greenhouse gas emissions and achieve net zero emissions by 2050, together with the promotion of clean energy to foster sustainable environment and attract foreign investment.
