Global Power Synergy Public Company Limited (SET: GPSC) has reported a robust financial performance for the full year of 2025, with net profit jumping 58% to reach THB 6,399 million, up from THB 4,062 million in 2024.
This impressive bottom-line growth was achieved despite a 6% contraction in total revenue, which fell to THB 84,916 million. The revenue decline was primarily driven by the expiration of power purchase agreements (PPAs) for the GSPP3 and GSPP11 Phase 1 plants, alongside lower average selling prices for electricity and steam in line with downward adjustments to the fuel tariff (Ft) and energy prices.
The primary catalyst for the profit surge was a remarkable 220% increase in share of profit from associates and joint ventures, which contributed THB 1,579 million. Key contributors included XPCL, which saw higher electricity generation due to increased water inflows and the La Niña phenomenon, and RPCL, where the company recognized an accounting gain of THB 515 million following a bargain purchase of an additional equity interest. Additionally, the results were bolstered by a THB 788 million gain from the divestment of a 3.03% stake in Avaada Energy Private Limited (AEPL).
On the expenditure front, GPSC demonstrated effective cost management. Finance costs decreased by 13% to THB 5,120 million, aided by scheduled loan repayments and a lower average interest rate environment. Furthermore, depreciation and amortization expenses fell 4% to THB 9,397 million. While gross profit remained nearly flat at THB 20,960 million, margins were protected by a downward trend in global natural gas and coal prices, which helped mitigate the impact of lower electricity dispatch and tariff rates.
Moving into 2026, the company remains focused on its “4S” strategy, seeking to expand its renewable portfolio and tap into “New S-curve” opportunities such as data centres and energy storage.
Additionally, the Board of Directors approved a THB 0.95 dividend payment to be paid on 22 April 2026. The ex-dividend date is 25 February 2026.
