Atlas Energy Public Company Limited (SET: ATLAS) has delivered a strong 2025 financial performance, bolstered by its successful listing on the Stock Exchange of Thailand (SET) and continued expansion in the LPG sector. The company reported total revenue of THB 11,616.4 million, representing an 8.7% increase from 2024, while net profit climbed 13.5% to THB 301.2 million.
Revenue Drivers and Segment Performance
The core driver of this growth was petroleum product sales, which rose 8.1% YoY to THB 10,497.8 million. This was supported by a 7.6% rise in total LPG sales volume, reaching 421.2 MKG. The automotive segment remained the primary revenue contributor (69.2% of sales volume), followed by the household segment (22.5% of sales volume), and the industrial segment (8.3% of sales volume). Beyond fuel, the company’s “Asset Monetization” strategy successfully grew leasing and other services revenue by 9.4% to THB 314.7 million, largely driven by advertising business.
Cost Management and Profitability
On the expense side, the cost of sales and services rose 8.8% to THB 9,911.5 million, moving in line with revenue expansion. Despite these increases, ATLAS maintained a healthy gross profit margin of 14.7%. Efficiency gains were evident in selling and administrative (SG&A) expenses; although they rose 7.2% in absolute terms, the SG&A-to-sales ratio improved to 13.5% from 13.7% in 2024. Furthermore, finance costs declined by 3.6% to THB 110.9 million due to lower lease liabilities and interest expenses following loan repayment. By the end of the year, the company had effectively eliminated all related-party borrowings.
Strengthened Financial Position
The October 2025 IPO, which raised THB 1,199.3 million in net proceeds, fundamentally transformed the company’s balance sheet. The debt-to-equity (D/E) ratio plummeted from 4.80x in 2024 to 2.23x, reflecting a much stronger capital structure. Looking ahead to 2026, ATLAS has set an ambitious sales growth target of 8-12%, supported by a planned investment of up to THB 1.5 billion to expand its network of service stations and gas shops.
The company’s Board of Directors is set to propose the dividend payment of THB 0.05 per share for the period from November 1 to December 31, 2025, at the upcoming 2026 Annual General Meeting of Shareholders. The dividend payment date is scheduled for May 22, 2026 with ex-dividend (XD) date on March 6, 2026.
