PSG Corporation Public Company Limited (mai: PSGC) has kicked off 2026 with a transformative financial performance, reporting a massive leap in both top and bottom-line results.
Driven by a bold pivot into the energy sector, the group’s total revenue for the first quarter of 2026 skyrocketed to THB 2.6 billion, representing a staggering 304.4% increase from the THB 642.9 million recorded in the same period last year.
The primary catalyst for this growth was the successful strategic investment in Nam Tien Limited Liability Company (NT), which became a subsidiary on February 12, 2026. This acquisition fundamentally diversified PSGC’s revenue structure, adding THB 1,675.3 million in coal trading sales and THB 110.2 million in service revenue to the books. In contrast, the company’s traditional construction contract revenue remained relatively flat, growing just 1.1% to THB 645.6 million.
Profitability followed a similar upward trajectory. PSGC reported a net profit of THB 267.4 million for 1Q26, a 170.6% surge compared to THB 98.8 million in 1Q25. Earnings per share jumped to THB 0.0544 Baht, up from THB 0.0222 a year earlier. The bottom line was further supported by a significant foreign exchange gain of THB 128 million.
However, the rapid expansion brought a necessary increase in costs. Total expenses climbed to THB 2,236 million, up from THB 518.5 million. This rise included THB 1,460.2 million in cost of goods sold and a 24% increase in administrative expenses, which reached THB 132.1 million due to higher employee-related costs and new business feasibility studies. Finance costs also rose to THB 19.8 million, primarily from short-term loans used to support the expansion.
By reducing its long-term reliance on one-off construction projects and tapping into recurring revenue from coal distribution in Vietnam, PSGC has positioned itself for greater financial stability despite global energy price volatility. This quarter marks a definitive shift in the company’s profile from a pure-play contractor to a diversified regional energy and infrastructure group.
