GPSC 9-Month Profit Rises 5% to 5.13 Billion Baht
GPSC posted a 5% year-on-year rise in nine-month net profit to 5.13 billion baht, driven by strong hydropower output at Srinagarind, better offshore wind availability in Taiwan, and a gain from a solar asset sale. The CEO said the diversified portfolio and cost management offset pressure from higher natural gas costs on small power producer margins, and the company remains confident in sustaining performance while preparing for new investments under Thailand's updated power development plan.
GPSC disclosed a net profit of 5.13 billion baht for the first nine months of 2026, up 5% from the same period last year. Key drivers included the Srinagarind power plant (XPCL) benefiting from increased water inflow and the Changfang and Xidao offshore wind project in Taiwan (CFXD) achieving higher turbine availability, alongside lower financial costs. The company also booked a 222 million baht gain from the sale of its investment in Sheng Yang Energy Company Limited (SYE), a solar power operator in Taiwan. Growing industrial electricity demand, higher sales from the Huai Hia hydropower plant (HHPC), and reduced losses from coal stock at the Gheco-1 power plant further supported profit growth. However, the small power producer (SPP) business continues to face pressure from rising natural gas costs while electricity tariffs have fallen compared to the previous year. For the third quarter of 2026, net profit stood at 1.592 billion baht, bolstered by the SYE divestment gain, revenue from reserve capacity asset sales, lower maintenance expenses, and a higher profit share from Srinagarind due to water volumes. These factors offset pressure from natural gas costs rising faster than the fuel tariff adjustment, planned lower electricity dispatch, and seasonal impacts on renewable energy, resulting in a 12% quarter-on-quarter decline in net profit. Cheidchai stated that the nine-month performance reflects the resilience of a diversified portfolio combined with financial cost discipline and asset value enhancement. While higher natural gas costs pressure near-term margins, the company is confident in sustaining performance. GPSC will focus on improving production efficiency, managing fuel costs, ensuring reliable power and steam delivery, and preparing for investment opportunities and partnerships under the new Power Development Plan (PDP), covering both renewable energy and system-stability power plants to drive sustainable growth.
