GULF Sets Record with Historic Q2 Profit Surge
GULF Energy Development reported record second-quarter operating profit of 12.33 billion baht, a 74% surge driven by strong performance in natural gas, renewable energy, and LNG import businesses.
GULF Energy Development achieved record second-quarter operating profit of 12.33 billion baht, a 74% increase from the same period last year, with total revenue surpassing 50.3 billion baht. Yupaporn Wangwiwat, GULF's chief financial officer, attributed the strong results to robust performance across energy and digital business segments.
The company's natural gas power plants—GSRC and GPD—significantly increased electricity sales to Thailand's state utility as national demand rose, improving capacity utilization and profitability. Renewable energy contributions also surged, with 12 solar and solar-plus-battery projects now operational, generating 1,129 megawatts combined and delivering 153% higher profits year-on-year.
GULF's LNG import business posted exceptional results with 157% profit growth after handling 37 shipments totaling 2.4 million tons in the first half. The company's shareholding in AIS telecommunications contributed 4.55 billion baht in profit, up 31%, while KBANK dividends added 2.84 billion baht and the sale of a 51% stake in the Pak Lai hydropower project to J-Power generated 1.93 billion baht.
Second-quarter EBITDA reached 19 billion baht, up 41% year-on-year, though net profit attributable to shareholders fell to 12.45 billion baht due to exceptional gains from the INTUCH merger in the prior-year quarter. At June 30, 2025, GULF held 815.97 billion baht in total assets against 468.36 billion baht in liabilities, with a net debt-to-equity ratio of 1.06 times.
GULF projects 12-15% growth in revenue and EBITDA for 2025, supported by approximately 700 megawatts of new power generation capacity slated for commercial operation in the second half, comprising solar farms, solar-plus-storage systems, waste-to-energy plants, and rooftop solar projects.
