GULF Reports Record Q1/2025 Core Profit of 9,326 Million Baht
Gulf Development reported record Q1/2025 core profit of 9,326 million baht, up 43% year-on-year, driven by 21% revenue growth as the energy company prepares to bring 700 megawatts of new generation capacity online this year.
Ms. Yupaphin Wangwiwatthanakul, Chief Financial Officer of Gulf Development Public Company Limited, announced that the company's Q1/2025 operating results showed total revenue of 39,041 million baht, up 21% from 32,344 million baht in Q1/2024, and core profit of 9,326 million baht, up 43% from 6,506 million baht.
In Q1/2025, the company recorded EBITDA of 16,134 million baht, an increase of 27% from 12,699 million baht in Q1/2024, and net profit attributable to the parent company (including foreign exchange impacts) of 9,117 million baht, up 39% from 6,564 million baht. The baht weakened from 31.74 to the US dollar on December 31, 2024, to 32.99 at the end of Q1/2025.
As of March 31, 2025, the company had total assets of 820,652 million baht, total liabilities of 442,532 million baht, and shareholders' equity of 378,120 million baht, with a net interest-bearing debt-to-equity ratio of 0.91x, up from 0.85x at year-end 2024, resulting from long-term debt increase from issuing 35,000 million baht in bonds in March.
"The company maintains its full-year 2025 revenue growth forecast of approximately 10-15% from gradually recognizing revenue from increased generation capacity from new projects. This year, approximately 700 megawatts of new power plant capacity will begin commercial operations," including six solar farm and solar battery energy storage projects domestically with a combined capacity of 623 megawatts, the Chiang Mai waste-to-energy project (CM WTE) with 10 megawatts, and GULF1 solar rooftop projects expected to add 60-70 megawatts to customer deliveries.
For Q2/2025 outlook, the company expects continued operational growth, supported primarily by the energy business segment, including increased electricity sales to Thailand's Electricity Generating Authority (EGAT) due to higher demand during the summer season, particularly in April, and strong performance from the Jackson Generation natural gas power plant in the United States, with capacity payments increasing from $270 to $329 per megawatt per day in June due to rising electricity demand from data centers in the PJM market.
Additionally, in Q2/2025, the company will recognize a gain of approximately 1,900 million baht from selling a 51% stake in the Pak Lay hydropower project to J-Power, and dividend income from KBANK of approximately 2,800 million baht, supporting cash flow and overall operational performance targets.
The company remains committed to sustainable and stable long-term growth in the energy business, planning to participate in developing various projects aligned with government policy, including renewable energy power plants to support net-zero greenhouse gas emission targets.
