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Gulf Energy Development (GULF) investor relations material
Gulf Energy Development Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary27 Aug, 2025
Executive summary
Achieved strong revenue and core profit growth in Q2'25, driven by new capacity additions, improved project performance, and the completion of the GULFI-INTUCH amalgamation.
Completed major developments including new power plant CODs, renewable energy expansions, and infrastructure milestones.
Upgraded corporate credit rating to AA- with a stable outlook following the merger.
Recognized a one-time gain on bargain purchase of THB 56,120 million from the amalgamation.
Expanded domestic solar power investments, acquiring a 50% stake in nine projects totaling 460.8 MW.
Financial highlights
Q2'25 total revenue rose 24.5% year-over-year and 25.6% quarter-over-quarter to THB 40,617 million.
EBITDA increased 21.2% YoY and 5.8% QoQ to THB 13,432 million.
Core profit grew 26.5% YoY and 9.1% QoQ to THB 7,101 million, driven by new project operations and higher share of profit from key associates.
Net profit attributable to owners was THB 63,871 million, reflecting the one-time gain from the merger.
Gross profit margin from sales declined to 16.9% from 20.7% in Q1'25 due to higher fuel costs.
Outlook and guidance
Projected 25% revenue growth for 2025, supported by new capacity CODs, increased LNG imports, and a balanced business structure across sectors.
Key drivers include additional 1,477 MW capacity, higher share of profit from telecom investments, and data center operations.
Multiple renewable and infrastructure projects under construction or development, including solar, wind, hydro, LNG terminal, and data center projects.
Upcoming commercial operations for solar and wind projects expected between 2025 and 2030.
Long-term growth secured by committed projects in power, infrastructure, and digital sectors over the next decade.
Reason for THB 56bn bargain purchase gain?
Digital business expansion plans and timeline?
Jackson's PJM capacity payment growth drivers?
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Next Gulf Energy Development earnings date
Q3 20257 Nov, 2025
Next Gulf Energy Development earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Gulf Energy Development Public Company Limited is a Thailand-based energy company engaged in the development, generation, and distribution of electricity. The company operates a diversified portfolio of power projects, including natural gas, renewable energy, and infrastructure ventures. Gulf Energy’s projects span both domestic and international markets, serving industrial, commercial, and residential customers. The company also invests in energy transmission and infrastructure to support the efficient delivery of power to end users, with a focus on sustainable energy solutions. The company is headquartered in Bangkok, Thailand, and its shares are listed on the Stock Exchange of Thailand.
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