Gulf Development Public Company (GULF) Q1 2025 earnings summary

Executive summary

• Amalgamation with Intouch Holdings completed on April 1, 2025, forming Gulf Development Public Company Limited and strengthening financial and operational synergies across energy and digital businesses.

• Credit rating upgraded to AA- with a stable outlook, reflecting enhanced financial strength.

• Major new capacity additions: HKP unit 2 (770 MW) and five solar farms (532 MW) commenced operations.

• The Group's principal operations include electricity and steam generation, natural gas, satellite, and digital services.

• Interim financials cover the three months ended March 31, 2025, the day before the amalgamation.

Financial highlights

• Q1'25 total revenue was THB 32,343 million, up 0.2% year-over-year and 13.8% sequentially.

• Net profit attributable to parent was THB 5,335 million, up 28.5% year-over-year and 12.1% sequentially.

• EBITDA increased 21.4% year-over-year to THB 11,445 million.

• Total assets reached THB 522,478 million (+5.3%), liabilities THB 376,802 million (+10.1%), and equity THB 145,676 million (-5.3%) as of March 31, 2025.

• Interim dividend of THB 1.01 per share, totaling THB 11,850 million, was paid in March 2025.

Outlook and guidance

• 2025 revenue projected to grow by 25% year-over-year, driven by new capacity, increased LNG imports, and digital business expansion.

• Key drivers include new power plants, additional LNG imports, and data center operations.

• The Group is now subject to the global minimum top-up tax effective January 1, 2025.

• Long-term growth secured with committed projects in power, infrastructure, and digital sectors through 2033.