Gulf Development Public Company (GULF) Q2 2025 earnings summary

Executive summary

• Achieved strong revenue and core profit growth in Q2'25, driven by new capacity additions and improved performance in both domestic and international projects.

• Completed major developments including new power plant CODs, renewable energy expansions, and infrastructure milestones.

• Upgraded corporate credit rating to AA- with a stable outlook.

• Report covers the period from 1 April 2025 (amalgamation date) to 30 June 2025, reflecting consolidated and separate financials.

• Net profit for the period was 65,485 million Baht, with total comprehensive income of 63,359 million Baht.

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.

• Net profit attributable to parent reached THB 6,564 million in Q2'25.

• Total assets as of June 30, 2025, were THB 742,205 million (+0.6%), with total equity at THB 346,100 million (+1.9%).

• Revenue from sales and services was 34,951 million Baht; total consolidated revenue reached 38,518 million Baht.

• Gross profit stood at 6,529 million Baht; profit before tax was 65,946 million Baht.

• Basic earnings per share were 4.28 Baht.

• Cash and cash equivalents increased to 49,461 million Baht at period end.

Outlook and guidance

• Projected 25% revenue growth for 2025, supported by new capacity CODs and increased LNG imports.

• Key drivers include additional 1,477 MW capacity, higher share of profit from telecom investments, and data center operations.

• Long-term growth secured by committed projects in power, infrastructure, and digital sectors over the next decade.

• No explicit forward-looking guidance or outlook provided in the reporting period.