Gulf Development Public Company (GULF) Q4 2024 earnings summary

Executive summary

• Achieved strong revenue and profit growth in FY2024, driven by capacity additions and improved performance in energy, digital, and infrastructure segments.

• Expanded total installed capacity to 15,100 MW (+2,680 MW YoY), with significant contributions from gas-fired and renewable projects.

• Completed the public launch of Binance TH, capturing over 20% market share in Q4'24.

• Initiated the amalgamation with INTUCH, aiming to streamline the corporate structure and enhance financial flexibility.

• Board approved an interim dividend of Baht 1.01 per share, to be paid in March 2025.

Financial highlights

• Total revenue reached THB 124,585 million, up 6.5% year-over-year.

• Net profit attributable to parent rose 17.6% YoY to THB 18,400 million.

• Total assets grew 8.0% to THB 496,202 million as of Dec 31, 2024.

• EBITDA increased by 12.9% YoY to THB 39,934 million.

• Basic EPS was Baht 1.55, up from Baht 1.27 in 2023.

Outlook and guidance

• Projected 2025 revenue growth of 20-25% YoY, supported by new capacity COD and increased LNG imports.

• New capacity expected to reach 16,577 MW in 2025 (+1,477 MW), with key projects including HKP unit 2 and multiple solar and BESS projects.

• Data center (25 MW) and sovereign cloud operations to commence in 2025.

• Five-year investment plan (2025-2029) of approximately THB 90 billion, with 79% allocated to renewables.

• Major amalgamation and shareholding restructuring expected to complete in Q2 2025 to enhance efficiency and financial strength.