Gulf Development Public Company Limited (“the Company”) reported strong financial results for Q2/2026, with total revenue of THB 50,294 million, increasing 24% from THB 40,617 million in Q2/2025, while core profit reached THB 12,332 million, rising 74% from THB 7,101 million.
The Group’s improved performance was primarily driven by the growth of the energy business, both gas-fired and renewable energy businesses. For the gas-fired power business, Gulf Sriracha (GSRC) and Gulf Pluak Daeng (GPD) power projects, IPP projects under the IPD group, reported higher core profit compared to the same period last year.
In addition, the Company recognized a share of core profit from the GJP group of THB 550 million in Q2/2026, representing an increase of 10% from THB 500 million in Q2/2025. This growth was mainly attributable to higher electricity sales to EGAT from the two IPP projects under the GJP group, namely Gulf Uthai (GUT) and Gulf Nong Saeng (GNS) power projects.
Meanwhile, the 19 SPP projects under the GMP and GJP groups reported a slight decline in profit, as the average natural gas cost increased from THB 317 per MMBTU in Q2/2025 to THB 363 per MMBTU in Q2/2026.
Nevertheless, electricity sales to industrial users continued to increase across both groups. Furthermore, the Company recognized a share of core profit from the Jackson Generation gas-fired power project in the United States of THB 269 million in Q2/2026, representing an increase of 101% from THB 134 million in Q2/2025.
For the renewable energy business, the Company recognized higher profit from domestic solar farm and solar farm with battery energy storage system (solar BESS) projects, following the commercial operation of additional projects.
The Company currently has a total of 12 domestic solar farm and solar BESS projects in operation, with a combined installed capacity of 1,129 MW, compared to five projects with a combined installed capacity of 532 MW in Q2/2025.
For the resources business, the Company recognized a share of core profit from the PTT NGD project of THB 343 million in Q2/2026, representing an increase of 65% from THB 208 million in Q2/2025.
The increase was driven by higher average selling prices, which are linked to fuel oil prices. The average fuel oil price increased from USD 71 per barrel in Q2/2025 to USD 105 per barrel in this quarter, while natural gas costs increased at a slower pace.
In Q2/2026, the Company recognized a share of core profit from AIS of THB 4,549 million, representing an increase of 31% from THB 3,483 million in Q2/2025.
The growth was primarily driven by AIS’s improved operating performance, supported by higher ARPU from both mobile and fixed broadband businesses, lower network and spectrum usage costs, and effective cost management.
In addition, the Company recognized dividend income from KBANK of THB 2,842 million and a gain of THB 1,928 million from the divestment of a 51% stake in the Pak Lay hydropower project to J-Power.
In Q2/2026, the Company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of THB 18,997 million, representing an increase of 41% from THB 13,432 million in Q2/2025.
Meanwhile, net profit attributable to the parent company (including foreign exchange impacts) was THB 12,446 million in Q2/2026, compared to THB 63,871 million in Q2/2025.
The decrease was primarily due to the recognition of a one-time gain of THB 56,120 million from the amalgamation with INTUCH in Q2/2025As of 30 June 2026, the Company reported total assets of THB 815,968 million, total liabilities of THB 468,364 million, and shareholders’ equity of THB 347,604 million. The net interest-bearing debt to equity ratio stood at 1.06 times, increasing from 0.91 times as of 31 March 2026.
Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “The Company’s strong operating performance in Q2/2026 reflects the growth potential of its core businesses. The Company projects total revenue and EBITDA growth of approximately 12-15% in 2026.
For the second half of 2026, the Company expects to achieve commercial operation of new power projects totaling approximately 700 MW, comprising six domestic solar farm and solar BESS projects with a combined installed capacity of 623 MW.
