When discussing the hottest performer in the Thai stock market right now, none can surpass the success of GULF, or Gulf Development Public Company Limited. It can truly be described as "getting richer and richer."
Recently, the company announced its 2025 financial results, reporting a net profit reaching 86.562 billion baht, representing a dramatic growth of 304.8% compared to the previous year.
The main factor behind this substantial profit surge was the significant event of the business merger registration between GULFI and INTUCH on 1 April 2025, leading the company to record a single-item gain from this business combination of 56.12 billion baht.
Beyond the major merger, GULF also benefited from strategic moves in the financial sector; in 2025, the company started to receive substantial dividend income from its investment in Kasikornbank (KBANK) shares totaling 1.192 billion baht.
Gulf Development Public Company Limited (GULF) reported to the Stock Exchange of Thailand that its net profit attributable to the parent company in 2025 was 86.562 billion baht, a 304.8% increase from the prior year.
This included a gain of 56.12 billion baht from the merger between GULFI and INTUCH, alongside a 519 million baht profit from business acquisitions arising from fair value adjustments of investments in an industrial waste power plant project.
Additionally, in 2025, the company recorded a net gain of 1.147 billion baht from foreign exchange impacts affecting the parent company and unrealized losses from derivatives.
Considering core profit, it stood at 28.776 billion baht, up 33.4%, primarily driven by dividends from KBANK and full-year profit recognition from the GPD power plant units 3-4.
Also contributing were profits from solar power plants and solar-plus-storage plants in Thailand, which began commercial operations in late 2024 and late 2025, as well as increased profit shares from ADVANC, HKP, and Jackson.
In Q4 2025, net profit attributable to the parent company was 8.852 billion baht, up 89.5% from the previous year and 21.7% from the prior quarter, with growth exceeding core profit rates.
This was due to a 519 million baht gain from business acquisitions, stemming from fair value adjustments of investments in the industrial waste power plant project.
There was also a recorded gain of 444 million baht from foreign exchange impacts affecting the parent company and unrealized derivative losses.
Core profit in Q4 2025 was 7.889 billion baht, increasing 42.7% from the previous year, mainly driven by the commercial operation commencement of domestic solar power plants and increased profit shares from ADVANC, GJP, HKP, and Jackson.
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