GULF demonstrated strong performance in Q1 2026, with total revenue surpassing 39 billion baht, growing over 20%. Net profit surged to 9,117 million baht, nearly 40% higher than the previous year, reflecting success from increased domestic electricity demand and the commercial operation start of solar power plants in the country.
Core profit also rose sharply to 9,326 million baht, a 43.3% increase from the prior year, supported by strong profit shares from joint ventures, particularly ADVANC, which improved its performance, and the Jackson power plant, which saw increased capacity payment revenue.
Gulf Energy Development Public Company Limited (GULF) reported its Q1 2026 financial results to the Stock Exchange of Thailand, with total business revenue reaching 39,041 million baht, up 20.7% year-on-year and 20.3% from the previous quarter, comprising:
Net profit attributable to the parent company in Q1 2026 was 9,117 million baht, up 38.9% year-on-year and 3.0% quarter-on-quarter. The smaller increase compared to core profit was due to recorded foreign exchange losses impacting the parent company and unrealized losses from derivatives totaling 210 million baht.
Core profit totaled 9,326 million baht, up 43.3% year-on-year and 18.2% from the previous quarter, mainly driven by significantly higher electricity sales volume from natural gas power plants within the group, the commercial operation start of solar power plants in the country, and recognition of retroactive electricity revenue from the MKW wind power plant in Vietnam.
Furthermore, core profit share from joint ventures and associates amounted to 6,208 million baht, increasing 35.5% year-on-year, primarily due to improved performance at ADVANC, increased electricity sales volume at GJP, and significantly higher capacity payment revenue at Jackson.
For stock and investment news, visit Thairath Money
Follow the Facebook page: Thairath Money at this link