Gulf Development Public Company Limited, or GULF, reported core profit for the second quarter of 2026 at 10.405 billion baht, up 12 percent from the previous quarter and 47 percent from a year earlier, after booking dividends from KBANK of 2.842 billion baht. This marks a new quarterly record for core profit. The company also booked an extraordinary gain from the disposal of its investment in the Pak Lay project of 1.928 billion baht and a foreign exchange gain of 113 million baht, bringing net profit to 12.446 billion baht. Total revenue came in at 44.5 billion baht, up 18 percent from the prior quarter and 16 percent from a year ago. Revenue from IPP power plants rose on higher dispatch, while the renewable energy business saw revenue drop 23 percent from the previous quarter because the first quarter of 2026 included a retroactive revenue booking for a Vietnam wind project. However, revenue was up 80 percent from a year earlier, thanks to a 597-megawatt Solar plus BESS project that began commercial operation in the fourth quarter of 2025. Gross profit stood at 7.354 billion baht, down 9 percent from the prior quarter. Excluding the 636 million baht retroactive revenue from the Vietnam wind project, gross profit would have declined only slightly, due to the impact of higher natural gas prices on SPP power plants. SG&A expenses rose 81 percent from the previous quarter and 47 percent from a year earlier to 1.713 billion baht, mainly because of a one-time restructuring expense in Oman of about 500 million baht. Yuanta Securities expects core profit in the third quarter of 2026 to be flat from the second quarter, as there will be no dividend from KBANK, but still higher than a year ago, supported by the Solar plus BESS project, the high season for GGC, and a growing profit contribution from ADVANC, which is expected to increase every quarter. The stock trades at a price-to-earnings ratio of 30 times for 2026 and 29 times for 2027, not yet factoring in opportunities from the Power Development Plan and data centers. The company expects clarity on a hyperscale data center investment of about 500 megawatts this year. Yuanta maintains a target price of 91.00 baht and a buy recommendation.
Gulf Energy Development Public Company LimitedGULF reports record core profit and net profit, boosted by KBANK dividends and extraordinary gains.
Kasikornbank Public Company LimitedGULF's profit includes dividends from KBANK, indicating KBANK's profitability.
