GULF reports record-high core profit of 12.332 billion baht in Q2 2026, up 74%

Earnings
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Gulf Development Public Company Limited reported record-high operating profit of 12.332 billion baht in the second quarter of 2026, an increase of 74% from the same period last year. Total revenue was 50.294 billion baht, up 24%. The main growth came from the energy business, both natural gas-fired power plants and renewable energy. IPP power plants under the IPD group saw higher profits from increased electricity sales volumes driven by the country's electricity demand. Meanwhile, solar power plants in operation increased to 12 projects with total capacity of 1,129 megawatts, resulting in a 153% rise in profit for this segment to 402 million baht. In addition, the company recognized a share of profit from AIS of 4.549 billion baht, up 31%, and dividend income from KBANK of 2.842 billion baht, as well as a gain from the sale of a 51% stake in the Pak Lay hydropower project to J-Power of 1.928 billion baht. As a result, EBITDA for the quarter was 18.997 billion baht, up 41%, while net profit attributable to the parent company was 12.446 billion baht, down from the previous year which included an extraordinary gain from the merger with INTUCH. The Chief Financial Officer expects total revenue and EBITDA for 2026 to grow 12 to 15%, with approximately 700 megawatts of additional power plant projects to commence operations in the second half of the year.

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