PSG Corporation Public Company Limited (“PSGC”) operates construction services for projects on a lump sum turnkey basis. The Company has extensive experience in construction works for large-scale projects (roads, infrastructure, and others) and mechanical and electrical engineering (M&E) works.
PSGC is currently executing two construction projects in the Lao PDR. The Group has outlined a 10-year growth plan driven by business expansion into three key segments: (1) construction (2) natural resources and (3) energy.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 1,307.93 | 2,236.81 | 3,556.37 | 2,750.75 |
| Expenses | 1,029.57 | 906.01 | 1,725.26 | 1,080.55 |
| Net Profit (Loss) | 117.80 | 1,170.28 | 1,438.75 | 1,316.42 |
| Assets | 5,197.26 | 4,935.74 | 4,886.34 | 3,933.35 |
| Liabilities | 603.56 | 697.82 | 396.11 | 876.35 |
| Shareholders' Equity | 4,593.70 | 4,237.91 | 4,490.23 | 3,057.01 |
| Operating | 70.30 | 675.96 | 523.48 | 768.49 |
| Investing | 196.60 | -1.04 | -11.83 | -28.52 |
| Financing | -11.16 | -14.44 | -24.56 | -30.25 |
| EPS (Baht) | 0.01 | 0.02 | 0.02 | 0.02 |
| GP Margin (%) | 38.39 | 63.14 | 58.57 | 68.45 |
| NP Margin (%) | 9.01 | 52.32 | 40.46 | 47.86 |
| D/E Ratio (x) | 0.13 | 0.16 | 0.09 | 0.29 |
| ROE (%) | 8.75 | 63.68 | 38.13 | 54.91 |
| ROA (%) | 9.58 | 68.86 | 40.84 | 56.43 |
There are three phases of the strategic expansion plan
- Short-term, continuation of the current construction contracting business, which PSGC has expertise in.
- Medium-term, using our expertise in engineering services to obtain larger construction contracts and diversification into other industries through M&A and partnerships.
- Long-term, expand further on M&A and partnerships in other businesses with an emphasis on moving towards the renewable energy industry.
Construction contracting business
At present, construction contracting is the Company’s primary business. The Company plans to expand its operations both domestically and internationally. Currently, the Company has backlog valued over 4,700 MB from 2 projects. For the domestic market, the Company continues to participate in project bidding, carefully considering the project's value and its potential returns.
New businesses
The Company is actively exploring new businesses and projects across various industries. As part of this initiative, a 6–12 months pilot project has been launched in the operation and maintenance (O&M) services sector, focusing on the gold and coal mining industries. The pilot aims to evaluate business potential and gain a deeper understanding of operational dynamics. If successful, it could lead to the development of a full-scale O&M service business. Over the next 1–3 years, the Company anticipates clearer progress and direction in its new business development efforts
The Company's sustainability strategy consists of 2 parts
Part 1: Sustainability aspiration (Environment/Social/Governance)
Part 2: Key enablers in achieving sustainability goals >> Form 56-1 One Report Year 2024 P.31-57
- In Q2-2025, the Group's total revenue was 664.9 MB, a decrease of 24.6% compared to the same period in 2024, and net profit was 19.0 MB, a decrease of 95.1% compared to the same period in 2024. The lower net profit was mainly due to a significant foreign exchange loss of 126.0 MB from the appreciation of Thai Baht, mainly recorded as a non-cash foreign currency translation for financial reporting. This had no impact on core operations or cash flows, and the increased proportion of revenue from the resettlement project, which has a lower gross profit margin, weighed on overall profitability.
- The current backlog is approximately 4,700 MB.
Consolidated financial statements in Q2-2025.
1. Total revenues of 664.9 MB comprised of revenue from construction projects of 658.9 MB and other income of 6.0 MB.
2. Total expenses of 640.0 MB comprised of
2.1 Cost of construction amounted to 390.2 MB, 61.0% of total expenses, and this was in line with the progress of works and increased construction revenues.
2.2 Administrative expenses of 123.8 MB, 19.3% of total expenses.
2.3 Exchange losses of 126.0 MB, 19.7% of total expenses.
3. Net Profit: The Group generated a net profit of 19.0 MB.
- In April 2022, the Company began recognizing revenue from the XPPL project, valued at USD 239.9 million. Revenue recognition will continue until January 2026 according to the project's completion schedule.
- In June 2022, the Company signed an MOU with the Government of Lao PDR to conduct a feasibility study for developing pumped storage hydropower plants (PSH) across 214 potential sites in 8 watersheds across Lao PDR. The Company will assess both technical and commercial aspects for further project development.
- In October 2022, the Company, Keppel Energy Pte Ltd signed an MOU to conduct a feasibility study for exporting electricity generated from renewable sources in Lao PDR to Singapore.
- In June 2023, the Company began recognizing revenue from the resettlement works in Chomphet City, Lao PDR valued at 5,000 MB. The income will be gradually recognized until project completion in 2027 according to the plan.
- In December 2023, the Company and China Southern Power Grid Yunnan International Co., Ltd. signed an MOU for studying and developing pumped storage hydroelectric power and other renewable energy projects in the Lao PDR for domestic use and exporting to neighboring countries.
- In May 2025, the Company and Electricité du Laos (EDL) signed an MOU to jointly study the feasibility of developing and retrofitting the potential EDL's and its affiliates' existing hydropower plants into PSH systems, as well as integrating renewable energy sources such as solar and wind power into the national grid to enhance long-term energy stability and security
- In July 2025, PSGC completed the first round of reverse stock split, as well as the reduction of the Company’s registered and paid-up capital through par value reduction to offset its share discount. The change in the PSGC’s share price has been effective since May 13, 2025.
The Company's Risk Management is divided into 2 main groups:
1. Risks to the Company's business
2. Risks to securities holders >> Form 56-1 One Report 2024 P. 22
- PSGC received a 4-star, or 'Very Good,' rating in corporate governance from the Thai Institute of Directors Association
- Certified ISO 9001: 2015 from MASCI since 2019.
| as of 30/06/25 | PSG | PROPCON | mai |
|---|---|---|---|
| P/E (X) | 18.27 | - | 60.02 |
| P/BV (X) | 3.01 | 1.02 | 1.15 |
| Dividend yield (%) | - | 1.94 | 3.94 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 13,810.89 | 31,846.29 | 43,544.93 |
| Price (B/Share) | 0.85 | 0.49 | 0.67 |
| P/E (X) | 18.27 | 16.41 | 71.34 |
| P/BV (X) | 3.01 | 7.54 | 18.87 |
