The Company's holding company that's the operation and maintenance of renewable project and holding shares business of production and distribution of electricity from renewable energy And related businesses, production and distribution of water for industry and consumption, information & communications technology business.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 4,454.19 | 5,321.85 | 9,625.68 | 10,130.71 |
| Expenses | 2,752.39 | 2,954.09 | 6,091.87 | 5,903.35 |
| Net Profit (Loss) | -556.50 | -115.12 | 1,362.77 | -8.32 |
| Assets | 71,735.24 | 82,961.44 | 73,799.80 | 81,704.56 |
| Liabilities | 50,488.47 | 61,129.44 | 51,344.22 | 59,757.53 |
| Shareholders' Equity | 19,062.39 | 19,418.35 | 20,146.17 | 19,476.10 |
| Operating | 3,060.08 | 4,801.67 | 6,056.14 | 6,744.91 |
| Investing | -515.23 | -1,611.76 | 2,099.01 | -3,566.19 |
| Financing | -2,688.21 | -2,817.38 | -7,864.81 | -4,278.22 |
| EPS (Baht) | -0.02 | 0.05 | ||
| GP Margin (%) | 49.70 | 51.63 | 48.31 | 49.55 |
| NP Margin (%) | -13.16 | -3.58 | 13.62 | -1.16 |
| D/E Ratio (x) | 2.38 | 2.80 | 2.29 | 2.72 |
| ROE (%) | 4.79 | -3.43 | 6.88 | -0.04 |
| ROA (%) | 5.53 | 3.18 | 6.48 | 4.12 |
The Company has set its business direction with a focus on expanding renewable energy projects that generate stable cash flows, strengthening the organization, and driving sustainable growth through the following key strategies:
- Collaborating with strategic partners to expand investments in value-accretive renewable energy projects
- Managing projects under development to achieve targets within budget and timeline
- Optimizing the performance of existing project assets
- Developing employee skills and enhancing competitiveness
The Company is committed to sustainable development, fostering engagement and growth alongside all stakeholders, while adhering to the principles of good corporate governance, business ethics, and legal compliance. This commitment is aimed at creating long-term value for the organization, in line with its vision to be “a leading renewable energy company in Thailand and the ASEAN region.”
The Company has established policies and practices that comprehensively cover environmental, social, governance, and economic aspects, serving as a framework for management, strategic planning, and business operations, consistent with international sustainability management standards. These include:
- Sustainable environmental management
- Creating shared value for society
- Good corporate governance
- Continuous improvement of business processes
As of 30 June 2025, the Group had a total contracted power purchase agreement (PPA) capacity of 2,169.39 MW, of which 1,486.71 MW is already in operation, comprising:
- 1,412.71 MW of operating solar power projects
- 50 MW of operating wind power projects
- 24 MW of operating waste-to-energy projects
1H2025, the Company recorded a GP of 2,149.02 million baht, a decrease of 19.62%, due to the disposal of shares in SUNFLOWER, which ceased to be the Company’s group. EBITDA margin remained strong at 81%, reflecting stable operating profitability. Including finance costs and foreign exchange losses in USD and VND, most of which were unrealized translation losses, the Company reported a net loss of 586.27 million baht. After deducting the portion attributable to non-controlling interests, the net loss attributable to owners of the parent amounted to 556.50 million baht.
- On 13 January 2025, the Company disposed of its entire 10% equity interest in Sunflower Solar Co., Ltd. (SUNFLOWER) to Levanta Renewables (Thailand) Co., Ltd. (LEVANTA) for a consideration of 536.60 million baht, SUNFLOWER ceased to be the Company’s group.
- On 13 January 2025, the Board of Directors approved the establishment of Daisy Solar Co., Ltd. (DAISY) to support the solar power business restructuring and strategic partnership plan. The incorporation was completed on 20 January 2025.
- On 29 January 2025, the Company established a joint venture, Minebae Super Solar Power Co., Ltd. (MSSP), to develop solar power projects for the private sector. The Company holds a 40% , while NMB-Minebea Thai Ltd. (NMB) holds a 60%.
- On 6 February 2025, the Company issued and offered debentures No. 1/2025 in 2 tranches, totaling 1,150 million baht, to be used for repaying loans to financial institutions.
- On 12 June 2025, the Company issued and offered debentures No. 2/2025 in 2 tranches, totaling 1,580.10 million baht, to be used to redeem debentures maturing on 23 June 2025.
- On 24 July 2025, the Board of Directors resolved to approve (1) The Company, Super Solar (Thailand) Co., Ltd. (SST) and Super Water Co., Ltd. (SW), to enter into the SPA with LEVANTA to dispose of 100% of shares in DAISY (Transaction I); and (2) Super Solar Energy Co., Ltd. (SSE) to enter into the SPA with LEVANTA to dispose of 75.52% of the total voting rights in Apollo Solar Co., Ltd. (APL) (Transaction II). The total transaction value is 4,006.84 million baht. The SPA for Transaction I was executed on 28 July 2025.
- The Executed Permanent Power Purchase Agreements for wind power projects in Vietnam: (1) Bac Lieu Project with a capacity of 141 MW (Phase 1: 99 MW) – PPA signed on 29 June 2025 with a tariff of 1,813.12 VND/kWh and a term of 20 years from COD. (2) Soc Trang Project with a capacity of 30 MW – PPA signed on 29 July 2025 with a tariff of 1,585 VND/kWh and a term of 20 years from COD.
- On 14 August 2025, the Board of Directors resolved to approve Apollo Solar Co., Ltd. (APL) to dispose of 1 rooftop solar project and 3 land plots with buildings (not part of the projects under DAISY) to Siam Solar Co., Ltd., a Connected Party, with a total transaction value not exceeding 36.67 million baht.
To enhance the effectiveness of risk management and maintain competitiveness, the Company has established a Risk Management Committee to oversee and support the implementation of enterprise-wide risk management practices. The Committee ensures that risk management processes are conducted appropriately, covering all dimensions and key issues, with regular review and monitoring in place.
| as of 30/06/25 | SUPER | ENERG | SET |
|---|---|---|---|
| P/E (X) | 3.08 | 11.94 | 14.76 |
| P/BV (X) | 0.20 | 0.87 | 1.03 |
| Dividend yield (%) | - | 5.23 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 4,102.42 | 6,837.37 | 11,213.28 |
| Price (B/Share) | 0.15 | 0.25 | 0.41 |
| P/E (X) | 3.08 | 3.65 | 97.09 |
| P/BV (X) | 0.20 | 0.33 | 0.56 |
