The company has two business groups as follows: 1) Financial business, which comprises hire-purchase loan services for motorcycles, used cars, gold, and agricultural machinery, as well as secured retail loan services in Laos PDR. 2) Energy business, as a producer and distributor of electricity from renewable energy.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 434.65 | 508.46 | 211.81 | 355.36 |
| Expenses | 243.01 | 203.84 | 281.83 | 273.30 |
| Net Profit (Loss) | 318.26 | 331.11 | -106.57 | 36.68 |
| Assets | 6,019.48 | 6,126.85 | 5,943.29 | 1,807.42 |
| Liabilities | 385.26 | 433.85 | 250.60 | 259.81 |
| Shareholders' Equity | 5,594.36 | 5,651.69 | 5,500.07 | 1,358.73 |
| Operating | 271.88 | 320.86 | -338.04 | -293.72 |
| Investing | -254.27 | -430.42 | 16.77 | -6.64 |
| Financing | -46.30 | -245.28 | 4,270.46 | 575.88 |
| EPS (Baht) | 0.03 | 0.04 | -0.04 | 0.02 |
| GP Margin (%) | 73.39 | 79.49 | 48.90 | 53.01 |
| NP Margin (%) | 73.75 | 65.18 | -53.60 | 10.40 |
| D/E Ratio (x) | 0.07 | 0.08 | 0.04 | 0.17 |
| ROE (%) | 5.66 | 5.94 | -3.11 | 3.89 |
| ROA (%) | 6.13 | 6.51 | -2.92 | 4.29 |
Over the past 1-2 years, the company has pursued an aggressive growth strategy through capital increases (PP and RO) to invest in expanding its energy business. Most recently, its subsidiaries invested in Nam Houng 1 Hydropower and Nam Ngiep 2C Hydropower in the Lao PDR, while also allocating reserve funds for further investment expansion. Additionally, the company plans to study and develop projects related to solar power plants, with the feasibility study framework anticipating a production capacity of 500 megawatts. Currently, the company is constructing and developing its first solar power plant project, located in Pakxan District, Bolikhamxai Province, Lao PDR, with a production capacity of 100 megawatts, expected to commence commercial operation in the second quarter of 2026.
The company prioritizes investment governance, both domestically and internationally, to ensure that all projects proceed under transparent investment policies, comply with international capital market standards, and create sustainable value for shareholders.
The company is committed to being a leading company in the energy and financial services business in the region, with a strategy of developing and investing in sustainable renewable energy infrastructure. This approach responds to the increasing energy security in the ASEAN region and expands access to financial services by offering appropriate and accessible credit solutions for entrepreneurs and individuals, thereby promoting economic growth and quality of life in the community. Furthermore, the company aims to conduct business based on responsibility towards the economy, society, and environment, to create shared value with all stakeholders of the company and enhance sustainable development. The directors, executives, and employees prioritize this commitment and will implement it as a standard for future operations.
- Focusing on operating energy businesses to build stable revenue base by acquiring power plants , result an electricity generation capacity of 29.51 MW by the end of 2025.
- Due to the cessation of loss-making businesses by divesting real estate development businesses and businesses related to cannabis production and distribution, the revenue from core operations in 2025 grew by over 80% compared to the same period of the previous year. The primary reason was the increase in revenue from the energy business, specifically from the recognition of revenue from one additional dam.
- To further growth in the energy industry and to diversify risk from relying solely on hydropower generation, the company has begun expanding into solar power generation for the first time. This project will have a capacity of 100 MW requiring an investment of approximately 65 million US dollars, and commercial operation is expected to commence in the second quarter of 2026.
Total revenue from continuing operations of the Group for the year 2025 was 434.65 million Baht, an increase of 119.58 million Baht or 38 percent from the previous year. This was primarily due to an increase in revenue from the energy business of 159.87 million Baht, offset by a decrease interest income of 23.55 million Baht.
Net profit attributable to parent company for the year 2025 was 318.26 million Baht, a decrease 12.85 million Baht or 4 percent from previous year. This was primarily due to (1) decrease in bargain purchase gain of 169.60 million Baht, (2) decrease in gain on disposal of investments of 23.79 million Baht, and (3) decrease in interest income of 23.55 million Baht, offset by (1) increase in gross profit from the energy business of 110.96 million Baht and (2) increase in foreign exchange gain of 93.53 million Baht resulting from weakening US dollar. Core net profit 2025 was 136.90 million Baht, increase 89.07 million Baht or 186 percent from previous year. This was primarily due to increase gross profit from energy business of 110.96 million Baht.
- January 2025 commenced revenue recognition in Nam Ngiep 2C Hydropower Company Limited (“NN2C”) which is a hydropower plant project located in Lao PDR. production capacity of 14.51 MW
- May 2025 To reflect the company's core business operations, the company has adjusted its industry group from Consumer Products to Resources.
- July 2025 established a new subsidiary in Lao PDR with a registered capital of 1 million US dollars to prepare for investment in solar power generation business.
- December 2025 BOD meeting No. 6/2025 on Dec 23, 2025, it approved APDL Solar, indirect subsidiary of APDT (APDT is a 100.00% subsidiary of the Company), enter into PPA with EDL and invest in a solar power generation project in Paksan District, Bolikhamxay Province, Lao PDR, with total capacity 100 MW and total investment not exceeding 65 million US dollars.
The company promotes risk management culture to foster shared understanding and responsibility by establishing appropriate processes, guidelines, measures. This includes assessing qualitative and quantitative risks, setting risk limits to mitigate damages, and establishing written operational procedures that are communicated thoroughly. Risk management working group has been appointed to continuously review and develop risk management plans, enabling the company to promptly identify and manage risks. All operations must comply with business strategies, laws, SEC regulations. Therefore, the company utilizes COSO internal control framework to ensure effectiveness of risk management processes.
| as of 30/12/25 | ALPHAX | RESOURC | mai |
|---|---|---|---|
| P/E (X) | 15.52 | - | 60.23 |
| P/BV (X) | 0.81 | 0.47 | 1.12 |
| Dividend yield (%) | - | 1.97 | 3.99 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 4,553.26 | 5,110.81 | 5,854.20 |
| Price (B/Share) | 0.49 | 0.55 | 0.63 |
| P/E (X) | 15.52 | 19.67 | - |
| P/BV (X) | 0.81 | 0.93 | 1.04 |