Primarily operates in the fabrication and installation of steel structures, piping systems, and modules for the construction industry, basic infrastructure systems, power plants, oil refineries, gas separation plants, large industrial factories, buildings, and all types of demolition work related to the oil, natural gas, and petroleum industries.
Currently, the Company aims to drive the group's business with a sustainability concept, which involves continuous revenue generation. Therefore, it has expanded its business into the real estate development and logistics business groups, focusing on commercial and industrial sectors. It has also invested in renewable energy businesses, namely wind and solar power.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 3,597.64 | 2,687.19 | 4,055.59 | 3,883.09 |
| Expenses | 3,233.44 | 2,430.49 | 3,867.83 | 4,057.86 |
| Net Profit (Loss) | 195.14 | 90.97 | 200.99 | -144.90 |
| Assets | 15,173.48 | 15,614.40 | 12,243.92 | 11,132.87 |
| Liabilities | 5,980.41 | 6,509.33 | 4,423.72 | 3,384.38 |
| Shareholders' Equity | 8,747.66 | 8,614.37 | 7,696.46 | 7,548.37 |
| Operating | 1,145.77 | 359.00 | 835.82 | -264.49 |
| Investing | -357.29 | -322.14 | -1,609.03 | -70.08 |
| Financing | -741.96 | 230.39 | 695.97 | -294.01 |
| EPS (Baht) | 0.11 | 0.05 | 0.13 | -0.09 |
| GP Margin (%) | 24.75 | 15.17 | 12.63 | 4.90 |
| NP Margin (%) | 6.38 | 2.30 | 3.07 | -4.92 |
| D/E Ratio (x) | 0.65 | 0.71 | 0.57 | 0.44 |
| ROE (%) | 2.25 | 1.12 | 2.64 | -1.90 |
| ROA (%) | 3.08 | 1.63 | 1.55 | -1.29 |
Operating a business towards becoming a leader in the production of large-scale fabricated steel structures with international standards to support large-scale projects worldwide. Focusing on maintaining competitiveness at all times. The business strategies for organizational growth and stability are as follows:
1. Focus on customer satisfaction, on-time delivery, and accident-free operations.
2. Efficient management and personnel development.
3. Maintain financial stability and maximize financial benefits.
4. Seek new business opportunities to generate continuous income. Expand growth in renewable energy businesses, real estate and logistics development businesses, and businesses that provide appropriate investment returns in line with current competitive conditions.
5. Prioritize sustainable organizational development, focusing on environmental, social, and governance (ESG) aspects.
Further information can be found in the 2025 Annual Information Statement (E-One Report), Section 3, regarding Business sustainability development
The Company continues to prioritize large-scale steel structure (Module) projects, oil rig decommissioning projects, and national infrastructure projects. These remain core businesses that are profitable and offer continuous opportunities for new contracts from clients. Furthermore, the Company has a policy to focus on generating recurring income by continuously expanding its investments in the energy business since 2022.
- In 2025, the Company generated total operating revenue of Baht 3,409 million, an increase of Baht 902 million (36%) compared with Baht 2,507 million in 2024. The primary reason was the fabrication work segment, which had a higher backlog of projects, resulting in an increase of Baht 521 million in recognized revenue compared with the previous year.
In addition, revenue from sales and services, mainly from offshore oil rig decommissioning services, increased by Baht 140 million, while revenue from sales and service income related to electricity from a newly established subsidiary increased by Baht 237 million, with continuous revenue recognition commencing in September 2024. Revenue from rental of real estate remained at a level similar to the previous year.
- The Company reported a gross operating profit of Baht 1,010 million, or 30% of revenue, an improvement 24% compared to gross profit in the same period of the previous. year, Gross profit margins improved across all business segments.
- The Company reported net profit attributable to shareholders of Baht 195 million for the year 2025, representing an increase of approximately 115% compared with Baht 91 million in 2024.
- On January 16, 2025, STP & I Services Co., Ltd. purchased 25,700,000 ordinary shares of WPGE Phetchaburi Co., Ltd., with a par value of THB 10 per share, at a purchase price of THB 1 per share, from WP Green Energy Co., Ltd. and existing minority shareholders. This increased the Group's shareholding in WPGE Phetchaburi Co., Ltd. from 60% to 96.71%.
- On May 9, 2025, the Company made an additional investment of THB 30 million in Sinopower Co., Ltd., representing a 50% payment for increased share capital in the said company, to further invest in PPA-based solar power generation projects.
- On August 22, 2025, the Monsoon Project commenced commercial operation. The contract has a term of 25 years. In December 2025, the Company fully paid its investment in IMH, totaling USD 44 million.
- On December 12, 2025, the Company's Board of Directors resolved to approve the establishment of a new subsidiary, ST Datacenter Co., Ltd., registered under the Hong Kong Special Administrative Region of the People's Republic of China, for the purpose of investing in other businesses (Holding Company), with a registered capital of HKD 100. The Company established the said subsidiary on January 16, 2026.
- Manage revenue volatility risk by focusing on maintaining project portfolio quality, standards, and safety, delivering work according to contracts, and increasing the proportion of recurring income by expanding the real estate development and renewable energy businesses.
- Manage the risk of raw material shortages and price fluctuations. Negotiate and enter into raw material purchase agreements with fixed prices throughout the project with specific suppliers.
The company has reviewed the risk management policy at least once a year. The Company has disclosed the full policy on its website. You can see details on https://www.stpi.co.th/investor-relations-th/corporate-governance/
| as of 30/12/25 | STPI | CONS | SET |
|---|---|---|---|
| P/E (X) | 22.13 | 26.13 | 15.44 |
| P/BV (X) | 0.92 | 0.62 | 1.19 |
| Dividend yield (%) | - | 1.79 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 8,191.47 | 5,835.52 | 5,156.22 |
| Price (B/Share) | 4.52 | 3.22 | 3.22 |
| P/E (X) | 22.13 | 304.85 | 39.05 |
| P/BV (X) | 0.92 | 0.70 | 0.65 |
