Business Overview
The Group's a leader in the trading of LPG under the 'Worldgas' brand, operating in Thailand for over 47 years. The Group's committed to providing quality, safe, and reliable energy to create value and enhance the quality of life for consumers nationwide.
In addition, the Group has expanded its business into renewable energy through solar cell power to align with the growing demand for sustainable energy and to support long-term business growth.
Financial Statement
| 2025 | 2024 | 2023 | 2022 |
|---|
Income Statement (MB)
| Revenues | 17,546.17 | 19,021.96 | 18,183.97 | 15,531.58 |
| Expenses | 17,324.82 | 18,817.33 | 17,995.56 | 15,351.13 |
| Net Profit (Loss) | 154.18 | 143.73 | 125.45 | 119.19 |
Balance Sheet (MB)
| Assets | 6,807.31 | 6,907.56 | 7,178.29 | 7,022.44 |
| Liabilities | 5,515.36 | 5,588.29 | 5,856.95 | 5,661.14 |
| Shareholders' Equity | 1,292.08 | 1,313.03 | 1,313.77 | 1,350.55 |
Cash Flow (MB)
| Operating | 414.63 | 402.00 | 561.56 | 485.21 |
| Investing | -135.18 | -302.77 | -424.23 | -241.30 |
| Financing | -183.22 | -262.73 | -244.35 | -67.48 |
Financial Ratio
| EPS (Baht) | 0.30 | 0.28 | 0.24 | 0.23 |
| GP Margin (%) | 3.94 | 3.59 | 3.75 | 4.74 |
| NP Margin (%) | 0.87 | 0.74 | 0.67 | 0.74 |
| D/E Ratio (x) | 4.27 | 4.24 | 4.43 | 4.16 |
| ROE (%) | 11.84 | 10.94 | 9.42 | 8.95 |
| ROA (%) | 3.23 | 2.91 | 2.65 | 2.68 |
Business Plan
- The Group operates more than 170 Filling Plants and 6 Terminal nationwide to support its strategy of expanding distribution coverage across the country.
- Expanding 'Canned gas' products under the 'Worldgas' brand into the modern trade sector comprehensively, making them easy to carry for camping, parties, and barbecues.
- Expanding into 'Renewable Energy' business, with a focus on Solar Rooftop. There are plans to invest in other new businesses that are in the sustainable growth trend.
- The Group's plans to increase its net profit margin to align with its sustainability strategy, stimulating sales through efficient cost management strategies and systematic customer portfolio management.
Sustainable Development Plan
In 2025, the Group was assessed and included in the SET ESG Ratings at the 'BBB' level, reflecting its commitment to sustainable and responsible business operations.
- Environmental the Group enhanced energy efficiency by reducing its electricity intensity per ton of gas sold (Energy Intensity) by 10.9%. It also installed a solar power generation system at the company's terminal, which significantly reduced indirect GHG emissions (Scope 2). Furthermore, the company was able to reduce diesel consumption to improve logistics efficiency, and regularly monitors GHG emissions.
- Social the Group continuously prioritizes safety, occupational health, and employee welfare, and conducts human rights risk assessments. In the reporting year, no significant human rights violations were found, reflecting the company's responsible business operations towards employees and partners.
- Governance the Group successfully elevated its Corporate Governance Report (CGR) assessment results to 5 stars, or 'Excellent,' which reflects the strength of its governance system and transparency.
Business Highlight
- The Group acquired an LPG Terminal for distribution facility in Phichit, including buildings and equipment, for 48 MB, to enhance its gas reserve and inventory management capabilities, as well as to increase the company's assets.
- The Group acquired an LPG Filling Plant in Surat Thani for 23.5 MB to expand its market share in the southern, thereby supporting the Group's business growth plan.
- The Group increased its capital in 'WP Gas Company Limited' by 20 MB through the issuance of 2 million new common stock with a par value of 100 Baht per share, to acquire shares in 'Thai Gas Corporation Company Limited'.
Performance and Analysis
Business Performance Summary
- The Group's sales volume in 2025 was 763,212 tons, comprising 753,265 tons in domestic sales and 9,947 tons in exports sales, an 8.73% decrease compared to 2024.
- The Group's total revenue amounted to 17,546 MB, a decrease of 7.76% from the last year.
- Total revenue from sales and services in 2025 was 17,273 MB, a decrease of 7.98% compared to 2024, which had revenue from sales and services of 18,770 MB.
- The decrease in revenue from sales and services was a result of reduced export sales volume in 2025, primarily due to an oversupply in the Group's trading partner countries and the appreciation of the Thai Baht. Supply Sales continued to decline due to intensified competition and a slowdown in the domestic economy.
- Net profit was 154 MB, an increase of 7.28%, or 10 MB compared to 2024, which had a net profit of 144 MB.
- Net profit increased despite a decrease in total sales volume. The primary reasons for this improvement were the adjustment of policies to reduce price competition and the optimization of the customer portfolio.
- The Group's EBITDA in the past year was 644 MB, an increase of 0.69% from the last year.
- The financial structure, represented by IBD/E, was 0.33 times as of December 31, 2025.
Key Milestones
The Group has a net profit of 154 MB in 2025, an increase of 7.28% from 2024, when the net profit was 144 MB. Despite a decrease in sales volume from the last year, the Group successfully managed costs and its efficient domestic customer base.
Risk Management Policy
- The Group manages credit risk by selecting financial institutions that are rated at least 'A' by independent credit rating agencies.
- For transactions with customers, the Group relies on ratings from independent credit rating agencies. In cases where no rating is available, risk will be assessed based on financial position, and credit limits will be determined from such assessment.
- The Group's investments in debt instruments are low-risk. The credit ratings of these investments are regularly reviewed to ascertain any increased risk.
Recent Awards and Recognitions
The Group is a leader in Thailand's integrated energy business, driving the organization with a green energy concept, prioritizing utmost safety, and Implemented sustainability strategies in environmental, social, and governance aspects. Which led to the operational success of 2025 as follows:
- Achieved a 5-star CGR Score, or "Excellent," from the IOD assessment.
- Achieved a BBB rating in the SET ESG Ratings index.
- Awarded a certificate for the ESG DNA project, Sustainability Knowledge Series, Phase 2.
Revenue Structure
Stock Information
SET / RESOURC / ENERG
| as of 30/12/25 | WP | ENERG | SET |
|---|---|---|---|
| P/E (X) | 13.27 | 10.87 | 15.44 |
| P/BV (X) | 1.54 | 0.89 | 1.19 |
| Dividend yield (%) | 7.94 | 4.79 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 1,929.71 | 1,776.56 | 2,011.78 |
| Price (B/Share) | 3.78 | 3.48 | 3.88 |
| P/E (X) | 13.27 | 12.53 | 19.87 |
| P/BV (X) | 1.54 | 1.39 | 1.51 |
CG Report:
Major Shareholders
as of 07/05/2025
Company Information and Contact
http://www.wp-energy.co.th
ir@wp-energy.co.th
0-2272-3322 to 1209
1 Eastwater Building, 15/F Vibhavadi Rangsit Soi 5, Vibhavadi Rangsit Road, Chom Pon Sub-district, Chatuchak District Bangkok 10900
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=WP
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