The Company's principal business is operating as a Holding Company, investing in businesses with high growth potential and maintaining ownership interests. The Company is responsible for setting the Group's strategic direction, allocating capital, and managing its investment portfolio in accordance with established policies. The Company also oversees corporate governance, risk management, and key Group policies in order to enhance growth potential and create sustainable long-term value. Currently, the Group's core businesses comprise: 1. Energy Business - Production and distribution of electricity generated from renewable energy sources in the Lao PDR; and 2. Financial Services Business - Provision of hire-purchase financing for motorcycles, as well as secured lending services to retail customers in the Lao PDR.
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 178.50 | 150.49 | 434.65 | 315.08 |
| Expenses | 125.84 | 143.39 | 243.01 | 203.84 |
| Net Profit (Loss) | 2.78 | 129.77 | 318.26 | 331.11 |
| Assets | 7,524.57 | 5,998.53 | 6,019.48 | 6,126.85 |
| Liabilities | 1,617.37 | 395.61 | 385.26 | 433.85 |
| Shareholders' Equity | 5,867.09 | 5,563.25 | 5,594.36 | 5,651.69 |
| Operating | -82.68 | -23.10 | 271.88 | 320.86 |
| Investing | -1,246.37 | -172.56 | -254.27 | -430.42 |
| Financing | 1,205.83 | -4.99 | -46.30 | -245.28 |
| EPS (Baht) | 0.01 | 0.01 | 0.03 | -0.04 |
| GP Margin (%) | 68.82 | 32.38 | 73.39 | 79.49 |
| NP Margin (%) | 2.86 | 86.30 | 73.75 | 105.18 |
| D/E Ratio (x) | 0.27 | 0.07 | 0.07 | 0.08 |
| ROE (%) | 3.35 | 6.59 | 5.66 | 5.94 |
| ROA (%) | 3.81 | 6.91 | 6.13 | 6.51 |
Over the past 1-2 years, the company has pursued an aggressive growth strategy through capital increases via Private Placement (PP) and Rights Offering (RO) to invest in expanding its energy business. Most recently, its subsidiary invested in Nam Houng 1 Hydropower and Nam Ngiep 2C Hydropower in the Lao PDR, with reserved funds for further investment expansion. Additionally, the company plans to study and develop solar power plant projects, with the feasibility study framework anticipating a production capacity of 500 MW. Currently, the company is constructing and developing its first solar power plant project, located in Pakxan District, Lao PDR, with a production capacity of 100 MW, expected to commence commercial operation in 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 sustainability
The company is committed to being a leading company in the energy and financial services businesses in the region, through a strategy of developing and investing in sustainable renewable energy infrastructure to meet the increasing energy security in the ASEAN region, and expanding 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 enhance sustainability
- Focusing on the energy business to establish a stable revenue base by acquiring power plants, resulting in an electricity generation capacity of 29.51 MW by the end of Q2 2026.
- Following the cessation of loss-making business operations , core business revenue in 2025 grew by over 80% compared to the same period last year. The primary reason was increased revenue from the energy business due to the recognition of revenue from an additional dam. Furthermore, core business revenue continued to grow by 30% in the first half of 2026 compared to the same period last year, driven by aggressive loan expansion in the financial business and improved operational efficiency in the energy business
- The company has initiated its first expansion into solar power generation. The project will have a capacity of 100 MW, with an estimated investment of approximately 65 million USD. Commercial operation date (COD) is expected in 2026.
The Group's total revenue for the six-month period of 2026 was 178.50 million Baht, an increase of 28.02 million Baht or 19 percent from the same period of the previous year. The main reasons were (1) an increase in revenue from the energy business of 14.57 million Baht due to improved efficiency in electricity generation, and (2) an increase in revenue from the financial business of 18.03 million Baht due to aggressive credit expansion
Net profit attributable to the parent company for the six-month period of 2026 was 2.78 million Baht, a decrease of 126.98 million Baht or 98 percent from the same period of the previous year. The main reasons were (1) a decrease in gain (loss) from exchange rates of 183.98 million Baht due to the appreciation of the US dollar, resulting from the Iran war, (2) an increase in administrative expenses of 11.61 million Baht from the commencement of developing a 100 MW solar project, and (3) a decrease in interest income of 6.08 million Baht, offset by (1) an increase in gross profit from the energy business of 15.61 million Baht, (2) an increase in gross profit from the financial business of 46.15 million Baht, and (3) an increase in profit from other revenue
- January 2025: Commenced revenue recognition from Nam Ngiep 2C Hydropower Co., Ltd., a hydropower plant project located in Lao PDR with a production capacity of 14.51 MW
- May 2025: The Company reclassified its industry group from Consumer Products to Resources.
- July 2025: Established a new subsidiary in Lao PDR with a registered capital of USD 1 million to invest in a Solar project.
- December 2025: The 6/2025 Board of Directors' Meeting of Alpha Divisions Public Company Limited, held on December 23, 2025, resolved to approve APDL Solar Power Sole Co., Ltd., to enter into a Power Purchase Agreement with Electricite Du Laos and invest in a solar power generation project in Lao PDR, with a total installed capacity of 100 MW and a total investment value not exceeding USD 65 million.
- August 2026: Changed its business model from Operating Company to Holding Company.
The Company promotes a risk management culture to foster shared understanding and responsibility by establishing appropriate processes, guidelines, and measures. A risk management working group is appointed to consider risks and develop risk management plan. All operations must comply with business strategies, laws, and SEC regulations. Therefore, the Company utilizes the COSO internal control framework to ensure the effectiveness of its risk management process.
| as of 30/06/26 | ALPHAX | RESOURC | mai |
|---|---|---|---|
| P/E (X) | 9.87 | - | 67.97 |
| P/BV (X) | 0.45 | 0.54 | 1.13 |
| Dividend yield (%) | - | 0.21 | 3.63 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 2,601.86 | 4,553.26 | 5,110.81 |
| Price (B/Share) | 0.28 | 0.49 | 0.55 |
| P/E (X) | 9.87 | 15.52 | 19.67 |
| P/BV (X) | 0.45 | 0.81 | 0.93 |