Company operates as a power, steam, and utilities. In addition, the company invests in other companies thatgenerate and distribute power, steam, utilities, including related businesses both domestic and overseas.
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 39,000.59 | 44,646.05 | 87,493.29 | 92,798.76 |
| Expenses | 33,640.95 | 39,281.36 | 75,845.60 | 81,877.34 |
| Net Profit (Loss) | 3,538.45 | 3,159.29 | 6,399.00 | 4,062.38 |
| Assets | 260,118.17 | 274,531.16 | 264,259.09 | 288,136.05 |
| Liabilities | 142,548.64 | 153,983.98 | 147,823.45 | 168,994.38 |
| Shareholders' Equity | 105,560.50 | 108,978.13 | 104,406.32 | 107,557.60 |
| Operating | 6,919.59 | 10,041.42 | 20,786.62 | 23,205.13 |
| Investing | -677.00 | -5,135.98 | 1,440.47 | -2,830.71 |
| Financing | -10,057.56 | -18,018.00 | -26,360.18 | -8,157.76 |
| EPS (Baht) | 1.25 | 1.12 | 2.27 | 1.44 |
| GP Margin (%) | 15.81 | 13.20 | 13.85 | 12.59 |
| NP Margin (%) | 9.63 | 7.94 | 8.30 | 5.14 |
| D/E Ratio (x) | 1.21 | 1.28 | 1.27 | 1.42 |
| ROE (%) | 6.32 | 4.51 | 6.04 | 3.80 |
| ROA (%) | 4.83 | 3.94 | 4.70 | 3.82 |
Currently, the company has 4 main growth strategies (4S), namely:
- Strengthen and Expand the Core Strengthen the electricity and utility businesses to ensure safety, stability, profitability, and sustainability, while expanding into related businesses.
- Scale‑up Green Energy Expand renewable energy investments both domestically and internationally, focusing on solar, wind, and energy storage systems. Domestically, this aligns with the PDP plan and Direct PPA, and internationally, in high-potential countries such as India, China, and Taiwan.
- New S‑curve Develop investments in clean energy innovation and technology to reduce greenhouse gas emissions and support long-term energy production stability.
- Shift to Customer‑centric Solutions Develop customer-centric energy solutions such as Distributed Generation, District Cooling, and Energy Management to enhance stability and reduce energy costs for commercial and industrial customers.
The Company aims to reduce greenhouse gas emissions by 15% by 2035 and to achieve Net-Zero GHG Emissions by 2050.
Diversified and well‑balanced power generation portfolio covering IPP, SPP, VSPP, and overseas investments, reducing reliance on any single business segment and enhancing resilience against energy market volatility.
Stable cash flows supported by long‑term contracts and cost pass‑through mechanisms Long‑term power and steam purchase agreements with fuel cost pass‑through mechanisms that help mitigate energy price risks.
Strong operational excellence and high system reliability Supported by experienced O&M teams, shared spare‑parts management, and continuous efficiency improvement programs under the OEMS framework.
Strategic locations with robust infrastructure and land availability (EEC) with secured land in strategic areas enable project expansion, reduce capital expenditure, and shorten development timelines.
Strong financial position with solid backing from the PTT Group Supported by strong funding access, liquidity, and a high credit rating, enhancing long‑term investment capability.
Long‑term growth potential from clean energy and new business platforms Leveraging domestic and overseas renewable platforms (e.g., India and Taiwan) to expand into data centers, energy solutions, and decarbonization businesses.
For the six-month period of 2026, GPSC reported a net profit of 3,538 million Baht, an increase of 12% compared to the same period last year. Gross profit increased by 3%, driven by the SPP business boosted by increased industrial customer sales, while the performance of XPCL and AEPL (excluding prior year's extraordinary items) improved. Financial costs decreased due to loan repayments and a lower average interest rate. However, performance was partially pressured by reduced IPP business revenue (due to maintenance of GHECO-1 power plant in Q1/2026), a decrease in profit sharing from CFXD due to exchange rate impacts, as well as increased tax expenses.
GPSC expanded its commercial operation capacity by 85 MW in Q2 2026, due to the commercial operation of the AEPL project in India, based on its 39.90% shareholding, combined with projects in Thailand, Nava Nakorn Electricity Generating Co., Ltd. (NNEG) phase 3 and the Private PPA project, resulting in the company having a total commercial operation capacity of 7,421 MW.
GPSC mitigates risks through a flexible power plant portfolio, EBITDA Uplift initiatives, and Minimum Take-or-Pay contracts covering approximately 75% of sales volume. The Company also focuses on reducing financing costs, diversifying earnings through overseas and joint-venture investments, and enhancing returns through Asset Monetization.
GPSC has consistently received recognition at the Asian regional level, by receiving 3 awards from FinanceAsia 2026 namely Best Mid Cap Company, Best Managed Company – Renewable Energy, and Best COO, reflecting confidence in its organizational management capabilities, operational performance, and growth in the clean energy business, and received 6 awards from Asian Excellence & Sustainable Asia Awards 2026 covering organizational leadership, financial management, investor relations, environment, and sustainability, having received awards from the aforementioned platform. for the 10th consecutive year, reinforcing management standards, good governance, and sustainable business operations at the Asian level.
| as of 30/06/26 | GPSC | ENERG | SET |
|---|---|---|---|
| P/E (X) | 17.78 | 10.49 | 16.92 |
| P/BV (X) | 1.17 | 1.02 | 1.46 |
| Dividend yield (%) | 3.30 | 5.48 | 4.02 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 124,068.09 | 101,510.26 | 107,854.65 |
| Price (B/Share) | 44.00 | 36.00 | 38.25 |
| P/E (X) | 17.78 | 17.20 | 30.46 |
| P/BV (X) | 1.17 | 0.94 | 1.02 |
Fitch : BBB-/A+(tha)