GUNKUL Reports Q1 Core Profit of THB 394.73 Million, Up 23.91% Declares Interim Dividend of THB 0.08/Share, Offering 5% Yield - Reflects Strong Operational Management
Gunkul Engineering Public Company Limited announced a solid performance for Q1/2025, reporting a 23.91% increase in core profit to THB 394.73 million. Both gross margin and net profit margin saw significant expansion, driven by strong performance in its green energy business. The company also declared an interim dividend of THB 0.08 per share, representing a high dividend yield of 5%, underscoring GUNKUL’s robust and efficient management.
Ms. Naruechon Dhumrongpiyawut, Chief Executive Officer of GUNKUL, stated that the company successfully achieved its targets for the quarter ending March 31, 2025. Core operating profit surged 23.91% year-over-year from THB 318.57 million to THB 394.73 million. Gross margin improved to 30.48%, up 2.38% from the same period last year, while net profit margin grew significantly to 17.54%, a 6.21% increase.
This performance was primarily driven by:
- Stronger results from the core business, particularly from clean energy power generation. Wind power projects saw a 57% increase in electricity sales YoY. Ground-mounted solar projects and rooftop solar installations under private PPA (Power Purchase Agreement) contracts also contributed significantly to revenue.
- Improved project cost and operational expense management. Despite total revenue for the quarter reaching THB 2,096.62 million—relatively flat due to major project revenues scheduled for the second half—the company maintained strong profitability, unaffected by the recent policy on the reduction of the electricity Ft (Fuel Adjustment Tariff).
“This quarter’s profit growth was driven by our comprehensive green energy model, spanning three major business segments. Our power generation and clean energy business—our core, high-margin segment—accounted for 77% of the company’s total gross profit and profit sharing. The remaining contributions came equally from our equipment manufacturing business (11%) and our EPC and services business (11%) To consistently reward shareholders, GUNKUL’s Board of Directors, in a meeting held on May 14, 2025, approved an interim cash dividend of THB 0.08 per share based on Q1 earnings — equivalent to a 5% yield based on the closing share price as of the previous day. The record date for dividend eligibility is May 28, 2025, and the dividend payment will be made by June 13, 2025.” said Ms. Naruechon.
Currently, GUNKUL holds a green energy portfolio totaling 1,479 MW, with 832 MW under development and pending revenue recognition. Additionally, the company has a backlog exceeding THB 3.5 billion from its EPC and electrical equipment businesses, most of which will be recognized in the second half of the year, combining with plans to expand into high-voltage electrical contracting (115–500 kV), a niche segment with few competitors that requires specialized expertise. Moreover, it aims to enter the communication cable installation sector, leveraging its 13+ years of experience in power transmission infrastructure.
The company aims to scale its manufacturing segment by tapping into the medium- and high-voltage equipment markets. It is actively bidding on both public and private sector projects to support the expansion of clean energy infrastructure. GUNKUL’s integrated business model allows it to generate revenue across the entire value chain—from supplying electrical equipment and providing EPC services during the development and construction phases, to earning long-term revenue from electricity sales once projects are operational.
Looking ahead, GUNKUL targets 10–15% annual growth over the next three years (2025–2027) and aims to expand its clean energy portfolio to 2,000 MW domestically and internationally. In the latest power plant bidding round, the company qualified and was selected for an additional 319 MW in wind and solar projects, currently undergoing further review. With plans to diversify into battery storage (both commercial and grid-scale), direct PPA (power trading), and explore new green energy innovations such as SMRs (Small Modular Reactors) and green hydrogen, the company has earmarked over THB 30 billion in equity investment over the next five years for green power projects, both in Thailand and abroad. With a low debt-to-equity ratio, GUNKUL is well-positioned to support this aggressive growth strategy — delivering sustainable revenue and profit growth in line with its vision of becoming Thailand’s second-largest integrated partner in green energy and infrastructure.
