Ms. Yupapin Wangvivat, Deputy Chief Executive Officer and Chief Financial Officer of Gulf Energy Development Public Company Limited (SET: GULF), shared the company’s business outlook at the Opportunity Day organized by the Stock Exchange of Thailand on February 23, 2025.
GULF’s net profit for 2024 stood at THB 18,170.33 million, marking a 22.30% increase from the previous year’s net profit of THB 14,857.73 million.
Total revenue reached THB 124,585 million, a 7% rise from the previous year’s THB 116,951 million, attributed to its natural gas power plant business, energy business, and profit sharing from INTUCH.
For 2025, GULF anticipates continuous growth, aiming for a 20-25% revenue increase driven by new capacity growth. Key projects scheduled to commence electricity distribution (COD) include the Hin Kong Power Project Unit 2, with a capacity of 770 MW, nearly 600 MW of solar farms and solar batteries, and 110 MW of solar rooftops.
This expansion will raise the total gross installed capacity from 15,000 MW to 16,500 MW.
Additionally, the company will start realizing full-year performance from domestic solar farm and solar battery projects, and profit from the GPD project with a 2,650 MW capacity across four units, which will significantly boost the company’s revenue and profits.
GULF also plans to increase LNG imports by 70 vessels, totaling 4-5 million tons annually, to support its energy business expansion.
In the digital business sector, GULF is set to launch its first-phase data center with a capacity of 25 MW and cloud services co-developed with Google, expected to enhance GULF’s competitiveness in the digital domain.
Regarding its investment in Advanced Info Service Public Company Limited (SET: ADVANC), the company expects to recognize no less than THB 3,500 million annually in profit, which will support cash flow and future business growth.
The company also aims to expand its investments in infrastructure projects such as ports, industrial estates, motorways, and utilities, alongside digital business ventures through INTUCH, THCOM, data centers, and digital asset exchange. A new data center will begin operations (COD) from April 2025 onwards.
Ms. Yupapin announced that the investment plan for 2025 is set at THB 23,000 million, mainly for renewable energy projects. The investment plan for 2025-2029 approximates THB 90,000 million, with 70% focused on renewable energy and 20% on digital business, including solar and wind power projects in Thailand totaling over 3,000 MW, hydropower projects in Laos amounting to about 3,142 MW, and wind energy projects in the UK, reaching 1,500 MW.
For gas-fired and gas business, the investment comprises 14%, including the Burapa natural gas power plant with a capacity of 600 MW. Digital business and investments account for 5%, primarily in expanding data centers. Infrastructure business represents 2% of the investment for Laem Chabang Port (deep container port) and Motorway M6 and M81 projects.
Currently, the company’s natural gas power production capacity across Thailand, Oman, and the USA exceeds 14 GW, alongside ongoing renewable energy projects in various countries, prioritizing carbon reduction aligned with Net Zero targets. The company aims for a 25% reduction in Scope 1 Carbon Intensity by 2030 and achieving Net Zero for Scope 1 & 2 GHG Emissions by 2050.
Furthermore, GULF maintains a strict No Coal Policy and supports natural gas as a transitional fuel, targeting to increase the share of renewable energy projects to 40% by 2035.
The company continues to expand investments across all dimensions, particularly in clean energy and digital technology, to foster sustainable growth and lay a strong foundation for the future, Ms. Yupapin concluded.
