GPSC profit jumps over 50% in Q1 on strong industrial demand

Electricity and steam sales growth lift the company’s profit in the first quarter.

Global Power Synergy Public Company Limited (GPSC) reported a net profit of about $53.5m (THB1.73b) for the first quarter (Q1) of 2026, up 51% from a year earlier and 15% from the previous quarter, supported by higher industrial electricity and steam demand and lower costs.

Earnings before interest, taxes, depreciation, and amortisation rose 6% quarter on quarter (QoQ) to around $137.0m (THB4.43b).

The company said its Small Power Producer (SPP) business benefited from higher electricity and steam sales to industrial customers.

Worawat Pitayasiri, CEO of GPSC, said the company maintained performance through portfolio management, lower financial costs, operating cost controls, and asset efficiency improvements during a period of energy market volatility.

Electricity sales volume in the SPP business increased 3% year on year and QoQ in the first three months of 2026.

Steam sales volume rose 9% from a year earlier and 6% from the previous quarter, reflecting continued demand from industrial customers.

The company said its Independent Power Producer portfolio underwent scheduled maintenance outages and efficiency upgrades during the quarter.

Overseas investments also supported earnings, as Xayaburi Power Company Limited recorded higher water inflows and lower financial costs following debt restructuring.

The company’s offshore wind power project in Taiwan, CFXD, recorded lower seasonal performance but recognised compensation income under availability guarantees for wind turbine readiness.

Renewable energy projects in India under Avaada Energy Private Limited advanced during the quarter, with new projects starting commercial operations, adding about 1,099 megawatts in Q1.

GPSC said it will continue to focus on operational efficiency, investment portfolio management, and expansion of its clean energy business in Thailand and overseas.

(US$1 = THB32.34)