Gulf Energy Development reports 28% increase in Q3 net profit

Gulf Energy Development Public Company Limited reported a net profit of 9,289 million baht for the third quarter of 2026, representing a 28% year-on-year growth. Total revenue for the period reached 52,809 million baht, a 75% increase compared to the same quarter in 2025.

The growth was primarily driven by the energy sector, including natural gas and renewable energy businesses. Key contributors included the Gulf Pluak Daeng (GPD) power plant, which saw an increased load factor, and the Hin Kong (HKP) project, which reported a 61% increase in core profit following the completion of scheduled maintenance.

In the United States, the Jackson Generation natural gas project saw its core profit rise by 67% to 932 million baht. This increase was attributed to a significant rise in capacity payments driven by growing electricity demand from data center businesses in the PJM market.