Gulf Expands Beyond Power Generation into Digital and Infrastructure Sectors

 

Gulf Development Public Company Limited, a constituent member of the SET50 Index, MSCI Thailand Index, and FTSE Global Equity Index series, has successfully transformed from Thailand's largest private power producer into a diversified conglomerate spanning energy, telecommunications, digital services, and infrastructure—a strategic evolution that demonstrates the company's commitment to capitalising on global megatrends.

 

With 2024 total revenue reaching 124.622 billion baht—a 7% increase year-over-year—and core profit surging 18% to 18.4 billion baht, the company's robust financial performance reflects the success of its strategic amalgamation with Intouch Holdings Public Company Limited (INTUCH). 

 

The newly formed entity was officially listed on the Stock Exchange of Thailand on 1st April 2025, marking what executives describe as a "significant milestone" in Gulf's sustainable growth trajectory.

 

 

 

Diversified Portfolio Strategy

Gulf's transformation centres on a diversified portfolio of essential businesses aligned with global megatrends, backed by an ambitious 130 billion baht investment plan over the next three years. 

 

Beyond its core energy operations—which include gas-fired and renewable energy projects that contribute to Thailand's energy security—the company has strategically expanded into three additional sectors.

 

The company's renewable energy credentials have been recently recognised with the "Renewable Energy Deal of the Year - Thailand" award at The Asset's Triple A Sustainable Infrastructure Awards 2025, acknowledging Gulf's successful funding for 12 solar power projects totalling 649 contracted megawatts, scheduled to begin commercial operations between 2024 and 2025.
 

 

In telecommunications and satellite services, Gulf holds a substantial 40.4% stake in Advanced Info Service Public Company Limited (AIS), Thailand's leading telecom provider, and over 40% ownership (direct and indirect) in Thaicom Public Company Limited, the country's satellite telecommunications leader.

 

The company's infrastructure and logistics division focuses on Public-Private Partnership projects supporting national economic development, including major initiatives such as the Laem Chabang Port Phase 3, Map Ta Phut Industrial Port Development Phase 3 Project, and motorways M6 and M81.

 

Perhaps most notably, Gulf has entered the rapidly expanding digital services sector through partnerships with global technology leaders. The company is collaborating with Singtel and AIS on data centre development in Thailand, whilst offering cloud services through partnerships with Oracle and Google.

 

Oracle Alloy provides public cloud services, while Google Distributed Cloud offers a Sovereign Cloud, high-security solutions, targeting government, private, and industrial clients.

 

In a move reflecting current blockchain technology trends, Gulf has also entered the digital asset infrastructure space through a joint venture with Binance, establishing GULF Binance to provide digital asset trading services.

 

 

 

International Expansion Strategy

Gulf's diversification strategy extends beyond Thailand's borders, with significant international investments demonstrating the company's global ambitions. 

 

The company holds a 49% equity interest in Jackson, an operating gas-fired power project in the USA with 1,200 MW capacity, and a 24.99% equity interest in Outer Dowsing, a developing offshore wind farm in the UK with 1,500 MW capacity.

 

 

This international expansion supports Gulf's ambitious target of achieving 23,356 MW total installed power generation capacity, with equity installed capacity reaching 12,750 MW by 2033.

 

 

Strong Financial Performance

The company's robust growth strategy is reflected in its strong financial performance across multiple metrics. 
For 2024, Gulf reported EBITDA of THB 39,934 million, representing a 13% increase compared to 2023, whilst maintaining healthy margins. 

 

The Q1 2025 results showed continued momentum, with core profit reaching 5.335 billion baht—a 28% year-over-year increase—and EBITDA growing 21% to 11.445 billion baht.

 

Looking ahead, Gulf expects to maintain a stable EBITDA margin of 33%-34% and keep its debt-to-EBITDA ratio within the 6-7 times range over the next three years, providing financial flexibility for its ambitious expansion plans.

 

 

 

Capital Raising for Growth

To fund its diversification and expansion strategy, Gulf recently conducted a fixed income investor roadshow that received overwhelmingly positive responses from institutional and cooperative investors. 

 

The company has received a credit rating of "AA-" with a "Stable" outlook from TRIS Ratings, reflecting market confidence in its diversified business model.

 

Yupapin Wangwiwat, Chief Financial Officer of Gulf, emphasised that the amalgamation with INTUCH has created synergies between the energy and digital sectors whilst enhancing financial stability and cash flow. 

 

"This strategic move has strengthened our assets, equity, and EBITDA, resulting in a lower leverage ratio and greater capacity for future business expansion," she stated.

 

 

 

Debenture Offering Details

The company plans to offer name-registered senior and unsecured debentures across four tranches: a 3-year debenture for institutional investors and high-net-worth non-individual investors, and 5-year, 7-year, and 10-year debentures for the general public. 

 

The debentures will be offered from 30th September to 2nd October 2025 through ten financial institutions, including major Thai banks such as Bangkok Bank, Krungthai Bank, Bank of Ayudhya, KASIKORNBANK, and Siam Commercial Bank.

 

Gulf's transformation from a traditional power producer to a diversified conglomerate positions the company to capitalise on multiple growth sectors whilst maintaining its core energy expertise. 

 

The company's expansion both domestically and internationally reflects broader trends in Thai corporate strategy, where traditional sector leaders are seeking to diversify their revenue streams and align with global megatrends in digitalisation, infrastructure development, and sustainable energy.