Gulf Development PCL (BKK:GULF)

Gulf Development PCL Income Statement

Financials in millions THB. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	129,667	120,888	114,054	94,151	47,467
Revenue Growth (YoY)	7.26%	5.99%	21.14%	98.35%	44.44%
Selling, General & Admin	4,591	3,578	3,915	2,955	2,297
Other Operating Expenses	102,492	96,592	91,335	74,104	34,380
Total Operating Expenses	107,083	100,169	95,250	77,059	36,678
Operating Income	22,585	20,719	18,805	17,092	10,789
Interest Expense	-12,812	-10,712	-9,502	-7,522	-5,000
Interest Income	4,711	3,146	2,209	318.76	2,509
Net Interest Expense	-8,101	-7,566	-7,293	-7,203	-2,491
Income (Loss) on Equity Investments	21,197	11,966	10,284	6,321	2,886
Currency Exchange Gain (Loss)	696.29	-675.52	-808.47	-627.27	-1,075
Other Non-Operating Income (Expenses)	-321.01	-376.29	-314.6	-129.65	-595.65
EBT Excluding Unusual Items	36,056	24,067	20,672	15,453	9,514
Other Unusual Items	56,639	-	-	-	-
Pretax Income	92,695	24,067	20,672	15,453	9,514
Income Tax Expense	1,634	682.16	657.59	1,344	346.9
Earnings From Continuing Ops.	91,061	23,385	20,015	14,109	9,167
Minority Interest in Earnings	-1,286	-5,214	-5,157	-2,691	-1,497
Net Income	89,775	18,170	14,858	11,418	7,670
Net Income to Common	89,775	18,170	14,858	11,418	7,670
Net Income Growth	394.08%	22.30%	30.13%	48.85%	79.12%
Shares Outstanding (Basic)	14,138	11,733	11,733	11,733	11,733
Shares Outstanding (Diluted)	14,138	11,733	11,733	11,733	11,733
Shares Change (YoY)	20.50%	-	-	-	7.06%
EPS (Basic)	6.35	1.55	1.27	0.97	0.65
EPS (Diluted)	6.35	1.55	1.27	0.97	0.65
EPS Growth	310.02%	22.30%	30.13%	48.85%	67.31%
Free Cash Flow	5,303	-7,749	-1,755	-6,417	-8,155
Free Cash Flow Per Share	0.38	-0.66	-0.15	-0.55	-0.69
Dividend Per Share	1.400	1.010	0.880	0.600	0.440
Dividend Growth	38.61%	14.77%	46.67%	36.36%	15.79%
Profit Margin	69.23%	15.03%	13.03%	12.13%	16.16%
Free Cash Flow Margin	4.09%	-6.41%	-1.54%	-6.82%	-17.18%
EBITDA	27,774	25,240	22,945	22,133	15,758
EBITDA Margin	21.42%	20.88%	20.12%	23.51%	33.20%
D&A For EBITDA	5,189	4,521	4,140	5,042	4,969
EBIT	22,585	20,719	18,805	17,092	10,789
EBIT Margin	17.42%	17.14%	16.49%	18.15%	22.73%
Effective Tax Rate	1.76%	2.83%	3.18%	8.70%	3.65%
Revenue as Reported	129,667	120,888	114,054	94,151	47,467

Source: S&P Global Market Intelligence. Utility template. Financial Sources.