Gulf Energy Development Public Company Limited

BK:GULF Thailand Utilities - Independent Power Producers
Market Cap
$24.02 Billion
฿832.90 Billion THB
Market Cap Rank
#2136 Global
#2 in Thailand
Share Price
฿55.75
Change (1 day)
-0.89%
52-Week Range
฿38.75 - ฿62.75
All Time High
฿69.50
Categories
Companies in Thailand Utilities - Independent Power Producers
About

Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company generates electricity through gas-fired, solar, biomass, and wind power projects under the independent power producers and small power producers. It undertakes infrastructure projects; distributes, supplies, and sells natural gas; and operate… Read more

Gulf Energy Development Public Company Limited (GULF) - Net Assets

Latest net assets as of September 2025: ฿354.21 Billion THB

Based on the latest financial reports, Gulf Energy Development Public Company Limited (GULF) has net assets worth ฿354.21 Billion THB as of September 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿752.80 Billion) and total liabilities (฿398.59 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric Value
Current Net Assets ฿354.21 Billion
% of Total Assets 47.05%
Annual Growth Rate 45.32%
5-Year Change 113.43%
10-Year Change 6065.96%
Growth Volatility 277.2

Gulf Energy Development Public Company Limited - Net Assets Trend (2014–2024)

This chart illustrates how Gulf Energy Development Public Company Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for Gulf Energy Development Public Company Limited (2014–2024)

The table below shows the annual net assets of Gulf Energy Development Public Company Limited from 2014 to 2024.

Year Net Assets Change
2024-12-31 ฿153.84 Billion +6.76%
2023-12-31 ฿144.10 Billion +6.11%
2022-12-31 ฿135.80 Billion +26.32%
2021-12-31 ฿107.51 Billion +49.15%
2020-12-31 ฿72.08 Billion +46.98%
2019-12-31 ฿49.04 Billion +9.49%
2018-12-31 ฿44.79 Billion +13.83%
2017-12-31 ฿39.35 Billion +940.30%
2016-12-31 ฿3.78 Billion +51.60%
2015-12-31 ฿2.49 Billion -31.85%
2014-12-31 ฿3.66 Billion --

Equity Component Analysis

This analysis shows how different components contribute to Gulf Energy Development Public Company Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

  • Retained earnings have grown by 5840821821100.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component Amount Percentage
Retained Earnings ฿57.39 Billion 46.23%
Other Components ฿66.76 Billion 53.77%
Total Equity ฿124.16 Billion 100.00%

Gulf Energy Development Public Company Limited Competitors by Market Cap

The table below lists competitors of Gulf Energy Development Public Company Limited ranked by their market capitalization.

Company Market Cap
Alpha Services and Holdings S.A.
AT:ALPHA
 		$7.18 Billion
Dian Swastatika Sentosa Tbk
JK:DSSA
 		$7.20 Billion
YPF Sociedad Anonima
NYSE:YPF
 		$7.20 Billion
SPIE SA
PA:SPIE
 		$7.21 Billion
YAMATO HOLDINGS
MU:YTT
 		$7.18 Billion
Talen Energy Corporation
OTCQX:TLN
 		$7.16 Billion
Rubrik, Inc.
NYSE:RBRK
 		$7.16 Billion
Cummins India Limited
NSE:CUMMINSIND
 		$7.16 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Gulf Energy Development Public Company Limited's equity between the two most recent reporting periods.

Equity Growth Insights

  • From 2023 to 2024, total equity changed from 116,584,981,970 to 124,157,752,000, a change of 7,572,770,030 (6.5%).
  • Net income of 18,170,334,000 contributed positively to equity growth.
  • Dividend payments of 10,324,947,000 reduced retained earnings.
  • Other comprehensive income decreased equity by 2,138,979,412.
  • Other factors increased equity by 1,866,362,442.

Equity Change Factors (2023 to 2024)

Factor Impact Contribution
Net Income ฿18.17 Billion +14.63%
Dividends Paid ฿10.32 Billion -8.32%
Other Comprehensive Income ฿-2.14 Billion -1.72%
Other Changes ฿1.87 Billion +1.5%
Total Change ฿- 6.50%

Book Value vs Market Value Analysis

This analysis compares Gulf Energy Development Public Company Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

  • Current price-to-book ratio: 5.27x
  • The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
  • The price-to-book ratio has decreased from 216.08x to 5.27x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date Book Value per Share Market Price P/B Ratio
2014-12-31 ฿0.26 ฿55.75 x
2015-12-31 ฿0.16 ฿55.75 x
2016-12-31 ฿0.22 ฿55.75 x
2017-12-31 ฿3.20 ฿55.75 x
2018-12-31 ฿3.43 ฿55.75 x
2019-12-31 ฿3.56 ฿55.75 x
2020-12-31 ฿5.84 ฿55.75 x
2021-12-31 ฿8.23 ฿55.75 x
2022-12-31 ฿9.44 ฿55.75 x
2023-12-31 ฿9.94 ฿55.75 x
2024-12-31 ฿10.58 ฿55.75 x

Capital Efficiency Dashboard

This dashboard shows how efficiently Gulf Energy Development Public Company Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

  • Current Return on Equity (ROE): 14.63%
  • The company shows good efficiency in utilizing shareholder equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 15.03%
  • • Asset Turnover: 0.24x
  • • Equity Multiplier: 4.00x
  • Recent ROE (14.63%) is above the historical average (4.23%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year Return on Equity Net Profit Margin Asset Turnover Equity Multiplier Economic Value Added
2014 -15.66% -55.75% 0.08x 3.73x ฿-706.27 Million
2015 -47.94% -118.08% 0.03x 12.30x ฿-980.64 Million
2016 17.99% 173.27% 0.00x 25.77x ฿185.45 Million
2017 9.99% 79.33% 0.04x 2.91x ฿-5.06 Million
2018 8.29% 17.62% 0.14x 3.38x ฿-625.56 Million
2019 18.65% 23.86% 0.22x 3.49x ฿3.32 Billion
2020 9.60% 18.72% 0.13x 3.84x ฿-258.38 Million
2021 7.94% 16.16% 0.13x 3.75x ฿-1.99 Billion
2022 10.31% 12.13% 0.23x 3.77x ฿338.86 Million
2023 12.74% 13.03% 0.25x 3.94x ฿3.20 Billion
2024 14.63% 15.03% 0.24x 4.00x ฿5.75 Billion

Industry Comparison

This section compares Gulf Energy Development Public Company Limited's net assets metrics with peer companies in the Utilities - Independent Power Producers industry.

Industry Context

  • Industry: Utilities - Independent Power Producers
  • Average net assets among peers: $22,731,584,693
  • Average return on equity (ROE) among peers: 9.24%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
Gulf Energy Development Public Company Limited (GULF) ฿354.21 Billion -15.66% 1.13x $7.18 Billion
B.Grimm Power Public Company Limited (BGRIM) $39.30 Billion 9.55% 2.33x $255.63 Million
B GRIMM POWER PCL-NVDR (BGRIM-R) $40.82 Billion 8.37% 2.66x $305.79 Million
BANPU POWER (BPP-R) $41.18 Billion 9.26% 0.25x $144.89 Million
CK Power Public Company Limited (CKP-R) $35.04 Billion 1.16% 0.91x $184.04 Million
Electricity Generating Public Company Limited (EGCO) $32.11 Billion 12.74% 0.91x $756.07 Million
Green Tech Ventures PCL (GTV) $3.21 Billion -0.38% 0.47x $10.50 Million
Gunkul Engineering Public Company Limited (GUNKUL) $3.36 Billion 16.23% 1.16x $225.20 Million
Nava Nakorn Public Company Limited (NNCL) $2.04 Billion 16.18% 0.66x $24.00 Million
Rojana Industrial Park Public Company Limited (ROJNA) $7.52 Billion 10.07% 1.76x $92.64 Million