Gulf Development Past Earnings Performance

Past criteria checks 2/6

Gulf Development has been growing earnings at an average annual rate of 51.1%, while the Renewable Energy industry saw earnings declining at 11.9% annually. Revenues have been growing at an average rate of 18.3% per year. Gulf Development's return on equity is 12.3%, and it has net margins of 26.5%.

Key information

51.14%

Earnings growth rate

46.62%

EPS growth rate

Renewable Energy Industry Growth	6.65%
Revenue growth rate	18.34%
Return on equity	12.34%
Net Margin	26.45%
Next Earnings Update	18 Nov 2026

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Gulf Development makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

THAMSE:GULF-F Revenue, expenses and earnings (THB Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 26	142,484	37,689	5,075
31 Mar 26	136,524	89,115	4,529
31 Dec 25	129,667	85,392	4,591
30 Sep 25	94,801	75,047	3,049
30 Jun 25	126,997	79,197	4,074
31 Mar 25	120,071	20,067	3,812
31 Dec 24	120,888	18,170	3,578
30 Sep 24	121,307	19,032	4,037
30 Jun 24	118,276	16,363	3,925
31 Mar 24	119,241	14,506	3,946
31 Dec 23	114,054	14,858	3,915
30 Sep 23	113,277	15,501	3,621
30 Jun 23	109,489	13,227	3,432
31 Mar 23	99,936	11,873	3,145
31 Dec 22	94,151	11,418	2,955
30 Sep 22	82,550	9,055	2,526
30 Jun 22	70,822	9,557	2,472
31 Mar 22	59,060	9,433	2,365
31 Dec 21	47,467	7,670	2,297
30 Sep 21	41,525	6,471	2,519
30 Jun 21	37,499	5,853	2,358
31 Mar 21	34,030	6,328	2,205
31 Dec 20	32,863	4,282	2,116
30 Sep 20	31,522	3,343	1,758
30 Jun 20	31,983	3,458	1,710
31 Mar 20	31,354	3,181	1,741
31 Dec 19	30,040	4,887	1,713
30 Sep 19	27,304	4,535	1,615
30 Jun 19	23,424	4,654	1,639
31 Mar 19	20,300	2,613	1,625
31 Dec 18	17,181	3,028	1,490
30 Sep 18	14,301	3,457	1,309
30 Jun 18	11,353	2,927	1,115
31 Mar 18	7,742	4,052	1,050
31 Dec 17	4,350	3,451	957
30 Sep 17	2,048	2,329	991
30 Jun 17	605	2,261	860
31 Mar 17	242	1,389	655
31 Dec 16	241	418	594
31 Dec 15	687	-811	824

Quality Earnings: GULF-F has high quality earnings.

Growing Profit Margin: GULF-F's current net profit margins (26.5%) are lower than last year (62.4%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: GULF-F's earnings have grown significantly by 51.1% per year over the past 5 years.

Accelerating Growth: GULF-F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: GULF-F had negative earnings growth (-52.4%) over the past year, making it difficult to compare to the Renewable Energy industry average (0.8%).

Return on Equity

High ROE: GULF-F's Return on Equity (12.3%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/09/19 13:38
End of Day Share Price	2026/09/17 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Gulf Development Public Company Limited is covered by 30 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Narumon Ekasamut	BofA Global Research
Suppata Srisuk	Bualuang Securities PCL
Panjapon Taensricharoen	Bualuang Securities PCL