National Power Supply Public Company Limited (NPS) reported strong operating results for the first quarter of 2026, posting total revenue of THB 4.22 billion, up by 1.33% on a year-on-year basis. Net profit rose significantly by 24.15% to THB 530 million, driven by the Company’s continuous effort toward operational efficiency and sustainable growth.
This strong earnings boost resulted from prudent risk management measures that helped to mitigate the impact of fuel price volatility, together with the deployment of electric trucks for fuel transportation, which significantly reduced power generation costs. Earnings growth was further supported by the successful operation of the Company’s floating solar farm projects, which now have a combined installed capacity of 157 MW.
| (Unit: Million Baht) | Quarter1/2026 | Quarter1/2025 |
|---|---|---|
| Revenues | 4,222 | 4,166 |
| EBITDA | 1,226 | 1,119 |
| Net Profit | 530 | 427 |
| (Unit: Million Baht) | 31 March 2026 | 31 December 2025 |
|---|---|---|
| Total Assets | 33,511 | 33,738 |
| Total Equity | 11,311 | 10,754 |
| IBD/E | 1.70/1 | 1.80/1 |
To support growing electricity demand from existing industrial customers who are expanding their production capacity, as well as new foreign manufacturers establishing operations in the 304 Industrial Park, NPS has accelerated the development of its NPP12 power plant project. Procurement of all major machinery and equipment has been completed, thereby enabling the Company to maintain overall construction costs within the approved budget despite higher logistics and transportation expenses resulting from energy price increases linked to geopolitical tensions in the Middle East. The Company remains on track to commence commercial operations in the first quarter of 2028 as planned.
NPS has also continued to expand its Green Logistics business through the deployment of 215 electric trucks to replace conventional internal combustion engine vehicles. The initiative has successfully reduced fuel transportation costs while enhancing logistics services for factories located in 304 Industrial Park and nearby industrial areas. To support further business growth, the Company plans to invest in additional electric trucks, charging facilities, and battery-swapping infrastructure to expand service coverage and strengthen its logistics capabilities.
In the first quarter of 2026, NPS successfully completed a THB 5 billion debenture issuance to refinance maturing bonds in May and support future business expansion projects. The issuance comprised debentures with maturities of 3 years and 9 months, 5 years, 5 years and 9 months, and 7 years. This financing strategy helps align debt maturity profiles with projected annual cash flows, and enhances the Company’s long-term working capital management and financial flexibility.
NPS remains committed to strengthening its core power generation business while advancing sustainable energy and green logistics initiatives to create long-term value for shareholders and stakeholders.