GUNKUL Engineering Public Company Limited, or GUNKUL, the second-largest comprehensive green energy leader in Thailand, has restructured its organization, appointing Naruchon Damrongpiyawut as the new Chief Executive Officer (CEO). With a vision to become the "most recognized partner in green energy and infrastructure in the Asia region," GUNKUL has launched the 'Equation of Progress' strategy to expand its three core businesses and create new business foundations, confidently targeting revenue growth of over 35 billion baht in the next three years.

GUNKUL aims to achieve a cumulative green energy production capacity of 2,000 megawatts by 2027 and is developing new solar and wind power projects to prepare for Direct PPA and upcoming bidding rounds. Currently, GUNKUL has a total of 1,479 megawatts of green energy plants, with an additional 832 megawatts under development awaiting revenue recognition. The company targets annual revenue growth of 10-15%, with a goal of over 35 billion baht in total revenue in three years.

Naruchon stated that under the new vision of being a "partner in green energy and infrastructure in the Asia region," the company has established the 'Equation of Progress' strategy, which signifies systematic and stable growth. This strategy is based on the company's potential in Profit, People, and Planet, enabling GUNKUL to leverage its comprehensive energy expertise alongside the new strategy to achieve business outcomes. The strategy is divided into three main approaches:

1. Build Business Muscles - This approach is akin to building strong business muscles in both existing and new industries, allowing GUNKUL to create competitive advantages from over 40 years of experience in the energy sector. The focus is on revenue growth across three core business groups and expanding into new industries where GUNKUL's strengths can provide a competitive edge.

2. Trim Operational Fat - This concept involves making the business more agile by streamlining processes to facilitate growth, reducing unnecessary operational steps and costs. The focus will be on integrating technology to manage power plants 100% effectively, optimizing personnel and time allocation, and exploring opportunities to incorporate artificial intelligence (AI) into the business framework.

3. Create Stakeholder Impact - This strategy emphasizes sustainable organizational growth that is not superficial. GUNKUL places sustainability at the core of its operations while appropriately caring for all stakeholders.

As the new CEO, I am committed to working with the board, management team, and employees to foster sustainable growth and deliver good returns to shareholders while appropriately caring for all stakeholders. The company plans to create systematic and stable growth by leveraging its core businesses through three integrated strategies.

Starting with its core business, GUNKUL will continue to increase its clean energy production capacity. By the end of 2024, the company aims to qualify and select an additional 319 megawatts from both wind and solar projects, which are currently under consideration. This aligns with the company's goal to increase its clean energy plants in its portfolio, both domestically and internationally, to 2,000 megawatts within three years, while also advancing its battery business at both commercial and grid levels and exploring new green energy business opportunities such as SMR and Green Hydrogen.

For the other two business groups, the company plans to expand its electrical engineering and infrastructure contracting services into the high voltage market of 115 kV - 500 kV, which is highly specialized with few players in the market. It also aims to expand its business in communication transmission systems, building on its electrical transmission business. In the electrical equipment manufacturing and distribution sector, the company is preparing to enter new markets for medium to high voltage electrical equipment and will bid for projects from both public and private sectors in 2025, aligning with the growing demand for clean energy infrastructure and the latest Power Development Plan (PDP), which aims for renewable energy to account for 51% of total electricity production by 2037, representing a market value of over 1 trillion baht. All of this will enable the company to not only grow in revenue but also maintain strong profitability.

Regarding new businesses or the New S-curve, Naruchon added, "The company is looking for new industries that are not limited to energy but clearly defined as industries that align with national interests, with clean energy being a key driver of success. Since GUNKUL has expertise in energy that can support projects across the entire value chain, this has led to new business opportunities such as Green Data Centers and Infrastructure Development, both of which are new business areas supported by government policies. Additionally, the company is pursuing co-investment partnerships with both domestic and international companies to create other Green S-curves, aiming to achieve the revenue target set for the next three years. Furthermore, the company is committed to sustainable growth in terms of stakeholders, with a clear goal of achieving a AAA ESG SET Rating for GUNKUL shares.

In summary, in 2024, GUNKUL achieved excellent performance with a revenue increase of 24% to 9.4 billion baht and a net profit of 1.661 billion baht, up 14%. This success stems from its three core businesses: 1. The clean energy production business has secured major energy project contracts and grown in the rooftop solar segment, resulting in a cumulative production capacity of 1,479 megawatts, making GUNKUL the second-largest clean energy producer in the country; 2. The construction of power plants and infrastructure has seen revenue growth of over 80%, driven by EPC experience covering power plants, electrical transmission lines, and substations at all voltage levels; and 3. The electrical equipment manufacturing business has also seen a 28% increase in sales. The company has laid out plans to continue its success sustainably and steadily under the new vision of being "The Most Recognized Partner in Inclusive Green Energy and Infrastructure across Asia," leading as a comprehensive business partner in green energy and infrastructure in the Asia region. For 2025, the company targets a revenue growth of 10-15%, with total revenue growth of over 35 billion baht in three years. Currently, GUNKUL has a total of 1,479 megawatts of green energy plants, with 832 megawatts under development awaiting revenue recognition. Additionally, the company has a backlog of over 3.8 billion baht in projects awaiting revenue recognition.