GUNKUL Appoints New CEO, Naruchon Dhumrongpiyawut, and Unveils ‘The Equation of Progress’ Strategy, Targeting Over THB 35 Billion in Revenue Within Three Years

Gunkul Engineering Public Company Limited (GUNKUL), the second-largest integrated green energy provider in Thailand, has appointed Naruchon Damrongpiyawut as the new Chief Executive Officer. With the vision of becoming "The Most Recognized Partner in Inclusive Green Energy and Infrastructure across Asia," the company has launched the ‘Equation of Progress’ strategy to expand its three core businesses and establish new business foundations, targeting over THB 35 billion in three years.

GUNKUL is set to expand its renewable energy portfolio to 2,000 MW by 2027, with new solar and wind projects in the pipeline. The company currently operates 1,479 MW, with an additional 832 MW under development. Aiming for 10-15% annual revenue growth, GUNKUL projects its revenue to surpass THB 35 billion within three years.

‘Equation of Progress’ Strategy: A Roadmap for Systematic and Sustainable Growth

Under the new vision of becoming Asia’s leading green energy and infrastructure partner, GUNKUL has devised the ‘Equation of Progress’ strategy, built on three fundamental pillars: Profit, People, and Planet. These strengths enable GUNKUL to integrate its expertise in renewable energy with innovative business strategies to achieve its objectives. The strategy is structured into three key approaches:

1. Build Business Muscles The company aims to drive revenue growth across its three core businesses while expanding into new industries where it can establish a competitive advantage, leveraging over 40 years of energy expertise.
2. Trim Operational FatEnhancing business agility by optimizing processes to facilitate growth. This includes fully integrating technology into power plant management for improved efficiency and workforce allocation. Additionally, GUNKUL is actively exploring AI integration to enhance operational capabilities.
3. Create Stakeholder ImpactDeveloping a long-term strategy where sustainability is embedded as a fundamental business principle, ensuring the well-being of all stakeholders.

Expanding Core Business & Investing in Future Growth

As the new CEO, Miss Naruchon is committed to collaborating with the Board, management team, and employees to drive sustainable growth, maximize shareholder value, and enhance stakeholder well-being. GUNKUL’s systematic and stable growth plan focuses on strengthening its core businesses through three key expansion strategies:

1. Expanding Renewable Energy CapacityGUNKUL continues to increase its clean energy production. By late 2024, the company secured an additional 319 MW in wind and solar projects. This aligns with its goal of reaching 2,000 MW of renewable energy across Thailand and international markets within three years. Additionally, GUNKUL is advancing its battery business at both commercial and grid levels while exploring new green energy ventures such as SMR (Small Modular Reactors) and Green Hydrogen.
2. Expanding Infrastructure & Electrical Engineering ServicesGUNKUL is scaling its electrical engineering and infrastructure business into the high-voltage (115-500 kV) market, a specialized sector with limited competition. The company also plans to expand transmission line and communication infrastructure projects.
3. Enhancing Electrical Equipment BusinessGUNKUL is preparing to enter new markets with medium-to-high voltage electrical equipment and aims to secure public and private sector projects by 2025. These expansions align with Thailand’s updated Power Development Plan (PDP), which targets 51% renewable energy by 2037, representing a THB 1 trillion market.*

New Business Ventures & Future Growth Drivers

Looking beyond energy, GUNKUL is actively seeking opportunities in emerging industries that align with national priorities. The company is leveraging its clean energy expertise to develop Green Data Centers and nationwide infrastructure projects—both of which receive government support. Additionally, GUNKUL is pursuing co-investment opportunities with local and international partners to foster new Green S-curves, supporting its three-year revenue goal of THB 35 billion. The company is also committed to achieving an AAA ESG SET Rating, further reinforcing its position as a sustainability leader.

2024 Financial Performance & 2025 Growth Targets

In 2024, GUNKUL achieved THB 9.4 billion in revenue, a 24% YoY increase, with a net profit of THB 1.66 billion (+14%), driven by its three core businesses:

1. Renewable Energy Production – Increased capacity to 1,479 MW, making GUNKUL the second-largest clean energy producer in Thailand.
2. Power Plant & Infrastructure Construction – Revenue grew by 80%, leveraging its extensive EPC experience in power plants, transmission lines, and substations.
3. Electrical Equipment Manufacturing – Sales increased by 28%.

For 2025, the company targets 10-15% revenue growth, with a three-year revenue goal exceeding THB 35 billion. Currently, GUNKUL operates 1,479 MW of renewable energy, with 832 MW under development, and a THB 3.8 billion project backlog.