In 2024, Gulf discreetly acquired a 42% stake in PTT NGD, the gas distribution subsidiary of state-owned energy giant PTT, through a private share sale.
On 19 September 2025, Gulf Energy Development reported a record recurring profit of 7.1 billion baht in the second quarter, representing a 27% year-on-year increase. Total revenue surged by 24%, driven by the rapid expansion of its portfolio across energy, infrastructure and telecommunications.
These stellar results have cemented Gulf’s position as a pillar of Thailand’s corporate landscape, a symbol of swift growth and bold strategic ambition. Yet behind the headline numbers, questions are mounting over the opacity of its corporate structure, the concentration of strategic assets, and its close ties with state-linked partners. Together, these elements point to deeper governance issues that transcend mere financial performance.
Behind the Numbers: Strategic Expansion or Structural Advantage?
Under the leadership of Sarath Ratanavadi, Gulf Energy has undergone a dramatic transformation. Once a mid-sized power producer, the group has evolved into a diversified conglomerate spanning gas, hydropower, telecommunications, data centres and digital infrastructure. Its strategy — closely aligned with Thailand’s national development priorities — has drawn widespread praise from analysts.
However, the engine of this growth rests on a complex web of acquisitions and strategic mergers, whose opacity has raised eyebrows among market watchers.
In 2024, Gulf discreetly acquired a 42% stake in PTT NGD, the gas distribution subsidiary of state-owned energy giant PTT, through a private share sale. No public tender was announced. While the transaction appears legally sound, it has sparked concerns over fair access to strategic public assets, particularly in a sector that underpins national energy security.
A few months later, in March 2025, Gulf completed a full merger with Intouch Holdings, following the approval of 99.7% of shareholders. This deal fused Gulf’s energy empire with telecommunications operator AIS, further blurring the line between public utilities and private ownership.
While both operations complied with existing legal frameworks, they reinforced perceptions of strategic proximity to state-supported players, raising questions about the long-term implications for market competition, governance independence and minority shareholder rights.
In the ESG Era, Transparency Becomes a Strategic Asset
Gulf stands as a financially robust company, well aligned with Thailand’s key economic priorities: energy transition, digitalisation, infrastructure development. But the global context has shifted. ESG criteria (Environmental, Social and Governance) have become the benchmark for institutional investors worldwide, transforming transparency in governance and procurement from a nice-to-have into a strategic imperative.
To attract international capital, companies must now demonstrate clear decision-making structures, transparent procurement procedures, and independence from political influence. Gulf’s board composition, its deal-making practices and its ability to secure public-sector contracts are likely to face increasing scrutiny from foreign investors and ESG-focused funds. These actors are particularly attentive to governance risk and regulatory predictability in emerging markets.
A National Stakes Game
Beyond Gulf itself, Thailand’s economic credibility is also on the line. As the country seeks to attract greater international investment and align its practices with global norms, a fundamental question emerges: can financial performance alone justify enduring strategic opacity?
Gulf Energy’s rapid ascent is undeniable. But in an era where transparency is not merely a regulatory checkbox but a core component of economic power and international attractiveness, sustainable success will depend on more than balance sheets.