Thailand’s Gulf Energy world’s second-best share performer
Gulf Energy Development of Thailand was the world’s second-best performer in the Bloomberg World Electric Index last quarter with a 30 percent rise in share price as the company expanded into deep-sea port development to complement its power projects.
Gulf Energy has or is developing power plants in Thailand, Viet Nam, and Oman. Aside from natural gas power plants, the company also operates several solar, wind, and biomass power generation projects. In Thailand, the company’s 28 power plants are supplying 11,900 megawatts of electricity to the national grid. In Viet Nam, Gulf operates three solar and one offshore wind power plant.
The surge in Gulf’s share price served to propel its founder Sarath Ratanavadi to the position of Thailand’s second wealthiest person with a net worth estimated at $6.3 billion, according to Bloomberg. A graduate of the University of Southern California, Sarath’s fortune is second only to Charoen Sirivadhanabhakdi of TCC Group which deals mainly in beverages and real estate.
Despite his sudden rise in personal wealth, Sarath told local papers that his focus is the long-term development of his company and not quick returns.
“My main focus is stable and sound growth in the long term, rather than short-term movement in the share price. We’re continuously searching for projects that will complement our existing power business,” he said.
In Bloomberg’s rankings of the wealthiest energy company owners and executives in Asia, Sarath is in the number three position behind Mukesh Ambani and Gautam Adani of India.
Despite Gulf Energy’s sterling performance, several analysts cautioned that its share prices are now considered extremely expensive, Bloomberg reported, and so the company may find it hard to meet the expectations of some investors.
Photo courtesy of https://www.bangkokpost.com/business/1705140/power-firm-owner-becomes-second-richest-man (Gulf EnergyDevelopment Plc photo)