Locking In Recurring Revenue; Named to ESG100 for the First Time
PSG Corporation Public Company Limited (PSGC) is advancing its corporate transformation strategy toward becoming a "Regional Energy & Natural Resources Developer." The company has disclosed the operational mechanics of Nam Tien Limited Liability Company (NT), a Vietnam-incorporated subsidiary in which PSGC acquired a 64% stake in early 2026, and which now serves as the primary engine of PSGC's integrated energy resources supply chain business spanning coal mines in the Lao PDR through cross-border transportation into Vietnam. Operating under a bilateral government-to-government (G2G) framework, and backed by long-term supply agreements with major Vietnamese state-owned energy enterprises, NT is targeting coal sales of 4 million tons in 2026, anchoring a long-term recurring revenue structure. In a further recognition of its governance standards, Thaipat Institute has named PSGC to its "Sustainable Investment Company" (ESG Emerging List) and ESG100 universe for 2026, reflecting a commitment to transparent disclosure across financial and ESG dimensions.
Mr. David Van Dau, Chief Executive Officer of PSG Corporation Public Company Limited (PSGC), an integrated construction service provider with over 40 years of experience, noted that one of the key strategies driving PSGC's corporate transformation is its investment in Nam Tien Limited Liability Company (NT), a Vietnam-registered company founded in 2006 with more than 20 years of experience in the energy resources supply chain business. PSGC acquired a 64% equity stake valued at USD 23 million, or approximately Baht 750 million, with the transaction completing on February 12, 2026. NT's financial statements have been consolidated into PSGC's group accounts from Q1/2026 onwards.
NT operates an integrated energy resources supply chain, encompassing the management of the Xekong Power Plant Limited (XPPL) concession in the Lao PDR the country's largest coal mining concession with estimated reserves exceeding 600 million tons through cross-border logistics to end-users in Vietnam. The business operates under a bilateral G2G framework between Vietnam and the Lao PDR, providing long-term security of trade routes. NT holds long-term supply agreements with major Vietnamese state-owned energy enterprises, including Vinacomin (TKV), PetroVietnam Power Fuel (PVPF), and Dong Bac, with a combined 2026 sales target of 4 million tons and a longer-term capacity potential of up to 10 million tons per year. Over the past five months, NT has delivered coal in line with its operational plan, and the company is confident it will meet its full-year target.
"NT is the real driver of PSGC's transformation from an integrated construction service provider to a regional energy supply chain operator," said Mr. Van Dau. "We didn't simply acquire a business. We gained access to over 600 million tons of coal reserves at the XPPL concession in the Lao PDR, a secured trade corridor under the Lao-Vietnam G2G framework, and long-term contracts with Vietnam's largest state-owned energy enterprises. This is a shift to a predictable, recurring revenue structure no longer dependent on winning new construction projects or project completion milestones. Vietnam's sustained energy demand growth gives us confidence that coal will remain a critical energy bridge during this transition period. NT will be the primary driver carrying us toward our revenue target of over Baht 10,000 million this year, and Baht 20,000 million per year by 2035. Since bringing NT on as a subsidiary, PSGC has been actively improving production and logistics capacity to ensure reliable coal delivery both this year and in the years ahead."
This proactive strategy delivered immediate and measurable results. In Q1/2026, PSGC posted record-high consolidated revenue of Baht 2,600 million, up 304% year-on-year, with coal sales accounting for 64% of total revenue. Net profit reached Baht 267.4 million, a 171% increase, underscoring that NT is not merely a strategic investment, but a revenue engine that has delivered from day one.
Alongside its regional energy expansion, PSGC has received independent validation of its governance standards. Thaipat Institute recently announced the results of its annual sustainability assessment, covering 931 listed securities, and selected PSGC for inclusion in its "Sustainable Investment Company" designation (ESG Emerging List) and the ESG100 universe for 2026. This marks PSGC's first-ever recognition under Thaipat's ESG Rating framework, reflecting the company's commitment to transparent disclosure of financial and ESG performance data, and signaling that its growth trajectory is underpinned by sound governance practices.