SET-listed Banpu, an energy conglomerate, endured fluctuating fuel prices and benefited from changes in weather conditions during the first half of 2023.
The company posted total sales revenue of 23.4 billion baht and a net profit of 4.5 billion in the first six months of this year.
According to media reports, the company's net profit was 23 billion baht for the first half of 2022.
"We managed to maintain operational stability across all groups of businesses despite an uncertain global energy market and changing weather conditions," said Somruedee Chaimongkol, chief executive of Banpu.
"These factors affect policies in each country where we operate, as well as energy demand and supply trends."
The acquisition of Temple II gas-fired power plant in Texas played a key role in generating revenue for Banpu's business in the US.
Banpu's power generation arm, Banpu Power, announced in July the 16-billion-baht buyout of the asset.
The plant is located adjacent to Temple I gas-fired plant. Banpu made an investment in the company in 2021.
BKV Corporation, another subsidiary of Banpu, operates gas production in the Barnett shale field in Texas.
Temple I reported a profit in the second quarter, benefiting from an unexpected heat wave in Texas that led to a surge in demand for electricity, said Mrs Somruedee.
Solar power plants in China, Japan and Vietnam also registered increased revenue because of favourable weather and high irradiation intensity.
However, the gas business faced challenges because of low gas prices amid an elevated inventory in the US, she said.
In the energy technology business, Banpu continued to grow as the Thai government promotes battery-run vehicles as part of an effort to achieve a low-carbon society.
Prime Minister Prayut Chan-o-cha vowed in 2021 Thailand would seriously deal with climate change and strive to reach carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050.
Mrs Somruedee said Banpu increased its stake in Singapore-based Durapower, an energy storage manufacturer and distributor, to 65.1% during the first half of this year.
The move aims to grow Banpu's battery and energy storage solution segment, targeting battery manufacturing capacity expansion to 2 gigawatt-hours by the end of 2024.