Listed firms post lower sales but higher profit in 2025

Thailand’s listed companies posted lower sales in 2025, but net profit rose sharply in the opposite direction, supported by merger-related gains, business restructuring and investment returns.

The Stock Exchange of Thailand (SET) said listed firms recorded a 7.2% decline in total sales in 2025, reflecting the economic slowdown and lower oil prices.

Although operating profit weakened, net profit increased by 20.5%.

The rise in net profit was driven by special gains from mergers and acquisitions, business restructuring, investments and financial instruments among several large companies.

Overall financial strength also improved, with the debt-to-equity (D/E) ratio declining from the previous year.

Sorawit Krairiksh, Executive Vice President and Head of Marketing Division at the SET, said 799 listed companies, or 96.3% of the 830 companies required to submit financial statements for the period ended December 31, 2025, had done so. The figures cover both SET- and mai-listed companies, excluding property funds and infrastructure funds.

Of those, 596 companies reported net profit, representing 74.6% of all firms that submitted financial statements.

Compared with the previous year, SET-listed companies posted total sales of 16.33 trillion baht, down 7.2%. Although firms were able to control cost of sales relatively well, selling and administrative expenses fell by only 3.0%, resulting in core profit of 1.08 trillion baht, down 9.5%.

However, several large listed companies booked gains from mergers and acquisitions, business restructuring, investments and financial instruments, lifting net profit to 1.10 trillion baht, up 20.5%.

As of December 31, 2025, the overall financial position of listed companies had strengthened, with the debt-to-equity ratio, excluding the financial sector, standing at 1.28 times, down from 1.34 times a year earlier.

“In 2025, Thai listed companies saw weaker results due to the economic slowdown, along with lower oil prices and four policy rate cuts, which reduced sales among firms in the energy, petrochemical and financial sectors,” Sorawit said.

“At the same time, overall selling and administrative expenses did not fall significantly, leading to weaker operating profit. However, sectors that continued to grow included food businesses, supported by higher chicken and palm oil prices, as well as hospital and technology businesses, which expanded in line with the transition to a digital society,” he said.

Meanwhile, companies listed on the Market for Alternative Investment (mai) reported total sales of 201.32 billion baht in 2025, down 2.7%.

Selling and administrative expenses rose 2.8%, resulting in operating profit of 13.34 billion baht, down 13.9%, while net profit fell 64.3% to 2.29 billion baht.