Thai listed firms post 886.8-billion-baht profit in first nine months despite weaker sales
SET-listed firms earned 886.8 billion baht in the first nine months of 2025, driven by mergers and restructuring, though overall sales slowed amid economic pressures.
The Thai stock market reported a nine-month net profit of 886.8 billion baht in 2025, supported by gains from mergers, business restructuring, and increased investment—despite slowing revenue in both the first nine months and the third quarter due to economic headwinds.
Soravis Krairiksh, Chief Markets Officer of the Stock Exchange of Thailand (SET), said that 817 companies, or 98.7% of all 828 listed companies on the SET and mai required to submit financial statements for the period ending 30 September 2025 (excluding property funds and infrastructure funds), had reported their results. Of these, 602 companies, or 73.7%, posted net profits.
Compared with the same period last year, SET-listed companies recorded:
- Sales of 12.43 trillion baht, down 6.0%
- Cost of goods sold and SG&A expenses down 6.6% and 1.2%, respectively
- Resulting in core operating profit of 844.0 billion baht, down 7.3%
However, many large companies booked higher profits from mergers, restructuring, and investment gains, bringing total net profit to 886.8 billion baht, up 20.8%.
Excluding the energy and petrochemical sectors:
- Sales fell only 0.7%
- Operating profit rose 1.2%
- Net profit increased 16.4%
Financial stability also improved. As of 30 September 2025, the debt-to-equity ratio (D/E) of listed firms (excluding finance companies) stood at 1.49 times, down from 1.56 times a year earlier.
In Q3 2025 compared with Q3 2024, most companies recorded lower sales but stronger profitability:
- Operating profit up 21.0%
- Net profit up 31.4%
This improvement was partly due to an unusually low refining margin in the oil refinery sector in Q3 last year.
Excluding energy and petrochemicals, however:
- Sales fell 11.9%
- Operating profit dropped 3.2%
- Net profit rose 5.3%
Soravis added that weakening oil prices, Thailand’s slowing economic growth, and a stronger baht against the US dollar had clearly affected sales in Q3. “Nearly every sector saw lower sales, impacting overall nine-month performance. The services sector—once a major strength—showed a clear decline. The sectors still performing well are insurance, supported by ageing-society demand, and telecommunications, driven by rising data and internet usage.”
For the mai market, listed firms reported for the first nine months of 2025:
- Total sales of 151.1 billion baht, down 3.6%
- Cost of sales of 111.4 billion baht, down 4.0%
- Resulting in gross profit of 39.7 billion baht, down 2.2%
- SG&A expenses increased 2.2%
- Operating profit fell to 9.7 billion baht, down 13.5%
- Net profit dropped to 3.72 billion baht, a sharp decline of 38.9%
The overall picture shows that while profitability has improved due to one-off gains, the slowdown in the broader economy continues to weigh on Thai corporate revenues.
