Listed Thai companies posted a 3.7% drop in net profit last year, weighed down by a 31.7% decrease in earnings among oil and petrochemical firms, while tourism, consumption and service companies sustained growth, according to the Stock Exchange of Thailand (SET).
SET president Asadej Kongsiri said 807 listed companies, representing nearly 99% of the 816 companies listed on the main bourse and the Market for Alternative Investment (MAI), have already submitted their annual financial reports. Of these, 604 listed companies or 75% reported net profits.
Total sales for SET-listed companies rose 3.1% year-on-year to 17.5 trillion baht (roughly US$516 billion) last year. Higher production costs coupled with increases in selling, general and administrative (SG&A) expenses resulted in a 1.1% decline in core operating profit to 1.56 trillion baht, and a 3.7% drop in net profit to 859 billion baht.
Excluding the energy and petrochemicals industry, listed companies posted increases in sales, core operating profits and net profits.
Regarding the companies' financial position, Thai listed firms excluding the financial industry had a debt-to-equity ratio of 1.49 times as of Dec 31, 2024, down from 1.52 times a year earlier.
"The upward trajectory of Thailand's tourism spurred the growth of listed companies across tourism-related, consumption and service industries, including food and beverages, consumer products, retail, hospitality, aviation, healthcare, telecom, and commercial property rental," said Mr Asadej.
In addition, the industrial estate sector reported significant growth, driven by a demand surge in the Eastern Economic Corridor, aligning with production base relocations and record promotion applications to the Board of Investment.
The financial sector benefited from high interest rates, while declining oil prices and gross refinery margin last year hampered the profitability of the oil and petrochemical industry and the net profits of listed companies, he said.
MAI-listed companies maintained their growth last year, posting total sales of 209 billion baht, representing a 3.8% year-on-year increase. With effective containment of production costs and SG&A expenses, they achieved an operating profit of roughly 15 billion baht and a net profit of 5.55 billion, up 27.9% and 5.5%, respectively.