Thai listed companies' profits in the first nine months of 9 were 20.8% despite sales contraction, a strong baht, and a slowing economy that pressured revenue in many businesses.

The Stock Exchange of Thailand (SET) reported a 20.8% increase in net profit for listed companies in the first nine months of 2025, reaching 8.86 billion baht, despite a decrease in sales due to the economic slowdown and the strong baht, particularly in the services sector. Meanwhile, several large companies benefited from profits from mergers and business restructuring deals.

December 2, 2568 Mr. Sorawit Krairiksh, Deputy Managing Director, Issuer and Marketing Division Stock Exchange of Thailand revealed that 817 companies, representing 98.7% of the total 828 companies (including SET and mai with financial statements due at the end of the period of 30 September 2568 and excluding real estate mutual funds, infrastructure mutual funds) submitted operating results for the 9-month period of 2568. It was found that 602 listed companies reported net profits, representing 73.7% of all listed companies that submitted financial statements.

For the first nine months of 2025, compared to the same period last year, listed companies in the SET reported sales of 12,432,596 million baht, a decrease of 6.0%. Production costs and selling and administrative expenses decreased by 6.6% and 1.2%, respectively. This resulted in a core profit of 844,047 million baht, a decrease of 7.3%.

However, several large listed companies saw increased profits from mergers, acquisitions, business restructuring, and investments, resulting in a net profit of 886,814 billion baht, a 20.8% increase.

Excluding listed companies in the energy and petrochemicals sector, listed companies saw a 0.7% decrease in sales, while operating profit and net profit increased by 1.2% and 16.4%, respectively. As of September 30, 2568, listed companies' debt-to-equity ratio (D/E) (excluding the financial industry) was 1.49, down from 1.56 at the same period last year.

For Q3 2568 compared to Q3 2567, most listed companies saw decreased sales but increased operating profit and net profit by 21.0% and 31.4%, respectively, due to unusually low refining margins for listed companies in the oil refinery sector last year. Excluding listed companies in the energy and petrochemical sector, listed companies saw decreased sales and operating profit by 11.9% and 3.2%, respectively, while net profit increased by 5.3%.

"In addition to the challenges of falling oil prices, the slowing growth of the Thai economy and the strengthening baht against the US dollar have begun to significantly impact sales of Thai listed companies in Q3. Sales in almost every business category declined, impacting the overall performance for the first nine months of the year. Services, once a national strength, saw a significant decline in performance in Q3. The business sector that continued to grow well was insurance, driven by savings trends and risk insurance for the aging society. Telecommunications, on the other hand, benefited from increased demand for data and internet usage in line with the trend towards a growing digital society." Mr. Sorawit said

In terms of operating results, listed companies listed on the Market for Alternative Investment (mai) reported total sales of 151,127 billion baht for the first nine months of 2025, a decrease of 3.6%. Cost of goods sold was 111,422 billion baht, a decrease of 4.0%, resulting in a gross profit of 39,705 billion baht, a decrease of 2.2%. Listed companies also experienced a 2.2% increase in selling and administrative expenses, resulting in an operating profit of 9,702 billion baht, a decrease of 13.5%, and a net profit of 3,722 billion baht, a decrease of 38.9%.

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