KEY POINTS
• mai-listed companies reported Q3/2025 performance with total sales of THB 50.719 billion, down 5.6 percent, and operating profit of THB 3.232 billion, down 3.0 percent, year-on-year.
• Nine-month 2025 results showed total sales of THB 151.127 billion, down 3.6 percent, and operating profit at THB 9.702 billion, down 13.5 percent from the same period last year.
mai President Prapan Charoenprawatt stated that 222 companies, representing 97 percent of the total 229 mai-listed companies (excluding those in the non-compliance or NC group and companies with different closing dates for accounting periods), have submitted their earnings reports for Q3/2025. Compared to the same period last year, total sales were THB 50.719 billion, or a 5.6 percent decrease. The cost of sales was THB 37.206 billion, or down 7.3 percent. The gross profit totaled THB 13.514 billion, or a 0.7 percent decrease. The selling, general & administrative (SG&A) expenses increased by 0.1 percent, resulting in operating profit of THB 3.232 billion, down 3.0 percent, and net profit of THB 620 million, or a 10.9 percent decrease. In terms of profitability, listed companies’ gross profit margin (GPM) increased to 26.6 percent from 25.3 percent, while the operating profit margin (OPM) increased to 6.4 percent from 6.2 percent. The net profit margin (NPM) decreased slightly to 1.2 percent from 1.3 percent.
For the nine-month period of 2025, mai-listed firms recorded total sales of THB 151.127 billion (approximately USD 4.69 billion), decreasing 3.6 percent, and cost of sales of THB 111.422 billion, down 4.0 percent, with gross profit of THB 39.705 billion, down 2.2 percent from the previous year. The rise of the selling, general & administrative (SG&A) expenses to 2.2 percent resulted in a 13.5 percent drop in operating profit to THB 9.702 billion. The net profit dropped 38.9 percent to THB 3.722 billion.
“The nine-month results reflect the impact of the continued economic slowdown. Additionally, some companies have nearly completed their contracted project deliveries, with others have made provisions for financial asset impairments and investment write-downs, significantly affecting overall performance. Notably, three industry groups continued to secure sales growth: Technology, Services, and Agro & Food. On top of this, the Services industry group also recorded growth in operating profit and net profit,” added mai President Prapan.
On the financial position, mai-listed companies recorded total assets of THB 328.167 billion, up 0.2 percent from end-2024. The capital foundation remained strong with the debt-to-equity (D/E) ratio of 0.79 times, similar to the level reported at end-2024.
As of November 28, 2025, there were 229 mai-listed companies, and mai Index closed at 214.32 points, with a total market capitalization of THB 211.347 billion, and an average daily trading value of THB 572.86 million.