KEY POINTS

• mai-listed companies reported their Q1/2025 results with total sales of THB 50.43 billion, down 4.6 percent year-on-year, and total operating profit of THB 3.38 billion, down 30.6 percent year-on-year. 
• Consumer Products, Services, and Technology industry groups demonstrated positive growth both in sales and operating profits.

mai President Prapan Charoenprawatt said that 216 companies, representing 96 percent of the total 224 mai-listed companies (excluding those in the non-compliance or NC group, companies with different closing date for accounting periods, and companies failing to submit their financial statements), already submitted their financial reports. For the January-March 2025 period, mai-listed firms reported total sales of 50.43 billion (approximately USD 1.49 billion), down 4.6 percent year-on-year, and costs of sales of THB 37.37 billion, down 3.3 percent year-on-year, resulting in a year-on-year decline of 8.3 percent in gross profit to THB 13.07 billion. Selling, general and administrative (SG&A) expenses rose 3.3 percent, leading to a 30.6 percent drop in operating profit to THB 3.38 billion and a 59.0 percent decrease in net profit to THB 1.76 billion. Consequently, mai-listed companies experienced year-on-year declines in Q1/2025 gross profit margin (GPM), operating profit margin (OPM), and net profit margin (NPM).

“Despite the decline in first-quarter total sales, among mai-listed firms that submitted their financial statements, 114 companies or 53 percent registered year-on-year sales growth and 151 companies or 70 percent recorded net profits. Significant contractions experienced by certain listed firms heavily impacted the overall financial performance of listed companies. In addition, the quarterly earnings decline was partially attributable to the near-completion of projects in the pipelines and the mark-to-market losses on financial and digital assets among some of these companies, reversing their last year’s gains. Nonetheless, sales growth was sustained across four industry groups: Agro&Food Industry, Consumer Products, Services, and Technology,” said mai President.

On financial position, mai-listed companies reported total assets of THB 334.63 billion, up 1.7 percent from the end of 2024. Their capital foundation remained strong with the debt-to-equity (D/E) ratio of 0.79 times, unchanged from the level reported at year-end 2024.  

As of May 29, 2025, there were 224 mai-listed companies and mai index closed at 241.75 points, with a total market capitalization of THB 237.70 billion and an average daily trading value of THB 548 million.