SET President Asadej Kongsiri announced that 812 listed companies, representing 97.9 percent of the total 829 listed companies (comprising SET- and mai-listed companies scheduled to submit financial statements for the period ended March 31, 2025 and excluding real estate investment trusts and infrastructure funds) already submitted their quarterly financial performance. Of these, 605 listed companies or 74.5 percent reported net profits for the quarter.

SET-listed companies registered total sales of THB 4.18 trillion (approx. USD 123.11 billion) in the January-March 2025 period, marking a 3.6 percent year-on-year decline. Production costs decreased 3.0 percent while selling, general and administrative (SG&A) expenses fell 1.0 percent, resulting in a drop of 11.1 percent in core operating profit to THB 406.83 billion. However, their net profit increased 3.6 percent to THB 261.54 billion, driven by gains on financial instruments and investments among major listed companies alongside earnings growth in the general business groups (excluding the Energy and Petrochemicals Industry Groups). Regarding financial position, Thai listed companies, excluding the Financials Group, maintained a debt-to-equity ratio (D/E ratio) of 1.51 times as of March 31, 2025, marginally increasing from 1.50 times recorded at year-end 2024.

“The general business groups sustained positive growth momentum in the first quarter, driven by Thailand’s gradual tourism recovery which bolstered performance across food and beverage, consumer products, retail, property rental, aviation, and telecommunications sectors. However, heightened market competition and profitability pressures posed challenges. Furthermore, several large corporations recorded substantial gains from their financial instruments and investment portfolios, which contributed meaningfully to the overall positive net profit growth among SET-listed companies this quarter. Conversely, overall sales and operating profit dropped from the previous year due to the adverse impacts of declining oil prices and compressed gross refinery margins (GRM) on the oil and petrochemical businesses, coupled with reduced electricity demand,” said Asadej.

For the first quarter of 2025, mai-listed companies reported total sales of THB 50.43 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. SG&A expenses rose 3.3 percent, leading to a 30.6 percent drop in operating profit to THB 3.38 billion.