SET President Asadej Kongsiri highlighted that 809 listed companies, representing 98.5 percent of the total 821 listed companies (comprising SET-listed and mai-listed companies scheduled to submit financial statements ended June 30, 2025 and excluding real estate investment trusts and infrastructure funds) already reported their earnings for the first half of 2025. Of these, 591 listed companies or 73.1 percent reported net profits.
SET-listed firms reported total sales of THB 8.34 trillion (approximately USD 256.46 billion) for the January-June 2025 period, down 6.5 percent year-on-year. Although production costs and selling, general, and administrative (SG&A) expenses dropped 6.0 percent and 0.8 percent respectively, core operating profit fell 16.3 percent to THB 794.61 billion. Nevertheless, total net profit surged 15.4 percent to THB 589.54 billion, driven by an 11.3 percent decline in financing costs as a result of deleveraging efforts and policy interest rate cuts, coupled with extraordinary gains from business restructuring, mergers and acquisitions, and investments. Excluding energy and petrochemical businesses, total sales and operating profit slightly decreased by 0.7 percent and 2.3 percent, respectively.
Regarding financial position, the debt-to-equity (D/E) ratio of Thai listed firms, excluding the Financial Industry, stood at 1.49 times as of June 30, 2025, down from 1.59 times recorded at end-June 2024.
“Overall, listed companies achieving strong first-half growth are primarily in the consumption and services industries. These are: 1) Agribusiness and food sectors which benefited from higher profit margins and rising meat and rubber prices, 2) Commerce and healthcare sectors which sustained growth on the back of domestic consumption, and 3) Telecommunication sector which grew from stronger demand for data and Internet services driven by Thailand’s transition into a digital society. Nonetheless, declining oil prices and baht appreciation pressured the energy and petrochemical industries as well as other businesses with foreign exchange exposure, causing overall earnings of listed companies to decline from the previous year,” added Asadej.
For the first half of 2025, mai-listed companies reported total sales of THB 100.87 billion, down 3.9 percent, and costs of sales of THB 74.39 billion, down 3.8 percent, resulting in a decline of 4.1 percent in gross profit to THB 26.48 billion. Selling, general and administrative (SG&A) expenses rose 2.0 percent, contributing to a 19.3 percent drop in operating profit to THB 6.36 billion and a 42.7 percent decrease in net profit to THB 3.20 billion.