GFPT Public Company Limited (SET: GFPT) reported a sharp rise in profitability for the third quarter of 2025 (3Q25), driven largely by effective cost management despite a contraction in revenue.
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
715.41 | 541.80 |
| Earning Per Share (Baht) |
0.57 | 0.43 |
| % Change | 32.04 | |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
1,995.98 | 1,590.83 |
| Earning Per Share (Baht) | 1.59 | 1.27 |
| % Change | 25.47 | |
Net profit jumped 32.0% year-on-year (YoY) to THB 715.41 million, up from THB 541.80 million in 3Q24, lifting the net profit margin from 10.73% to 15.09%. EBITDA also climbed 15.9% YoY to THB 1,269.27 million.
This earnings growth came despite a 6.1% YoY drop in total revenue to THB 4,740.59 million, mainly due to a 12.98% decline in the Food segment, following lower export volumes of chicken parts and processed products—particularly to the United Kingdom.
Cost Discipline Drives Margins
GFPT’s resilience stemmed from a sharp 11.4% YoY reduction in cost of goods sold, supported by lower prices of key feed raw materials such as soybean meal, corn, wheat, and fish meal. This led to a 22.7% YoY increase in gross profit to THB 962.59 million, with the gross profit margin rising from 15.53% to 20.31%.
Operating expenses also improved:
- SG&A expenses fell 15.25% YoY, following lower freight costs amid reduced export volumes.
- Finance costs dropped 19.5% YoY, due to reduced interest expenses from lower debt levels.
The main drag came from associated companies, as the share of profit from joint ventures declined 45.4% YoY, mainly due to weaker earnings at GFPT Nichirei (Thailand) and McKey Food Services (Thailand).
Despite this, GFPT maintained a strong financial position, with a debt-to-equity ratio of 0.30x and a net debt-to-equity ratio of 0.18x as of September 30, 2025.
