Sabina Public Company Limited (SET: SABINA) has reported its financial results for the first quarter of 2026, demonstrating resilience in a challenging macroeconomic environment. Despite a notable dip in total revenue, the company achieved a slight increase in net profit, driven by effective cost-containment strategies and a surge in its export manufacturing business.
For 1Q26, SABINA posted a net profit of THB 103.0 million, representing a 0.3% increase compared to THB 102.7 million in the same period last year. This bottom-line growth occurred despite a 9.0% year-on-year decline in total revenue, which fell to THB 769.2 million.
The company’s ability to remain profitable was largely attributed to a 10.1% reduction in selling and administrative expenses, which dropped to THB 284.1 million. Furthermore, the gross profit margin improved to 53.4%, up from 52.5% in 1Q25, reflecting enhanced operational efficiency.
SABINA faced significant pressure in its domestic segments. The Retail channel declined by 14.4%, while Non-Store Retailing (NSR) fell by 11.8%. Management cited several headwinds, including the absence of government stimulus measures like the “Easy E-Receipt” program, high living expenses, and an influx of low-priced imported products.
Conversely, the OEM business channel saw a robust 52.0% increase. This growth was bolstered by the company’s Higg Facility Environmental Module (FEM) certification, which has strengthened confidence among clients in Europe and the United Kingdom.
Notably, SABINA successfully shifted shipping routes to the Cape of Good Hope to mitigate geopolitical risks and rising logistics costs from Middle East unrest.
Looking forward, the company is pivoting toward new demographics, including an “Anti-Aging Innovation” line for an aging society and an expansion into the men’s underwear market to broaden its consumer base. By integrating digital services like “Sabina on LINE MAN,” the company aims to maintain its “top-of-mind” status despite ongoing market volatility.
