GFPT Public Company Limited (SET: GFPT) has released its financial results for the first quarter of 2026, reporting a net profit of THB 517.11 million. This represents a 19% decrease from the THB 638.46 million earned in 1Q2025, with earnings per share (EPS) sliding from THB 0.51 to THB 0.41.
The company’s total revenue from sales fell by 8.21% year-on-year to THB 4,267.84 million. This downturn was largely attributed to the food segment, where revenue dropped 14.11% to THB 1,905.45 million. Performance in this area was hampered by lower sales volumes of direct export cooked chicken and fresh frozen products, particularly due to reduced export demand from China. The farm and feed segments also saw revenue declines of 2.41% and 3.76%, respectively.
Despite the lower revenue, GFPT managed to improve its gross profit margin to 14.64%, up from 14.02% in the previous year. This was supported by an 8.87% reduction in the cost of sales, which fell to THB 3,642.98 million. Further cost efficiencies were found in SG&A expenses, which decreased by 13.39% to THB 315.74 million, primarily due to lower freight costs resulting from decreased export volumes. Financial costs also improved, falling 19.85% as the company reduced its outstanding loans.
However, these internal cost savings could not offset a significant hit to the bottom line: the share of profit from associated companies. This figure plummeted 54.16% to THB 147.37 million. Specifically, profit contributions from GFPT Nichirei (Thailand) (GFN) collapsed by 92.39%, while McKey Food Services (Thailand) saw a 36.12% decline.
Looking forward, GFPT maintains a strong capital structure with a net debt-to-equity ratio of just 0.17. The group is currently investing THB 1,200–1,500 million annually into a new processing plant and broiler farms in Chonburi to expand production capacity and better meet future global demand.
