CH.Karnchang Public Company Limited (SET: CK) reported a solid performance for its first quarter of 2026 results, reporting a net profit attributable to equity holders of Baht 329 million. This represents a 16.61% increase compared to the Baht 282 million recorded in the first quarter of 2025. The growth reflects the company’s resilience in a gradually recovering construction industry.
Total revenue for the period rose to Baht 12,318.62 million, up 1.72% year-on-year. The core construction business remained the primary engine, contributing Baht 12,163.29 million (98.74% of total revenue). This 2.22% growth in construction revenue was driven by steady progress on major projects, including the Luang Prabang Hydroelectric Power Project, the MRT Purple Line (Tao Poon – Rat Burana), and the Den Chai-Chiang Rai-Chiang Khong Railway.
Despite the revenue gains, CK faced some margin pressure. Construction costs rose by 2.57% to Baht 11,260.30 million, slightly outpacing revenue growth. Consequently, the gross profit margin dipped from 7.74% to 7.42%. Additionally, administrative expenses increased by 3.83% due to work acceleration and employee-related costs.
However, these pressures were effectively offset by a significant 18% reduction in finance costs, which fell to Baht 415.60 million following strategic debt repayments and debenture redemptions. The company’s bottom line was further bolstered by a 10.89% increase in profit sharing from associated companies, totaling Baht 295.61 million. Key contributors included Bangkok Expressway and Metro (BEM), which saw higher toll and farebox revenues, and CK Power (CKP), which benefited from increased electricity sales.
Financially, CK strengthened its position, ending the quarter with a Net Debt-to-Equity ratio of 1.04 times, down from 1.32 at the end of 2025. This stability is underscored by TRIS Rating’s recent affirmation of CK’s “A-” rating with a “stable” outlook, reflecting confidence in the company’s long-term growth trajectory.
