KCE Electronics Public Company Limited (SET: KCE) posted impressive financial performance for 3Q26, delivering a net profit of THB 484.6 million, a 62.95% surge compared to THB 297.4 million in 3Q25. Earnings per share jumped to THB 0.41 from THB 0.25 in the prior-year period. Total consolidated revenue reached THB 4,017.3 million, up 14.13% YoY from THB 3,519.9 million.
Growth was driven primarily by a 13.62% YoY rise in product sales revenue to THB 3,913.1 million, alongside THB 104.2 million in other income bolstered by favorable foreign exchange gains from a depreciating Thai Baht.
Top-line expansion occurred despite total PCB shipment volumes contracting 3.8% YoY, with special-grade High-Density Interconnect shipments down 10.9% due to customer design transitions. Growth was instead anchored by successful selling price adjustments, which customers broadly accepted to reflect soaring global raw material costs, particularly copper.
Higher selling prices helped push the gross profit margin up to 22.3% from 21.4% in 3Q25. KCE’s internal laminate manufacturing subsidiary (TLM) also provided a vital cost buffer against rising input prices.
On the expense side, total selling, general, and administrative expenses declined 9.84% YoY to THB 427 million, falling to 10.9% of sales from 13.8% in 3Q25. Disciplined cost control—including lower administrative expenses following headcount adjustments—helped lift operating profit (excluding FX effects) by 51.85% YoY to THB 443.1 million.
However, operational headwinds capped further growth. Material shortages (notably fiberglass and prepreg) and late-September flooding disruptions in Lat Krabang restricted capacity utilization to 61% and delayed deliveries. Consequently, KCE’s order backlog swelled to $11 million at quarter-end.
Looking ahead to 4Q26, management expects revenue growth supported by deferred deliveries, though raw material securing remains a key operational watchpoint.
