Srinanaporn Marketing Public Company Limited (SET: SNNP) reported a THB 70 million net profit in the third quarter of 2026, a 46% year-on-year decline, as severe domestic consumption headwinds and one-time factory fire accounting expenses squeezed profitability.
Key Financial Highlights
- Net Profit Attributable to Parent: THB 70 million (-45.9% YoY, +0.2% QoQ)
- Revenue from Sales: THB 1,360 million (-1.2% YoY, +3.3% QoQ)
- Gross Profit Margin: 27.8% (down from 30% in 3Q25, up from 26.8% in 2Q26)
- Earnings Per Share (EPS): THB 0.08 (vs. THB 0.14 in 3Q25)
Revenue from sales edged down 1.2% YoY to THB 1,360 million, though top-line sales sequentially recovered by 3.3% quarter-on-quarter driven by expanding international demand.
Geographic segment performance highlighted a sharp divergence between domestic and international markets. Domestic revenue from sales dropped 8.7% YoY to THB 1,036 million, as elevated household debt and constrained consumer purchasing power limited retail spending in Thailand.
Conversely, overseas sales surged 33.7% YoY and 16.4% QoQ to THB 323.9 million. Vietnam served as the primary growth engine, supported by favorable domestic consumption and SNNP’s aggressive expansion across traditional and modern trade channels. Stronger high-margin sales in Vietnam also bolstered consolidated gross profit margin, which widened 100 basis points sequentially to 27.8%.
Operational profitability faced non-recurring impairment costs and elevated commercial spending. Administrative expenses jumped 82.5% YoY to THB 113.5 million following preliminary loss recognition from a September 7 fire at its Phutthamonthon Sai 5 snack facility. Selling expenses rose 9.3% YoY to THB 225.5 million to support promotional campaigns and product collaborations, including “Bento x SPIDER-MAN” and “Jele Chewy x KAMU KAMU”.
Excluding non-operating items, core net profit attributable to parent owners stood at THB 75.4 million.
SNNP closed 3Q26 with cash and cash equivalents of THB 104.6 million. Total liabilities increased 8.4% from year-end 2025 to THB 3,475.3 million, driven primarily by higher financial institution borrowings.
Management projects ongoing macroeconomic challenges across 4Q26 and 2027 as Thai GDP growth remains modest at 2.4% and 2.1%, respectively. To protect operational momentum, the company is leveraging its Vietnam production base and diversifying into sports nutrition via its new “ALPINE BOOST” product lineup.
