Millennium Group Corporation (Asia) PCL (MGC-ASIA) reported a net profit of THB 320 million in the third quarter of 2026, up 26.4% year-on-year, supported by revenue growth across its integrated automotive business ecosystem.
Total revenue rose 16.1% to THB 6.80 billion, while EBITDA increased 6.5% to THB 787 million.
For the first nine months of 2026, net profit surged 175% to THB 995 million, while total revenue climbed 47% to THB 21.56 billion. The stronger performance drove the company’s return on equity (ROE) to more than double to 18.2%, from 8.9% a year earlier. Earnings per share (EPS) increased to THB 0.89 from THB 0.32, while return on assets (ROA) rose to 5.1% from 2.3%.
Integrated Business Ecosystem Drives Profitability
The company’s faster profit growth relative to revenue reflects its integrated business model, which combines multi-brand automotive distribution, after-sales services, chauffeur-driven car rentals, financing and insurance businesses. This ecosystem allows MGC-ASIA to generate multiple revenue streams from a single customer throughout the vehicle ownership cycle.
For the nine-month period, EBITDA rose 52.9% to THB 2.448 billion, while earnings before interest and taxes (EBIT) increased 97.9% to THB 1.553 billion. Meanwhile, operating expenses as a percentage of revenue declined to 6.7% from 8.6%, lifting the net profit margin to 4.6% from 2.5%.
The main growth driver was its Mobility Retail business, which encompasses XPENG, BMW, MINI, MTR, Honda, ZEEKR and Harley-Davidson. Revenue from the segment increased 63.4% to THB 17.03 billion from THB 10.423 billion, supported by vehicle sales of 10,730 units, up 30.0%.
Other businesses within the ecosystem also recorded growth. After-sales services generated revenue of THB 2.897 billion, with revenue from electric vehicle (EV) service centers accelerating quarter-on-quarter, increasing 11% in the first quarter, 25% in the second quarter and 53% in the third quarter. Consequently, third-quarter 2026 revenue from EV service centers more than doubled compared with the fourth quarter of 2025.
General service centers, which account for approximately 70% of after-sales revenue, recorded 40% quarter-on-quarter growth, while revenue from body and paint repair services nearly doubled.
Meanwhile, the car rental and chauffeur-driven services business generated revenue of THB 1.461 billion, up 15.7% from THB 1.263 billion.
In financial services, Alpha X’s loan portfolio expanded 30% from the end of 2025 to THB 14.594 billion, led by its Wealth Lending business.
Howden Maxi Insurance Broker also recorded 10% growth in both total revenue and EBITDA year-on-year. Key contributors included cyber insurance, with premiums increasing more than 300%, reinsurance, which grew over 25%, and employee benefits, with revenue rising more than 20%. The performance reflects the group’s efforts to diversify its revenue base into corporate insurance products beyond its traditional automotive customer segment.
Strong Cash Flow and Lower Leverage
Improved profitability also translated into stronger cash flow. Cash flow from operating activities reached THB 2.788 billion, equivalent to 2.8 times net profit.
The company’s interest-bearing debt-to-EBITDA ratio (IBD/EBITDA) declined to 1.9 times from 2.9 times, while its IBD-to-equity ratio (IBD/E) eased to 1.6 times from 1.8 times.
Finance costs fell 6% during the first nine months of 2026 and 11% in the third quarter. Shareholders’ equity increased 11.7% to THB 5.76 billion.
The company also paid its first interim dividend of THB 0.24 per share in September 2026.
From APEC to World Bank–IMF 2026
Master Car Rental Co., Ltd., which operates under the SIXT Thailand brand within the MGC-ASIA group, has continued to build on its experience in managing vehicle fleets for major domestic and international events.
Following its involvement in the Asia-Pacific Economic Cooperation (APEC) meetings, the company most recently managed a fleet of more than 500 vehicles and motorcade services for the 2026 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), held in Bangkok from October 12–18, 2026.
The meetings brought together representatives from 191 member countries and more than 20,000 participants.
The assignment further demonstrated the company’s expertise in large-scale fleet management. MGC-ASIA expects to recognize revenue from the sale of vehicles used during the event in the fourth quarter of 2026.
Q4 Growth Drivers: Four New Model Launches
For the final quarter of 2026, MGC-ASIA expects several factors to support its performance, including the anticipated delivery of more than 2,000 XPENG L03 vehicles and the launch of four new models.
These include the newly unveiled THE NEW BMW 7 Series LCI and THE NEW XPENG G9L ULTRA AWD, launched on November 11, 2026, with two additional models scheduled to be introduced before year-end.
Other potential revenue contributors include the sale of vehicles used during the World Bank–IMF meetings, replacement vehicle demand and post-flood repair and maintenance services in Bangkok.
The company also plans to expand its XPENG dealership and service network to 30 locations within 2026, with further expansion underway.
Advancing Green City and Low-Carbon Operations
On sustainability, MGC-ASIA is participating in the exhibition of the ‘The Living Energy Pavilion’ at the 2026 Udon Thani International Horticultural Expo, which runs from November 1, 2026, to March 14, 2027.
The company is also providing official VIP transportation services through SIXT Thailand using electric vehicles, in line with its ambition to become a low-carbon organization.
Quality Growth and Sustainable Shareholder Returns
“Our nine-month performance reflects a significant improvement in profitability,” said Dr. Sunhavut Thamchuanviriya, Group Chief Executive Officer of MGC-ASIA.
“The company will continue to prioritize quality growth, financial discipline and consistent returns for shareholders,” he added.
Regarding XPENG, Dr. Sunhavut said the company would continue investing in its sales network, service centers and spare parts infrastructure to provide long-term customer support.
He also revealed that MGC-ASIA is jointly conducting a feasibility study with Chinese partners on the potential establishment of an automotive manufacturing facility in Thailand.
