Thaifoods Group Public Company Limited (SET: TFG) delivered robust top- and bottom-line growth for the third quarter of 2026, posting a net profit of Baht 2,024.50 million, representing an 18.80% year-over-year surge from Baht 1,704.09 million in 3Q25. Consolidated total revenue climbed 11.14% year-over-year to Baht 20,425.67 million. Earnings growth was fueled by aggressive retail chain expansion, higher domestic livestock volumes, and unit cost reductions in raw materials.
Key Financial Highlights
- Net Profit: Baht 2,024.50 million, up 18.80% YoY from Baht 1,704.09 million in 3Q25.
- Total Revenue: Baht 20,425.67 million, up 11.14% YoY from Baht 18,378.31 million.
- Gross Profit Margin: 21.00%, expanding 201 basis points YoY from 18.99%.
- Interim Dividend: Board declared a cash dividend of Baht 0.10 per share.
TFG’s transformation into an integrated consumer-facing retailer served as the primary growth engine. The retail shop business generated Baht 9,543.78 million in revenue, soaring 38.46% year-over-year and expanding its contribution to 46.72% of total group revenue. The company expanded its retail footprint to 787 store locations by the end of 3Q26, up from 533 shops in 3Q25.
By contrast, external wholesale segments experienced price headwinds:
- Poultry Business: External revenue declined 3.42% YoY to Baht 4,699.48 million, impacted by a 3.65% drop in average chicken prices to Baht 55.06/kg. However, total poultry volume—including internal transfers to retail stores—grew 9.73% YoY to 107,084.31 tonnes.
- Swine Business: Revenue fell 18.29% YoY to Baht 2,895.69 million as domestic volumes were deliberately shifted into TFG’s owned retail network. Including retail channels, domestic swine volume rose 9.02% YoY to 56,962.69 tonnes. In Vietnam, swine prices rose 3.78% YoY to Baht 68.49/kg.
- Animal Feed: External feed sales increased 3.98% YoY to Baht 2,883.09 million.
Operational efficiency boosted margins, with gross profit rising 22.62% YoY to Baht 4,234.83 million as raw material costs per unit declined.
TFG maintained balance sheet stability, reporting no significant changes in commitments or contingent liabilities. Highlighting strong cash generation, the board approved an interim cash dividend of Baht 0.10 per share (par value Baht 1.00) for the period ending September 30, 2026. The ex-dividend date is set for November 25, 2026, with payment scheduled on December 11, 2026. Management’s operational strategy remains anchored on expanding retail distribution and maintaining cost discipline.
