SCGJWD Logistics Public Company Limited (SET: SJWD) reported strong financial performance for the third quarter of 2026, powered by expanding regional operations and surging demand for technology infrastructure storage.
Key Financial Highlights
- Net Profit: THB 412.4 million (+60% YoY)
- Total Revenue: THB 6,859 million (+9.7% YoY)
- Gross Profit Margin: 14.1% (up 60 bps YoY)
- Operating Cash Flow (9M26): THB 1,860.5 million
Net profit attributable to equity holders jumped 60% year-on-year to THB 412.4 million. Total revenue reached THB 6,859 million, representing a 9.7% increase compared to the prior-year period. Gross profit expanded 14.6% YoY to THB 959.2 million, lifting the gross profit margin to 14.1%.
Operating performance across primary business units remained resilient despite macroeconomic headwinds. The Warehouse and Yard Management division grew revenue by 11.9% YoY to THB 1,242.7 million, anchored by General Goods warehousing (+25.6% YoY), which benefited from heightened storage utilization for artificial intelligence and data center equipment. Conversely, Automotive storage revenue slipped 10% quarter-on-quarter due to temporary dips in vehicle inventory occupancy.
In Transportation and Distribution, revenue rose 6.3% YoY to THB 3,129.3 million. Direct-to-Consumer (D2C) logistics surged 24.9% YoY, while gross profit for the segment doubled (+102% YoY) on strong volumes of agricultural materials and electronics. Overseas operations delivered strong top-line growth of 22.3% YoY to THB 1,267.9 million, bolstered by Vietnam (+54.6% YoY) and Myanmar (+107.7% YoY).
Earnings were further bolstered by non-operational efficiencies. Share of profit from associates and joint ventures surged 69.2% YoY to THB 166.7 million, led by key investments in Transimex and Asia Network International. Finance costs fell 5.6% YoY to THB 158.8 million as the company repaid maturing debentures and optimized liquidity. No non-recurring items impacted Q3 results.
SJWD maintains a solid balance sheet, backed by THB 1,860.5 million in nine-month operating cash flow and an interest-bearing debt-to-equity ratio of 0.66x. In September 2026, the company successfully issued THB 1.5 billion in debentures to manage debt maturities.
Management anticipates sequential momentum in 4Q26 as post-rainy season agricultural transport rebounds, alongside positive momentum from year-end automotive sales and regional ASEAN network integration.
