Thai Small and Mid-Sized Enterprises Reports 24% Sales Growth in 9 Months

mai-listed companies post promising sales & profit growth for 9-month of 2022

  • 9-mth total sales up 23.8 pct y-o-y to THB 153.58 bln
  • Operating profits up 4.0 pct y-o-y to THB 8.14 bln
  • Four industry groups recorded an increase in total sales, total operating profits, and total net profits


Companies listed on Market for Alternative Investment (mai) reported a 23.8 percent on year increase in total sales to THB 153.58 billion (approx. USD 4.31 billion), a 4.0 percent rise in aggregate operating profits to THB 8.14 billion, and a 1.0 percent rise in total net profits to THB 6.57 billion during the first nine months of 2022.

mai President Prapan Charoenprawatt said that 185 mai-listed companies or 96 percent of the total 192 companies (excluding those in the non-compliance or NC list and those with different accounting period closing dates) submitted their operating results for the first nine months of 2022. A total of 131 companies reported net profits, representing 71 percent of all the companies that submitted financial statements.

In the first nine months of 2022, mai-listed companies cost of sales rose by 28.0 percent from the same period a year earlier to THB 121.25 billion, narrowing gross profit margin (GPM) to 21.0 percent from 23.6 percent, Over the same period, four industry groups recorded an increase in total sales, total operating profits, and total net profits, namely Agro & Food industry, Property & Construction, Services, and Technology.

For the third quarter of 2022, mai-listed companies’ total sales rose by 22.8 percent from a year earlier to THB 52.29 billion, total operating profits increased by 13.4 percent to THB 2.96 billion and total net profits dropped by 18.6 percent to THB 2.18 billion.


“For the nine-month period of 2022, most mai-listed companies reported sales growth, in line with the economic pickup which is gaining speed for the post COVID-19 pandemic and the return of foreign tourists. All industry groups, with exception of the Financials, recorded sales increase. Although most listed companies faced higher costs from rising oil and commodity prices, lowering the profitability rate, they managed to control the ratio of sales and administrative expenses to total sales. As a result, operating profits continued to increase. In addition, restaurants, event organizing, tourism-related, and export businesses – that gained benefit from the weaker baht – started to recover,” added Prapan. 

In terms of financial position, mai-listed firms’ total assets rose by 7.3 percent from the end of 2021 to THB 309.64 billion, with overall stronger capital structure. The debt-to-equity ratio (D/E ratio) declined to 0.89 time from 1.03 times over the same period.

Currently, there are 193 mai-listed companies. As of November 24, 2022, mai Index closed at 580.47 points, with the total market capitalization of THB 518.42 billion and average daily trading value of THB 5.85 billion.