Thailand’s Alternative Market Reports Stellar 76% Profit Growth in 1Q24 with Strong Financial Status

  • Q1/2024 total sales up 9.2% y-o-y to THB 54.03 billion
  • Q1 operating profits +40.2% y-o-y to THB 5.26 billion
  • Q1 total net profits +76.2% y-o-y to THB4.61 billion


Listed companies on the Market for Alternative Investment (MAI) reported the first quarter total sales of THB 54.03 billion (approx. USD 1.52 billion), up 9.2 percent over the same period last year. Their profitability in the January-March quarter improved from a year ago as cost of goods sold and selling, general and administrative expense (SG&A), which rose 6.7 percent and 6.4 percent year-on-year, respectively, grew at a slower pace than total sales.

mai President Prapan Charoenprawatt said that 211 companies, accounting for 96 percent of the total 220 mai-listed companies (excluding those in the non-compliance or NC group and companies with different closing account period), submitted their financial statements. For the first quarter of 2024, 157 companies, or 73 percent of the total companies that submitted financial statements, reported net profits.

During the January-March period, mai-listed companies’ gross profits surged 16.3 percent year-on-year, operating profits jumped 40.2 percent to THB 5.26 billion, and their combined net profits for the quarter chalked up 76.2 percent to THB 4.61 billion. The stellar first-quarter performance was attributable to the outstanding performance delivered by some listed companies and gains from fair value adjustments of financial and digital assets.

“Overall, mai-listed companies posted higher sales and strived to control costs and SG&A expenses, resulting in the improved overall performance in the first quarter of 2024. Agro & Food Industry, Financials, Industrials, Property & Construction, Resources, and Services industry groups delivered triple growth in  sales, operating profits, and net profits,” added Prapan.

Regarding financial position, mai-listed firms’ total assets as of March 31, 2024 amounted to THB 346.67 billion, a 3.0 percent increase from the end of 2023. The overall financial structure has been enhanced as seen by the fact that the debt-to-equity ratio (D/E ratio) decreased to 0.78 times at the end of March from 0.80 times at the end of 2023.

As of May 24, 2024, there were 221 mai-listed companies and mai Index closed at 382.05 points, with a total market capitalization of THB 389.01 billion and average daily trading value of THB 1.86 billion.