Home Product Center Public Company Limited (SET: HMPRO) reported a decline in third-quarter profitability, with net profit for Q3 2025 dropping 9.6% year-on-year to THB 1,303.57 million, compared to THB 1,442.00 million in the same period last year. The weaker performance reflects ongoing challenges from subdued consumer purchasing power, elevated household debt, political uncertainty, and persistent external pressures on the Thai economy.
| Quarter | 3Q25 | 3Q24 |
| Net Profit (Loss) Million Baht |
1,303.57 | 1,442.00 |
| Earning Per Share (Baht) |
0.10 | 0.11 |
| % Change | -9.60 | |
| 9 Months | 9M25 | 9M24 |
| Net Profit (Loss) Million Baht |
4,409.50 | 4,776.53 |
| Earning Per Share (Baht) | 0.34 | 0.36 |
| % Change | -7.68 | |
Total revenue for the quarter came in at THB 16,715.77 million, down 1.74% YoY, primarily due to a decline in revenue from contracts with customers (sales of goods and services), which fell 1.93% to THB 15,622.45 million. The company attributed this to adverse weather conditions, as heavy rainfall and widespread flooding during the rainy season dampened customer traffic and reduced same-store sales.
Despite the softer performance, HMPRO continued its expansion strategy, opening four new stores in Q3 2025 — three HomePro branches (Bowin, Mae Sai, and Bangna-Trad) and one Mega Home branch (Mae Sai). Meanwhile, one HomePro S store was closed following a lease expiration. As of September 2025, the company operates 97 HomePro stores, 4 HomePro S stores, 31 Mega Home stores, and 7 HomePro stores in Malaysia.
On the profitability front, gross profit margin narrowed to 26.78%, down from 27.05% a year earlier, largely due to lower trade volume discounts in line with reduced sales. Selling and Administrative Expenses (SG&A) increased 1.49%, with higher personnel, marketing, and card fee expenses. The drop in sales also pushed up the ratio of fixed costs to total revenue.
In contrast, rental income provided a positive offset, rising 2.07% to THB 477.13 million, supported by stronger performance from properties located in tourist destinations. The company also strengthened alternative revenue streams by expanding its “Chang HomePro” service, which continued to record solid growth, and by enhancing its omnichannel presence through major e-commerce platforms such as Shopee, Lazada, and TikTok.
Finance costs edged up 1.18%, mainly from higher lease interest expenses tied to new long-term lease agreements for recently opened stores.
