Medeze Group Public Company Limited (SET: MEDEZE) recently released its full-year 2025 financial results, revealing a challenging fiscal year marked by an 11% decline in revenue compared to 2024.
Total revenue for the year settled at THB 776.41 million, down from THB 874.33 million the previous year. This downturn significantly impacted the bottom line, with net profit falling 42% year-on-year to THB 196.38 million.
The company attributed the revenue contraction primarily to a domestic and international economic slowdown, which led to more cautious consumer spending. A critical external factor was the 52% drop in revenue from Cambodian customers—a segment that declined by approximately THB 74 million due to border closures and travel restrictions.
Domestically, customers shifted toward smaller purchase volumes to manage personal cash flow while adopting a “wait-and-see” approach toward future economic trends.
Despite top-line pressures, MEDEZE’s operating expenses surged as the Group focused on long-term growth. Total Selling, General, and Administrative (SGA) expenses reached THB 370.23 million, a 12% increase from 2024.
Administrative costs alone rose 16% to THB 191.67 million, driven by personnel expansion and depreciation from major capital investments. These investments include a new Sales and Marketing office, a new warehouse facility, solar energy systems, and the proprietary MEDEZE Plus Auto Matching Software.
Furthermore, research and development (R&D) spending spiked 29% to THB 17.30 million as the Group prepared for international certifications and the Advanced Therapy Medicinal Products (ATMPs) Sandbox project. While these costs weighed on the 2025 net profit margin—which dropped to 25% from 39% in 2024—management characterizes them as strategic investments essential for future expansion.
Financially, the Group remains robust with total assets of THB 3,478.12 million and a strong equity position representing 84% of its balance sheet. Although 2025 was a year of consolidation, MEDEZE reports it has successfully retained its core customer base and is actively formulating a recovery plan for its international segments.
In addition, the Board of Directors approved a dividend payment of THB 0.08 per share to be paid on May 19, 2026, with an ex-dividend (XD) date on April 29, 2026.
