Millennium Group Corporation (Asia) Public Company Limited (SET: MGC) has reported a landmark financial performance for the first quarter of 2026, achieving a staggering net profit of THB 323.1 million, an exponential 488.5% year-on-year (YoY) increase from THB 54.9 million recorded in 1Q25.
Total revenue for the quarter soared to THB 6,080.1 million, a 49.6% jump compared to THB 4,065.4 million in the same period last year. This growth was predominantly spearheaded by the Mobility Retail business, which saw revenue climb 73.3% to THB 4,591.6 million.
The primary catalyst was the success of the XPENG electric vehicle (EV) distribution, which effectively captured sustained demand amid global energy volatility. While the Aftersales segment saw a slight dip of 2.3%, the Car Rental and Driver Service business maintained steady momentum, growing 14.7% YoY.
Profitability metrics showed significant improvement across the board. The Group’s gross profit reached THB 877.8 million, with the gross profit margin expanding to 14.4% from 11.4% in 1Q25. This margin expansion was largely attributed to the high-margin contribution of the XPENG EV segment.
Beyond operational success, the bottom line was bolstered by two key factors:
- Strategic Consolidation: Following the acquisition of additional shares in August 2025, Neo Mobility Asia (NEO) transitioned from an associate to a subsidiary, allowing MGC to consolidate 100% of its EV distribution performance.
- Financial Efficiency: Enhanced cash flow management led to a reduction in interest expenses paid to external parties.
MGC’s financial position remains robust, with Return on Equity (ROE) jumping to 6.1% from 1.4% in the previous year. Furthermore, the Group’s debt-to-equity (D/E) ratio improved to 2.6 times, down from 2.7 times at year-end 2025, as equity growth outpaced the increase in liabilities. With a strengthened financial footing and clear EV momentum, MGC appears well-positioned for sustained performance throughout 2026.
