GFPT Public Company Limited (SET: GFPT) reported a net profit of THB 600.62 million for the second quarter of 2026, representing a 6.46% decline compared to the same period last year. Total revenue from sales dipped 4.77% year-on-year to THB 4,647.85 million, as softer export volumes to key markets weighed on the group’s top-line performance.
All three of GFPT’s primary business units faced contractions this quarter. The Food segment, the group’s largest contributor at 47.69% of revenue, saw sales fall 4.69% primarily due to a decrease in fresh chicken meat export volumes to China. The Farm segment declined 5.10%, pressured by lower sales volumes and selling prices for day-old chicks. Meanwhile, the Feed segment slipped 4.31% following a reduction in fish feed demand.
The earnings slide was exacerbated by a 31.29% drop in the share of profit from associated companies. Most notably, the GFN joint venture saw its profit contribution crater by 94.34% due to weak domestic pricing for chicken parts.
On a positive note, core operational efficiency remained intact as cost of sales fell faster than revenue, allowing gross margins to expand slightly to 16.91%. The bottom line also benefited from a THB 24.78 million gain from exchange rates.
GFPT maintains a highly liquid, fortress balance sheet. The group reported a current ratio of 4.92 and a net debt-to-equity ratio of just 0.16, reflecting extremely conservative leverage. Cash and cash equivalents reached THB 4,480.12 million.
Management is moving forward with aggressive capacity expansion to drive future growth. The company is currently constructing a new chicken processing factory and further processing facility in Chonburi. Once complete, these plants will have the capacity to process 150,000 birds per day, positioned to capture resurgent international demand and better serve evolving consumer needs.
