Millennium Group Corporation (Asia) Public Company Limited (SET: MGC) delivered blockbuster second quarter results, reporting a staggering 553.6% year-over-year surge in net profit to THB 352 million.
Total revenue for the period hit THB 8.68 billion, marking an 83% increase compared to Q2 2025. This performance represents the company’s fourth consecutive quarter of record-breaking profits, comfortably outpacing historical growth trajectories as the firm’s pivot toward electric vehicles (EVs) gains massive traction.
Key Financial Highlights (2Q26)
- Net Profit: THB 351.9M (+553.6% YoY)
- Total Revenue: THB 8.68B (+82.9% YoY)
- Gross Margin: 11.6% (vs. 9.6% in 2Q25)
- 1H26 EPS: THB 0.61 (vs. THB 0.10 in 1H25)
The Mobility Retail unit was the quarter’s primary powerhouse, with revenue ballooning 115.6% to THB 7.23 billion. This explosive growth was fueled by the successful rollout of XPENG and ZEEKR electric vehicles. Notably, the company’s role as a distributor for XPENG allowed it to capture higher margins, pushing the group’s overall gross profit margin to 11.6%, up from 9.6% a year ago. Meanwhile, the Car Rental and Driver Services segment maintained steady growth, rising 11.1% to THB 461.8 million.
The earnings spike was driven by core operational scaling and a strategic structural shift. A key contributor was the full consolidation of Neo Mobility Asia, which transitioned from an associate to a 99.99%-owned subsidiary, allowing MGC-ASIA to recognize 100% of its performance.
On the balance sheet, MGC-ASIA showed significant deleveraging. The Debt-to-Equity (D/E) ratio improved to 2.1x from 2.7x, while Earnings Per Share (EPS) for the first half of the year reached THB 0.61. Liquidity also strengthened, with the current ratio rising to 1.0x.
Management is maintaining an aggressive 2026 revenue target of THB 25 billion. The company plans to launch three new vehicle models in the second half of the year, with the first debut set for August 18. Future growth will focus on the Mobilife loyalty ecosystem and digital efficiency via a new ERP rollout to optimize inventory and cash flow.
In addition, the Board of Directors approved a dividend payment of THB 0.24 per share to be paid on 11 September 2026 with an ex-dividend date on 26 August 2026.
