Stecon Group Public Company Limited (SET: STECON) delivered a robust performance in the second quarter of 2026, reporting a net profit of THB 911.7 million, representing a significant 76.5% increase from the same period last year. Total revenue for the quarter rose to THB 10,255.7 million, up 16.5% year-on-year, signaling a successful navigation of a challenging macroeconomic environment.
Key Financial Highlights:
- Net Profit: THB 911.7 million (+76.5% YoY)
- Total Revenue: THB 10,255.7 million (+16.5% YoY)
- Gross Profit Margin: 7.4%
- Debt-to-Equity Ratio: 0.47x (interest-bearing debt)
The company’s growth was primarily fueled by its construction segment, which generated THB 9,345 million (+7.2% YoY), driven largely by data center and clean energy projects. This shift toward specialized, high-margin infrastructure is a cornerstone of management’s “New S-Curve” strategy. Additionally, the sales and services segment saw an explosive 154.9% increase, reaching THB 132.3 million as subsidiaries secured new contracts.
Earnings were further bolstered by improved operational efficiency and disciplined cost controls. While administrative expenses for 1H26 rose slightly due to personnel costs, the company saw a favorable adjustment in its monorail investments (NBM and EBM), reducing losses from associates by THB 99 million compared to the previous year.
STECON maintains a healthy balance sheet with total assets of THB 63.49 billion, a 12.9% increase since the end of 2025. The company’s liquidity remains stable, supported by an increase in the market value of its equity holdings and a manageable interest-bearing debt-to-equity ratio of 0.47x.
Looking ahead, management is pivoting toward recurring income streams, with significant investments in water management, logistics, and AI-driven construction technology. Despite inflationary pressures from the U.S.-Iran conflict impacting material costs, STECON’s proactive procurement strategy and focus on high-growth sectors like data centers—where THB 1 trillion of combined investment in Thailand is projected—position the group for sustainable long-term expansion.
