Thai Wah Public Company Limited (SET: TWPC) reported Food Business sales of THB 703 million in Q3/2026, the highest quarterly level in over five years and an increase of 14% year on year, driven primarily by sales volume growth. The performance marks further progress in Thai Wah’s transformation toward a Food Company, with Food and Specialty Ingredients forming the foundation for long-term growth. Well-Grow’s sauce and seasoning expertise further supports the development of more complete food solutions.
Food Business growth strengthened Group performance, supporting a 64% year-on-year increase in Q3/2026 net profit attributable to owners of the parent to THB 29 million. Consolidated sales rose 9% to THB 2,478 million despite elevated cassava root costs and higher transportation costs. For the first nine months of 2026, net profit attributable to owners of the parent increased 8% to THB 168 million, while consolidated sales grew 5% to THB 7,240 million.
Mr. Ho Ren Hua, Chief Executive Officer of Thai Wah Public Company Limited, said the Company is increasing the contribution of Food and Specialty Ingredients under its TW 2030 ambition to reduce dependence on the cassava cycle. Food accounted for 53% of consolidated gross profit in the nine month period, compared with 44% a year earlier. Growth in Food gross profit substantially offset the decline in Starch gross profit, strengthening the resilience of Group earnings.
The Company continues to develop products and broaden distribution to meet demand for convenient and varied ready-to-eat and ready-to-cook meal solutions. Thai Wah’s Food Business in Vietnam also recorded growth in both sales and volume over the first nine months of the year.
In Native Starch, the Company is prioritizing earnings stability and cash generation, aligning selling prices with raw material costs rather than pursuing volume growth. Its operating approach combines cost control and production efficiency, diversified regional sourcing, and crop monitoring and analysis to support procurement and production planning. Nine month selling and administrative expenses declined 5% year on year to THB 1,189 million, helping absorb cost pressures.
In Specialty Ingredients (HVA), Thai Wah is building on its investments to expand from specialty starches into intermediate blends and application-specific premix solutions. New modified starch capacity and the premix facility in Jiaxing, Zhejiang Province, China, will support product development and service to food industry customers as these operations develop.
The acquisition of Well-Grow Company Limited strengthens backward integration in the Food Business. Its sauce, seasoning and formulation expertise complements Thai Wah’s capabilities in noodles and food texture, supporting more complete food solutions. Integration priorities include knowledge transfer, business continuity and joint product development, with commercial opportunities to be developed progressively.
For full year 2026, the Company expects healthy growth in net profit attributable to owners of the parent. In 2027, Thai Wah will focus on expanding Food and Specialty Ingredients through product innovation, customer development and its regional operating platform. New investments are expected to ramp up production and sales progressively during 2027, with fuller benefits in 2028, subject to customer product testing and qualification and commercial adoption.
The Company continues to monitor cassava supply, energy and transportation costs, and climate risks closely. Its regional operating and sourcing network supports cost management and continuity of production. Inventory, working capital and investment timing remain priorities as Thai Wah develops its next stage of growth.
