Thai listed firms report 9-month sales & profit growth boosted by continuing economic recovery

Companies listed on The Stock Exchange of Thailand (SET) delivered a 41.1 percent year-on-year surge in total sales to THB 13.17 trillion (approx. USD 370.16 billion) and a 14.2 percent on year rise to THB 825.34 billion in net profits for the first nine months of 2022.

SET Senior Executive Vice President Manpong Senanarong said that 780 companies, representing 97.5 percent of 798 SET- and Market for Alternative Investment (mai)-listed companies (excluding property funds, infrastructure funds and non-compliance or NC) reported their financial performance during the first nine months, ending September 30, 2022. A total of 593 companies posted net profits, accounting for 76.1 percent of the companies that submitted their financial statements.

In the nine months through September 2022, SET-listed companies' core operating profits rose by 25.6 percent year-on-year to THB 1.49 trillion, though production costs increased by 46.9 percent to THB 10.30 trillion. As for their financial position at the end of September 2022, Thai listed companies' debt-to-equity ratio (excluding Financials industry group) rose to 1.59 times from 1.54 times over the same period a year before.

"The lift of COVID-19 restrictions and the country reopening have helped boost economic activities, resulting in overall continuing economic growth and recovery. Local and foreign tourism expenditure have contributed to the solid growth in the Banking, and Finance & Securities sectors buoyed by loan growth. Commerce, food, hospital and hotel businesses recorded higher sales but smaller losses. However, fluctuations in commodities and exchange rates still affected production costs and profitability rate of listed companies," added Manpong.

Regarding the operating performance of mai-listed companies in the first nine months of 2022, total sales rose by 23.8 percent on year to THB 153.58 billion, production costs increased by 28.0 per cent to THB 121.25 billion, operating profits were up 4.0 percent to THB 8.14 billion, and total net profits rose by 1.0 percent to THB 6.57 billion.