MGC-ASIA Hits New High in Q1 with Net Profit of 323 Million Baht, Third Consecutive Quarter of Growth

MGC-ASIA delivered strong results in Q1 2025, achieving a record net profit of 323 million baht—a 488% increase year-on-year—marking the third consecutive quarter of growth. Group CEO Santhavuth Thamchawaviriya attributed the expansion to the electric vehicle and renewable energy business, which boosted total revenue to 6.08 billion baht, up 49.6%. The primary growth drivers include Neo Mobility Asia's earnings contribution and the sustained expansion of the EV market, as consumers increasingly choose premium electric vehicles in response to volatile energy prices and oil costs.

The company views the automotive industry's future as competition not merely in vehicle sales but in building business ecosystems that connect customers and generate sustained long-term revenue—a strategy MGC-ASIA has developed over 25 years. Response to electric vehicles at the Bangkok International Motor Show remained strong following the launches of the XPENG X9, BMW iX3, ZEEKR 009, and BMW i5, resulting in over 2,000 backorders with deliveries beginning in Q2.

Other group businesses also performed well. Alpha X's financial services grew 1,765% with profit contribution of 11.4 million baht from wealth lending clients, while Howden Maxi insurance expanded its customer base. Car rental operations through Master Car Rental and SIXT generated 489 million baht in revenue, up 14.7%, benefiting from tourism recovery and corporate demand. Used vehicle sales reached 273.5 million baht, up 26.6%, maintaining healthy margins through efficient inventory and cost management.

Aftersales service and MMS service centers generated 931 million baht across dealerships and service centers for premium brands including BMW, MINI, Honda, Rolls-Royce, and Harley-Davidson, with plans underway to expand showrooms and service centers in major economic cities nationwide.