Thai Listed Companies Report 25% First Quarter Profit Growth Boosted by Rising Oil Prices; Energy and Petrochemical Sectors Lead Market Recovery
Thai listed companies reported 25.3% profit growth in the first quarter of 2025, reaching 369 billion baht, driven largely by rising oil prices that boosted energy and petrochemical sectors while other industries faced cost pressures.
The Stock Exchange of Thailand (SET) reported that listed companies achieved a combined net profit surge of 25.3% to 369 billion baht in the first quarter of 2025, buoyed by rising oil prices that drove exceptional performance in the energy and petrochemical sectors. General businesses continue to face pressure from production cost management and slowing purchasing power, while tourism, commerce, technology, and small-scale lending sectors show steady growth.
According to Asaddej Kongsiri, Chairman and Chief Executive of the SET, 813 companies—93.7% of the total 868 listed companies (including SET and mai, excluding real estate funds and infrastructure)—submitted first quarter 2025 results, with 624 companies reporting net profits, representing 76.8% of all reporting companies.
SET Overall Performance
Comparing first quarter 2025 to the same period last year, SET-listed companies achieved sales of 4.24 trillion baht, up 1.2%, while gross profit reached 1.04 trillion baht, up 24.7%. Core profit stood at 506.939 billion baht, up 56.5%, and net profit reached 369.201 billion baht, up 25.3%.
Regarding financial position as of March 31, 2025, the debt-to-equity ratio (excluding the financial sector) stood at 1.28 times, down from 1.34 times in the first quarter of 2024.
Growth Drivers and Performing Sectors
Kongsiri noted that Middle East conflicts in the first quarter drove oil prices higher, improving performance for energy and petrochemical companies through higher profit margins and inventory gains, benefiting from increased refining spreads.
General business companies face sales pressure and production cost management challenges. Commercial banks were impacted by economic slowdown, reflected in modest credit expansion and lower policy interest rates compared to the previous year.
Beyond oil-linked sectors, companies showing first quarter growth include those in tourism, domestic consumption, commerce, hotels, technology, and small-scale lending.
MAI Market Performance
For the Thailand's alternative market (mai), listed companies reported first quarter 2025 sales of 51.66 billion baht, up 3.3%, with operating profit of 3.92 billion baht, up 7.8%, and net profit of 2.526 billion baht, up 25.3%, reflecting careful management of production and selling costs.
