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- SET-listed companies’ total sales down 2.6% in 2023 to THB 17.23 trn
- 2023 net profits down 10.7% on higher SG&A
Listed companies’ total sales and net profits fell in 2023, dragged down by operating performance of oil-related and Agro & Food Industry Groups. Tourism-related and Technology Industry Groups continuously delivered growth.
Senior Executive Vice President of The Stock Exchange of Thailand (SET) Manpong Senanarong said that 817 companies, representing 99.51 percent of 821 companies listed on SET and Market for Alternative Investment (mai) (excluding property funds and infrastructure funds) reported the 2023 financial performance, ending December 31, 2023. A total of 626 companies posted net profits, accounting for 76.62 percent of SET- and mai-listed companies that submitted their financial statements.
SET-listed companies’ total sales fell 2.6 percent to THB 17.23 trillion in 2023 (approx. USD 496.40 billion). Production costs were down 2.2 percent while selling, general and administrative expense (SG&A) rose 3.9 percent, resulting in a 12.4 percent decline in core operating profits to THB 1.65 trillion and a 10.7 percent fall in net profits to THB 961.04 billion.
Regarding financial position, Thai listed firms, excluding the Financials Industry Group, had a debt-to-equity ratio (D/E ratio) at 1.51 times as of December 31, 2023, down from 1.54 times over the same period a year before.
“The overall sales and net profits lowered, affected by the decline in prices of various commodities including oil, agricultural products and food; the rise in SG&A expense; and interest rates which stay at high level. However, tourism-related industry such as aviation, hotels, space rental, retail, and telecommunications apparently turned around and continuously grew owing to the government policies,” added Manpong.
As for the operating results of mai-listed companies in 2023, total sales rose 2.1 percent to THB 200.18 billion. Production costs which rose by 0.5 percent to THB 147.99 billion and SG&A expense which increased by 13.4 percent to THB 40.01 billion took a bite out of operating profits and net profits which fell 10.2 percent and 35.1 percent to THB 12.19 billion and THB 5.90 billion, respectively.
