SET-listed firms’ net profit drop 3.7% in 2024 on higher costs
The Stock Exchange of Thailand (SET)-listed companies experienced a 3.7% drop in net profit in 2024 due to a slight increase in production and management costs.
SET president Asadej Kongsiri said on Thursday that of the 807 companies listed on SET and the Market for Alternative Investment (mai) that submitted their financial statements as of December 31, 2024, only 604 reported net profits.
Despite this, total sales reached 17.52 trillion baht in 2024, marking a 3.1% year-on-year increase. However, rising costs led to a core profit of 1.55 trillion baht and a net profit of 859.40 billion baht, reflecting declines of 1.1% and 3.7%, respectively.
As of December 31, 2024, the debt-to-equity (D/E) ratio of Thai listed companies (excluding the financial sector) stood at 1.49 times, down from 1.52 times the previous year.
Asadej highlighted that companies linked to tourism, including food and beverages, consumer products, retail, hotels, aviation, hospitals, telecommunications and commercial rental spaces, saw improved performance due to the ongoing recovery in the tourism sector.
Additionally, the industrial estate sector experienced significant growth, driven by increased demand in the Eastern Economic Corridor (EEC) and a surge in investment promotion requests from the Board of Investment (BOI), aligning with the global trend of manufacturing relocation.
The financial sector also benefited from sustained high-interest rates.
However, Asadej noted that declining oil prices and refining margins in 2024 put pressure on oil and petrochemical businesses, weighing down the overall profitability of listed companies.
