Thai listed firms report 120 percent surge in operating profits y-o-y in Q1

SET Senior Executive Vice President Manpong Senanarong said that 727 listed firms, accounting for 96.2 percent of the total 756 firms (excluding property funds, infrastructure funds, and non-compliance or NC) submitted their first-quarter financial reports, ended March 31, 2021. Of all the submissions, 549 firms or 75.5 percent recorded net profits.

From Jan - Mar 2021, listed firms' aggregate sales were THB 2.94 trillion (approx. USD 93.33 billion), up 2.95 percent from the same period last year, with core operating profits rising 119.92 percent to THB 394.45 billion, and net profits surging 229.81 percent to THB 257.27 billion. The quarterly operating performance indicated 1) the Energy & Utilities sector (particularly the oil refinery), and the Petrochemicals & Chemicals sector with increasing revenues, operating profits and net profits, stemming from OPEC's production cuts that bumped up oil prices and refining margin; and 2) listed companies in other industry groups with well-adjusted and innovative operating cost management achieving an increase in both operating profits and net profits despite the flat sales affected by COVID-19 pandemic.

Thai listed firms' financial position at the end of Q1/2021 showed their debt-to-equity ratio (excluding Financials Industry group) remained unchanged at 1.53 times.

"With the oil prices back on track in the first quarter of this year, Energy & Utilities, and Petrochemicals and Chemicals sectors achieved higher operating profits and net profits in the first quarter than the same period last year facing the oil price war. Furthermore other listed firms recorded improved operating results and net profits despite the ongoing COVID-19 crisis, consisting of rubber- and palm oil- related Agribusiness, Personal Products & Pharmaceuticals, and Packaging sectors in high demand continuously, while Electronic Components and Automotive sectors starting to get more purchase orders. However, Services Industry group was still reeling," said Manpong.

Market for Alternative Investment (mai)-listed companies reported their Q1/2021 total sales rose 2.1 percent to THB 45.05 billion, with operating profits surging 36.8 percent to THB 3.13 billion and net profits skyrocketing 601.3 percent to THB 2.51 billion.

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