Q1/2024 listed companies' performance improved, particularly tourism-related businesses

Monday 27 May 2024 16:56
SET-listed firms' Q1/2024 sales +4.6% y-o-y to THB 4.40 trnQ1 operating profits +14.2% y-o-y to THB 466.86 blnQ1 net profits +1.7% y-o-y to THB 264.81 blnListed companies delivered continued growth in revenues and net profits for the first quarter of 2024 due to higher number of tourists over the same period last year and Financials industry group benefiting from rising interest rates.
Q1/2024 listed companies' performance improved, particularly tourism-related businesses

Senior Executive Vice President of The Stock Exchange of Thailand (SET) Manpong Senanarong said that 816 listed companies, representing 98.31 percent of the total 830 listed companies (comprising SET- and mai-listed companies scheduled to submit financial statements ended March 31, 2024, and excluding property funds and infrastructure funds) already submitted their first-quarter operating results. A total of 646 listed companies, or 79.17 percent of all listed companies that submitted their financial statements, reported net profits.

SET-listed companies recorded first-quarter sales of THB 4.40 trillion (approx. USD 123.39 billion), an increase of 4.6 percent over the same period a year ago. Production costs increased by 3.1 percent, while selling, general and administrative (SG&A) expenses rose by 6.8 percent, leading to a 14.2 percent and a 1.7 percent increase in core operating profits to THB 466.86 billion and net profits to THB 264.81 billion. For the financial position as of March 31, 2024, Thai listed companies' debt-to-equity (D/E) ratio (excluding the Financials industry group) was steady at 1.52 times from a year earlier.

"The overall performance improved due to the recovery of tourists, resulting in better profits for tourism-related service businesses such as hotels, airlines, rental spaces, retail, and telecommunications. Moreover, the higher interest rates contributed to the better financial performance of Financials industry group, but may put pressure on financing costs for other industry groups," added Manpong.

For mai-listed companies, they reported a 9.2 percent year-on-year increase in total sales for the January-March quarter, reaching THB 54.03 billion. Production costs and SG&A expenses rose by 6.7 percent and 6.4 percent, respectively. This resulted in operating profits of THB 5.26 billion and net profits of THB 4.61 billion.

Source: SET Corporate Communications