18 Industry Codes Generate Half of Thai Corporate Profit 2026
In short
Eighteen. That is how many of Thailand's 1,207 five digit industry codes it takes to generate half of the country's net corporate profit, as of 17 July 2026. Those 18 codes report 50.79 percent of the 3.29 trillion baht in total net profit, while holding just 5.96 percent of companies registered under a profit reporting code. One code alone, sitting in the financial and insurance section, earns 10.35 percent of all profit by itself. The winning codes span nine different industry sections, not one dominant trade, a wider spread than the revenue and asset concentration already published on this site.
How many industry codes does it take to reach half of Thailand's corporate profit?
Eighteen codes. Rank every one of Thailand's 1,207 five digit TSIC codes that carry a net profit figure in market_tsic_insight from the highest total profit to the lowest, add the profit up one code at a time, and the running total crosses half of the 3.29 trillion baht net profit reported across those codes right at the 18th code (DBD, 2026). One code earlier, at rank 17, the cumulative share sits at 49.58 percent, just short of half. By rank 18 it reaches 50.79 percent. That crossing point equals 1.67 trillion baht. Eighteen out of 1,207 codes works out to 1.49 percent of every industry code carrying a profit figure. The single busiest code, sitting inside the financial and insurance section, reports 10.35 percent of all net profit on its own. The 18 codes are not clustered in one corner of the economy either. They span nine different sections, including manufacturing, finance, real estate, professional services and health. That is a wider spread than the revenue picture, where eighteen of the top 30 revenue codes sit inside a single section, wholesale and retail trade.
The cumulative profit concentration curve
Figures in percent of net profit across profit reporting codes.
The curve climbs past fifty percent by the 18th code, then keeps climbing above 100 percent as more profitable codes are added, before loss making codes at the tail pull it back down to exactly 100 percent.
The 18 codes that add up to half of Thailand's corporate profit
| Rank | TSIC code | Section | Profit this code, billion baht | Cumulative share |
|---|---|---|---|---|
| 1 | 64202 | K | 340 | 10.35% |
| 2 | 64191 | K | 247 | 17.85% |
| 3 | 26209 | C | 150 | 22.41% |
| 4 | 29309 | C | 96 | 25.32% |
| 5 | 35101 | D | 86 | 27.94% |
| 6 | 68104 | L | 73 | 30.15% |
| 7 | 19201 | C | 73 | 32.35% |
| 8 | 65110 | K | 71 | 34.50% |
| 9 | 61201 | J | 67 | 36.53% |
| 10 | 64201 | K | 63 | 38.46% |
| 11 | 46599 | G | 63 | 40.39% |
| 12 | 70209 | M | 58 | 42.14% |
| 13 | 29102 | C | 54 | 43.77% |
| 14 | 86101 | Q | 51 | 45.32% |
| 15 | 06100 | B | 51 | 46.86% |
| 16 | 70100 | M | 48 | 48.32% |
| 17 | 45401 | G | 41 | 49.58% |
| 18 | 10802 | C | 40 | 50.79% |
Ranking Thailand's five digit TSIC codes by total net profit and tracking the cumulative share, as of 17 Jul 2026.
Why this matters
Profit concentrates faster than revenue among Thailand's registered companies but slower than assets. A companion analysis on this site found it takes 30 industry codes to reach half of Thailand's revenue and only 12 to reach half of its corporate assets. Profit sits in between at 18 codes. The codes behind revenue concentration cluster heavily inside wholesale and retail trade. The codes behind profit concentration do not. They span nine sections, from finance to manufacturing to real estate to professional services and health, so no single trade owns the concentration story here. There is a sharper twist inside the numbers too. Add up only the codes that turned a profit and the running total peaks at 105.05 percent of the national net figure at code 839, before 368 loss making codes drag it back down to the true 100 percent by the final code. Thailand's profitable codes earn more than the whole economy nets, and the loss makers spend the surplus back. Research on global publicly listed firms has found the same shape at a larger scale. IMD reported that in 15 of 21 countries studied, the top 5 percent of listed firms generate over 100 percent of net economic profit, with the weakest firms destroying value rather than merely earning less of it (Erencin et al., 2024). Thailand's registry shows a milder version of the same pattern. A lender or investor reading a profit ranking by industry code is not just reading who earns the most. They are reading how much of the economy's winners are quietly covering for its losers.
Definitions
- Five digit TSIC code
- The most granular level of Thailand's Standard Industrial Classification, used by the DBD to record each company's declared business activity.
- Net profit
- Total reported profit after expenses and taxes for every company under a code that filed a financial statement, with losses already netted against gains.
- Cumulative share
- The running total of net profit for the top N codes, divided by the total net profit across all profit reporting codes, expressed as a percent.
- Loss making code
- A five digit TSIC code where the combined net profit of every company under it is negative, meaning the code lost money as a group for the period covered.
- Concentration
- How unevenly a total is distributed across categories. High concentration means a small number of categories hold most of the total.
- Section
- One of the 21 broad, lettered industry groups in the TSIC hierarchy that sits above the five digit code, such as K for financial and insurance.
Assumptions
- Only the 1,207 of 1,228 five digit TSIC codes with a reported net profit figure are ranked. The other 21 codes carry no figure and are excluded rather than treated as zero.
- Net profit already nets gains against losses within each code, so the 368 codes with a net loss reduce the cumulative total once the profitable codes are exhausted, which produces the above 100 percent peak in the cumulative curve.
- Five digit code names are not available in the source data, so codes are reported by number and section only, not by industry label.
Methodology
Every row in market_tsic_insight that carries a net profit figure, 1,207 of the table's 1,228 five digit TSIC codes, was ranked by total_net_profit from highest to lowest, sourced from the Department of Business Development registry with computed_at 17 July 2026. A running cumulative sum and cumulative share of the 3.29 trillion baht net total across those 1,207 rows was computed row by row to find the first rank where the cumulative share passed 50 percent. Net profit already nets gains against losses inside each code, so 368 codes with a net loss subtract from the running total once profitable codes are exhausted, which is why the cumulative curve climbs above 100 percent before settling back to exactly 100 percent at the final code. The remaining 21 codes carry no net profit figure and were excluded from the ranking rather than treated as zero. Five digit industry names are not published by the source table, so codes are identified by number and section letter only. The 3.29 trillion baht total across these codes runs slightly below the 3.29 trillion baht whole registry figure in market_national_insight, a gap attributable to companies without a classified five digit code.
How we verified this
- Summed total_net_profit across the 1,207 tsic codes with a non null profit figure and got 3,287,785,537,990.43 baht, the denominator used for every share on this page.
- Ranked codes by total_net_profit descending with a running cumulative sum. Cumulative share first passed 50 percent at rank 18, cumulative profit 1,669,874,534,667.17, and 1669874534667.17 divided by 3287785537990.43 equals 50.79 percent. Rank 17 cumulative profit was 1,629,994,034,091.76, which is 49.58 percent, confirming rank 18 is the true tipping point and not rank 17.
- Eighteen codes out of 1,207 total codes with profit data equals 1.49 percent, the share of codes figure used in the headline stats.
- Confirmed the single top code, TSIC 64202 in section K, holds 340,180,752,176.74 baht in net profit, and that divided by 3,287,785,537,990.43 equals 10.35 percent.
- Summed entity_count for the same top 18 codes and got 118,330 companies. 118330 divided by the 1,986,662 companies registered under a code that reports a net profit figure equals 5.96 percent.
- Summed total_net_profit only where positive across all 1,207 codes and got 3,453,827,770,218.66 baht from 839 profitable codes, while the 368 codes with a net loss summed to negative 166,042,232,228.23 baht. 3453827770218.66 minus 166042232228.23 equals 3,287,785,537,990.43, matching the net total used throughout and confirming the cumulative curve peaks at 105.05 percent at code 839 before the loss making codes bring it back to 100 percent.
- Checked market_national_insight and found total_net_profit of 3,290,602,409,386.72 baht, 2,816,871,396.29 baht higher, 0.09 percent, than the sum across the 1,207 profit reporting tsic codes, and confirmed cr5, cr10 and hhi are null on all rows so no concentration column was touched in this calculation.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by industry classification (TSIC). Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Erencin, C., Evenett, S. J., Ledan, P., and Reitz, F. (2024). The countries and sectors with the highest economic profit concentration are not what you might expect. IMD Business School. https://www.imd.org/ibyimd/crux-of-capitalism/the-countries-and-sectors-with-the-highest-economic-profit-concentration-are-not-what-you-might-expect/
Frequently asked questions
How many industry codes generate half of Thailand's corporate profit?
Eighteen, out of 1,207 five digit TSIC codes with a net profit figure. Together they report 1.67 trillion baht, 50.79 percent of the 3.29 trillion baht net profit across those codes.
Is profit more concentrated than revenue across industry codes?
Yes, and less concentrated than assets. A separate analysis on this site found it takes 30 codes to reach half of Thailand's revenue and only 12 to reach half of corporate assets. Profit sits between the two at 18 codes.
Which single industry code generates the most profit?
One code inside the financial and insurance section alone generates 10.35 percent of the net profit across all 1,207 codes, more than the next code.
Why does the cumulative profit curve rise above 100 percent?
Because 368 of the 1,207 codes report a net loss. Summing only the profitable codes pushes the running total to 105.05 percent of the national net figure before the loss making codes pull it back down to exactly 100 percent.
Cite this page
Chatpong L. (2026). 18 Industry Codes Generate Half of Thai Corporate Profit 2026. Max Data Insights. https://maxdatathailand.com/insights/profit-concentration-among-5-digit-thai-industry-codes-2026
Data & corrections
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Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.