Thai Industry Codes That Flipped Loss to Profit (2026)
In short
111 of Thailand's 5-digit industry codes flipped from a net loss in 2015 to a net profit in 2025. Another 107 codes moved the opposite way, sliding from profit into loss. Both figures come from 938 codes with at least 5 filing companies in both years. Manufacturing produced the most churn, with 41 codes turning profitable and 43 turning unprofitable. Wholesale and retail trade tilted the other direction, gaining 24 newly profitable codes against only 14 losses. The 111 newly profitable codes held 71,280 companies in 2025, more than double the 32,785 companies inside the 107 codes that turned unprofitable.
Which industry codes flipped from loss to profit, or profit to loss?
Start with the 938 five digit TSIC codes that had at least 5 companies filing a financial statement in both 2015 and 2568, the Thai calendar year that runs through 2025 (DBD, 2026). Of those, 111 ran a net loss as a group in 2015 and turned a net profit as a group by 2025, a flip rate of 11.83 percent. A near mirror image happened in reverse: 107 codes ran a net profit in 2015 and slid into a net loss by 2025, 11.41 percent of the total. Add the two groups and 218 codes, 23.24 percent of everything checked, landed on the opposite side of the profit line from where they started. The remaining three quarters held steady: 630 codes stayed profitable end to end and 90 stayed loss making end to end. Manufacturing was the most restless section by far, producing 41 of the loss to profit flips and 43 of the profit to loss flips, together 38.53 percent of every flip recorded. Wholesale and retail trade leaned the other way, gaining 24 newly profitable codes against just 14 that fell into loss, a net swing of plus 10 codes.
How 938 industry codes moved between 2015 and 2025
- Stayed profitable67.2%630
- Flipped to profit11.8%111
- Flipped to loss11.4%107
- Stayed a loss9.6%90
Two thirds of codes held their sign the whole decade. Roughly one in four switched sides, and slightly more switched up than down.
The largest flipped codes by 2025 company count
| TSIC code | Section | Companies in 2025 | Net profit 2015 | Net profit 2025 | Flip |
|---|---|---|---|---|---|
| 68103 | Real estate | 15,283 | -1.70bn | +3.60bn | Loss to profit |
| 55101 | Accommodation and food service | 10,713 | -4.70bn | +40.07bn | Loss to profit |
| 68201 | Real estate | 7,654 | -0.13bn | +1.33bn | Loss to profit |
| 47912 | Wholesale and retail trade | 6,527 | -2.17bn | +0.81bn | Loss to profit |
| 46313 | Wholesale and retail trade | 2,574 | -0.14bn | +2.27bn | Loss to profit |
| 47595 | Wholesale and retail trade | 3,292 | +0.56bn | -6.21bn | Profit to loss |
| 62012 | Information and communication | 2,815 | +0.65bn | -0.15bn | Profit to loss |
| 28199 | Manufacturing | 2,626 | +2.20bn | -0.38bn | Profit to loss |
| 96309 | Other services | 2,024 | +0.04bn | -0.50bn | Profit to loss |
| 45103 | Wholesale and retail trade | 1,320 | +0.01bn | -0.62bn | Profit to loss |
Five digit TSIC codes with the most 2025 filers among those that changed sign, ranked within each direction. Net profit in billions of baht.
Why a code level view matters
Section level margin tables hide this entirely, because a section can look stable in aggregate while dozens of its narrow codes trade places underneath. Manufacturing is the clearest case here. It supplied both the single largest turnaround in the whole dataset, code 24109, which cut a 74.75 billion baht loss in 2015 down to a 1.96 billion baht profit by 2025 while holding a nearly identical company count, and one of its widest reversals by company count, code 28199, which slid from a 2.20 billion baht profit into a 0.38 billion baht loss across 2,626 companies. A section that nets these out can report a flat margin for a decade while an entire layer of its constituent industries changes fortune underneath. The company count skew also matters for anyone reading this as a signal about where Thai business is heading. The 111 codes that turned profitable carried 71,280 companies into 2025, 68.5 percent of the 104,065 companies sitting across every flipped code, so more working businesses ended up on the winning side of these particular flips than the losing one, even though the code counts on each side were close to even.
Definitions
- 5-digit TSIC code
- The most detailed level of Thailand's industry classification system, one notch below the lettered industry section, identifying a specific line of business.
- Aggregate net profit
- The sum of net profit across every filing company in a code for a given year, not the average of individual company margins.
- Flip
- A change in the sign of a code's aggregate net profit between 2015 and 2025, from negative to positive or from positive to negative.
- Qualifying code
- A 5-digit TSIC code with at least 5 companies filing a financial statement in both 2015 and 2025, used here so single-company swings do not distort the count.
- Thai calendar year
- The Buddhist Era year used in DBD filings. Subtract 543 to get the Gregorian year, so 2558 is 2015 and 2568 is 2025.
Assumptions
- Only companies that filed a financial statement in both years contribute to a code's totals, so codes with very sparse filing are excluded by the 5-company minimum.
- A code level flip describes the group as a whole. Individual companies inside a flipped code may not have moved the same direction.
- The 2015 to 2025 comparison uses only the two endpoint years and does not confirm the trend was steady across the years in between.
Methodology
For each 5-digit TSIC industry code, aggregate net profit was compared between Thai calendar year 2558, which is 2015, and 2568, which is 2025, using the DBD registry aggregates as of 14 August 2026. A code was included only if it had at least 5 companies filing a financial statement in both years, which left 938 of the 1,228 tracked codes, 76.38 percent. A code counted as a flip when its aggregate net profit changed sign between the two years. No code sat exactly at zero in either year in this dataset. Section labels attach the fixed ISIC letter sections to each 5-digit code for context, since the underlying code descriptions are not available at the 5-digit level.
How we verified this
- 111 loss to profit plus 107 profit to loss plus 90 loss to loss plus 630 profit to profit sums to 938, the full set of qualifying codes.
- 111 divided by 938 recomputes to 11.83 percent, and 107 divided by 938 recomputes to 11.41 percent.
- 218 total flips divided by 938 recomputes to 23.24 percent, and the manufacturing subtotal of 41 plus 43 equals 84, which divided by 218 recomputes to 38.53 percent.
- The company counts 71,280 and 32,785 were summed to 104,065, and 71,280 divided by 104,065 recomputes to 68.5 percent.
- The combined net profit swing of 346,475,962,866.67 baht for loss to profit codes plus negative 205,600,703,285.13 baht for profit to loss codes nets to approximately 140.9 billion baht.
- 938 divided by 1,228 total tracked 5-digit codes recomputes to 76.38 percent.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Bank of Thailand. (2025). Banking sector quarterly brief, Q3 2025. https://www.bot.or.th/content/dam/bot/documents/en/news-and-media/news/2025/news-20251118.pdf
Frequently asked questions
How many Thai industry codes turned a loss into a profit between 2015 and 2025?
111 of the 938 qualifying 5-digit TSIC codes ran a net loss as a group in 2015 and a net profit as a group in 2025.
How many Thai industry codes turned a profit into a loss?
107 codes did the opposite, moving from a net profit in 2015 to a net loss in 2025, nearly matching the 111 that moved up.
Which section had the most industry codes flip either way?
Manufacturing, with 41 codes turning profitable and 43 turning unprofitable, together 38.53 percent of all 218 flips.
Why use 2015 and 2025 rather than every year in between?
The comparison isolates the net direction over a full decade using Thai calendar years 2558 and 2568. It does not capture whether a code flipped back and forth in between.
Cite this page
Chatpong L. (2026). Thai Industry Codes That Flipped Loss to Profit (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-that-flipped-from-loss-to-profit-2015-2025
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.