Thai Industry Codes Where Profit Outgrew Revenue, 2015-2025
In short
Net profit outgrew revenue in 249 of 491 sizable Thai industry codes tracked from 2015 to 2025, a 50.7 percent share. Each of those codes carried at least 1 billion baht of revenue and 50 million baht of profit in 2015, and stayed profitable through 2025. The sharpest case is TSIC 85500, an education services code, where revenue rose 127.1 percent while net profit rose 3,486.3 percent. Separately, 78 of 106 material codes that lost money in 2015 turned profitable by 2025. The rest of the field grew revenue with profit lagging behind, in the worst case falling 72.4 percent.
Which Thai industry codes grew profit faster than revenue?
Among Thailand's 5-digit industry codes, 938 reported usable revenue in both 2015 and 2025 (DBD, 2026). Of those, 630 stayed net-profitable in both years, the minimum needed to compare growth rates cleanly. Screening further for scale, 491 codes carried at least 1 billion baht of revenue and 50 million baht of profit back in 2015. Net profit grew faster than revenue in 249 of those 491 codes, a 50.7 percent share. The clearest case sits in TSIC 85500, an education services code. Its revenue rose 127.1 percent over the decade, from 2.75 billion baht to 6.24 billion baht. Net profit in that same code rose 3,486.3 percent, from 59.8 million baht to 2.15 billion baht. Its margin widened from 2.2 percent to 34.4 percent, a genuine change in how the business earns money rather than a byproduct of getting bigger.
Share of material codes where profit outgrew revenue, by section
- Financial and insurance65
- Wholesale and retail trade64
- Administrative and support48
- Manufacturing47
- Construction44
- Professional, scientific and technical43
- Transportation and storage38
- Information and communication29
Figures in percent of material codes in the section.
Limited to sections with at least 17 material codes so the share is stable. Financial and insurance and wholesale and retail lead. Manufacturing sits in the middle even though it holds more material codes than any other section.
Industry codes with the widest gap between profit growth and revenue growth
| TSIC code | Section | Revenue growth | Profit growth | Gap in points |
|---|---|---|---|---|
| 85500 | Education | +127.1% | +3,486.3% | 3,359.2 |
| 10419 | Manufacturing | +142.1% | +2,747.1% | 2,605.0 |
| 11042 | Manufacturing | -1.6% | +1,733.8% | 1,735.4 |
| 64201 | Financial and insurance | +72.1% | +1,522.1% | 1,450.0 |
| 47999 | Wholesale and retail trade | +297.1% | +1,721.4% | 1,424.3 |
| 10132 | Manufacturing | +240.4% | +1,622.6% | 1,382.2 |
| 47732 | Wholesale and retail trade | +1,002.3% | +2,297.1% | 1,294.8 |
| 35202 | Electricity and gas | +79.2% | +1,314.8% | 1,235.6 |
| 70101 | Professional, scientific and technical | +256.2% | +1,170.6% | 914.3 |
| 37000 | Water and waste | +88.0% | +949.3% | 861.3 |
Revenue and net profit growth from 2015 to 2025, ranked by the percentage-point gap, limited to material codes, as of 14 Aug 2026.
Why this matters
Revenue growth makes the headline, but profit growth is what a company actually keeps. A code can post triple-digit sales growth and hand almost none of it to shareholders. TSIC 46621, a wholesale code, is the sharpest example of that gap. Its revenue jumped 1,055.9 percent from 2015 to 2025, yet net profit fell 72.4 percent over the same stretch. Its margin collapsed from a thin 0.12 percent to about 0.003 percent, effectively nothing. Set that against TSIC 85500, where profit grew more than 27 times faster than revenue, and the split in Thailand's economy becomes clear. Roughly half of the country's sizable industry codes turned each extra baht of sales into more profit than before. The other half grew the top line and diluted it at the same time. A revenue ranking alone would treat both groups as equal winners. This one does not.
Definitions
- TSIC code
- The 5-digit Thai Standard Industrial Classification code assigned to a company by the Department of Business Development. Each code nests inside one of 21 lettered industry sections.
- Net profit growth rate
- The percentage change in a code's aggregate net profit between statement year 2015 and statement year 2025, calculated as the 2025 figure minus the 2015 figure, divided by the 2015 figure.
- Revenue growth rate
- The same calculation applied to aggregate revenue instead of net profit.
- Percentage-point gap
- Profit growth rate minus revenue growth rate. A positive gap means profit grew faster than revenue.
- Material code
- In this analysis, a TSIC code with at least 1 billion baht of revenue and 50 million baht of net profit in 2015, used to screen out tiny codes whose growth rate would otherwise be distorted by a near-zero starting base.
- Loss-to-profit turnaround
- A code that reported a net loss in 2015 and a net profit in 2025.
Assumptions
- The comparison uses statement year 2558, which is 2015, and statement year 2568, which is 2025, in the Buddhist calendar, matching the Department of Business Development's filing years.
- Growth rates are only meaningful when both the 2015 and 2025 figures are positive, so codes with a loss in either year are excluded from the main percentage ranking and reported separately as turnarounds.
- The 1 billion baht revenue and 50 million baht profit floor is a materiality choice, not a data limit. Codes below it exist in the registry but were excluded so a tiny starting base could not produce a triple-digit percentage swing on its own.
- Description text for individual 5-digit codes is not available in the source data, so codes are identified by their TSIC number and industry section rather than by a specific industry name.
Methodology
Revenue and net profit are aggregated by 5-digit TSIC code from company financial statements filed with the Department of Business Development, comparing statement year 2558, which is 2015, with statement year 2568, which is 2025, as of 14 August 2026. A code qualifies for the main ranking only if it reported a net profit in both years and carried at least 1 billion baht of revenue and 50 million baht of net profit in 2015. That floor screens out codes whose starting base is so small that any increase in profit produces a distorted, triple- or quadruple-digit percentage. Codes that were loss-making in 2015 are reported separately as turnarounds rather than assigned a percentage growth rate, since a rate calculated from a negative or zero base is not meaningful. Growth is measured strictly at the two endpoint years and does not describe the path between them.
How we verified this
- 249 divided by 491 equals 50.71 percent, rounded to 50.7 percent, matching the headline share.
- TSIC 85500 profit growth recomputed as 2,146,276,255.83 minus 59,847,057.44, divided by 59,847,057.44, times 100, equals 3,486.3 percent, matching the table.
- TSIC 85500 margin recomputed as 59,847,057.44 divided by 2,747,270,047.11 equals 2.18 percent in 2015, and 2,146,276,255.83 divided by 6,237,962,869.42 equals 34.41 percent in 2025.
- 78 divided by 106 equals 73.58 percent, rounded to 73.6 percent, the loss-to-profit turnaround rate.
- TSIC 46621 profit growth recomputed as 101,018,988.40 minus 365,787,194.40, divided by 365,787,194.40, times 100, equals negative 72.4 percent, confirming the worst-case example.
- Section shares recomputed from raw counts: financial and insurance 15 divided by 23 equals 65.2 percent, wholesale and retail 65 divided by 102 equals 63.7 percent, and the eight section counts used in the chart sum to 447 of the 491 material codes.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by industry code. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Bank of Thailand. (2025). Financial institutions business performance, third quarter 2025. https://www.bot.or.th/content/dam/bot/documents/en/news-and-media/news/2025/news-20251118.pdf
Frequently asked questions
Which Thai industry code had the fastest profit growth relative to revenue from 2015 to 2025?
TSIC 85500, an education services code. Revenue rose 127.1 percent while net profit rose 3,486.3 percent, a gap of 3,359.2 percentage points.
What share of Thai industry codes grew profit faster than revenue?
249 of 491 material industry codes, or 50.7 percent, grew net profit faster than revenue between 2015 and 2025.
What counts as a material industry code in this analysis?
A code with at least 1 billion baht of revenue and 50 million baht of net profit in 2015 that stayed profitable through 2025. That floor keeps a tiny starting base from producing a percentage growth rate that looks extreme but means little.
Did any industry codes lose money in 2015 and turn a profit by 2025?
Yes. Of the 106 material codes that were loss-making in 2015, 78 turned profitable by 2025, a 73.6 percent turnaround rate.
Cite this page
Chatpong L. (2026). Thai Industry Codes Where Profit Outgrew Revenue, 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-where-profit-outgrew-revenue-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.