Thai Industry Codes With the Biggest Profit Gains, 2015-2025
In short
TSIC 64191, a financial and insurance code, added the most net profit of any Thai industry code between 2015 and 2025, up 80.34 billion baht. TSIC 24109, a basic steel manufacturing code, ranks second and stands apart for a different reason. It swung from a 74.75 billion baht loss in 2015 to a narrow 1.96 billion baht profit in 2025, a turnaround of 76.72 billion baht. Three of the top four gainers by baht amount sit in financial and insurance. Ten codes out of 938 account for over half of the economy's net profit growth.
Which Thai industry code added the most net profit since 2015?
TSIC 64191 answers the question in raw baht terms (DBD, 2026). Combined net profit across this financial and insurance code rose from 166.24 billion baht in 2015 to 246.58 billion baht in 2025, a gain of 80.34 billion baht across a code with just 17 filing companies in 2015 and 19 by 2025, including Bangkok Bank as its top filer. The second-ranked code tells a sharper story. TSIC 24109 sits in section C, manufacturing, and its top filer is Tata Steel Manufacturing Thailand, so the code covers basic steel and metal products used heavily in construction. That code lost 74.75 billion baht in 2015, a net margin of negative 23.04 percent across 822 filing companies. By 2025 the same code posted a narrow profit of 1.96 billion baht on a 0.65 percent margin across 834 filers. The swing from loss to profit runs 76.72 billion baht, just 3.62 billion baht behind the sector leader and well ahead of every other code in the registry. Two more financial and insurance codes, TSIC 64202 and TSIC 64201, round out the top four with gains of 60.57 billion baht and 59.24 billion baht. Three of the four biggest absolute gainers sit in financial and insurance, adding a combined 200.15 billion baht, 20.15 percent of the national net profit increase over the decade.
Ten industry codes with the biggest absolute net profit gain, 2015 to 2025
- TSIC 64191, financial80
- TSIC 24109, steel turnaround77
- TSIC 64202, financial61
- TSIC 64201, financial59
- TSIC 26209, electronics49
- TSIC 05100, coal mining turnaround48
- TSIC 51101, air transport turnaround45
- TSIC 55101, accommodation turnaround45
- TSIC 06100, crude petroleum and gas38
- TSIC 68104, real estate29
Figures in net profit change, billion baht.
The tallest bar is a financial code with only 19 filers. The second bar is a turnaround, a code that was deep in loss a decade earlier.
Top ten industry codes ranked by absolute net profit change
| TSIC code | Section | Net profit 2015 | Net profit 2025 | Change |
|---|---|---|---|---|
| 64191 | K, financial and insurance | 166.24 | 246.58 | +80.34 |
| 24109 | C, manufacturing | -74.75 | 1.96 | +76.72 |
| 64202 | K, financial and insurance | 201.92 | 262.49 | +60.57 |
| 64201 | K, financial and insurance | 3.89 | 63.13 | +59.24 |
| 26209 | C, manufacturing | 49.13 | 98.30 | +49.17 |
| 05100 | B, mining and quarrying | -47.63 | 0.62 | +48.25 |
| 51101 | H, transportation and storage | -11.61 | 33.61 | +45.22 |
| 55101 | I, accommodation and food service | -4.70 | 40.07 | +44.77 |
| 06100 | B, mining and quarrying | 11.87 | 49.98 | +38.11 |
| 68104 | L, real estate | 45.10 | 74.35 | +29.25 |
Net profit in 2015 and 2025 by 5-digit TSIC code, as of 17 Jul 2026. Amounts in billion baht.
The four biggest loss-to-profit turnarounds, 2015 to 2025
| TSIC code | Section | 2015 result | 2025 result | Swing |
|---|---|---|---|---|
| 24109 | C, manufacturing | -74.75 billion baht | +1.96 billion baht | 76.72 billion baht |
| 05100 | B, mining and quarrying | -47.63 billion baht | +0.62 billion baht | 48.25 billion baht |
| 51101 | H, transportation and storage | -11.61 billion baht | +33.61 billion baht | 45.22 billion baht |
| 55101 | I, accommodation and food service | -4.70 billion baht | +40.07 billion baht | 44.77 billion baht |
Industry codes that reported a net loss in 2015 and a net profit in 2025, ranked by swing size.
Why the steel code, not the biggest gainer, is the real story
A financial holding code topping this list surprises no one who has read how thin Thailand's operating sectors run their margins. A construction-material code erasing a 74.75 billion baht loss is the harder story to explain. This is not a case of a few troubled filers dropping out. Filer counts at TSIC 24109 barely moved, 822 companies in 2015 and 834 in 2025, so the same population of steel producers went from a combined 23.04 percent loss margin to a barely positive 0.65 percent margin. Revenue at the code actually fell slightly over the decade, from 324.48 billion baht to 304.32 billion baht, so this recovery came from cutting losses, not from selling more steel. That fits the wider picture the Office of the National Economic and Social Development Council has published. Basic iron and steel manufacturing ran at just 48.03 percent capacity utilization in the second quarter of 2025, one of thirteen major industries stuck below half capacity as Chinese import volumes kept pressure on domestic mills (NESDC, 2025). A code moving from a 23 percent loss margin to a 0.65 percent profit margin under that kind of import pressure is not a boom. It is a sector that stopped bleeding. Four of the ten biggest gainers on this list, steel, coal mining, air transport and accommodation, made the same trip from loss to profit, together adding 346.48 billion baht, 34.9 percent of the entire economy's net profit growth since 2015. TSIC 24109 alone accounts for 22.14 percent of that combined turnaround total, the single biggest share of any code that flipped from loss to profit. Ranking industries purely by growth rate would have buried all four under fast-growing small codes with tiny bases. Ranking by baht amount is what surfaces the sectors that actually moved the national number.
Definitions
- Net profit
- Profit after all expenses and taxes, as reported in a company's filed financial statement.
- TSIC code
- Thailand's five-digit Standard Industrial Classification code, the finest level of industry detail the DBD registry publishes for a company.
- Turnaround
- An industry code that reported an aggregate net loss in the earlier year and an aggregate net profit in the later year.
- Net margin
- Net profit as a share of revenue. A negative margin means the code lost money relative to its sales.
- Percentage point
- The plain difference between two percentages, used here for a margin that moves from negative 23.04 percent to positive 0.65 percent, a swing of 23.68 percentage points.
- Statement year
- The fiscal year a filed financial statement covers. The DBD registry records this in the Buddhist calendar, so 2558 is 2015 and 2568 is 2025 in the Gregorian calendar.
- Capacity utilization
- The share of a factory's maximum possible output that it actually produces, reported by NESDC by industry and quarter, used here for context on the steel sector, not computed from the DBD registry.
Assumptions
- Only companies that filed a financial statement for both statement year 2558 and statement year 2568 contribute to each code's totals in those years, so a code with heavy entry or exit between 2015 and 2025 may show a change driven partly by which companies filed, not only by underlying performance.
- Codes with very few filers, such as TSIC 64191 with 19 companies, can swing sharply on the results of one or two large filers, so their totals are less representative than a code with hundreds of filers.
- The steel manufacturing description of TSIC 24109 is inferred from its top filer, Tata Steel Manufacturing Thailand, and its section C classification, since the registry does not publish a text description for 5-digit codes.
- Statement year 2569, 2026 in the Gregorian calendar, is excluded because it currently holds a small, incomplete set of filings.
Methodology
Net profit change is total_net_profit for statement year 2558, which is 2015 on the Gregorian calendar, subtracted from total_net_profit for statement year 2568, which is 2025, computed per 5-digit TSIC industry code from the DBD registry as of 17 Jul 2026. Only codes with a reported value in both years are ranked, 938 of the codes in the table. Statement year 2569, which is 2026, is excluded because it is still incomplete. Section letters follow the fixed ISIC classification. Amounts are aggregate totals across all filing companies in a code, not averages, and a code with few filers can carry a large per-company swing.
How we verified this
- TSIC 24109 delta recomputed as 1,964,676,650.36 minus negative 74,751,912,540.83, equal to 76,716,589,191.19 baht, which rounds to the stated 76.72 billion.
- TSIC 24109's 2015 loss of 74,751,912,540.83 baht rounds to 74.75 billion, matching the stated figure, and to 74.8 billion at one decimal place.
- National net profit growth recomputed as the sum of total_net_profit across all TSIC codes for statement year 2568, 2,945,050,060,198.24 baht, minus the same sum for statement year 2558, 1,951,852,751,354.06 baht, equal to 993,197,308,844.18 baht.
- TSIC 24109's share of that national growth recomputed as 76,716,589,191.19 divided by 993,197,308,844.18, equal to 7.72 percent.
- The sum of net profit swings across all 111 codes that moved from a 2015 loss to a 2025 profit was recomputed by direct query at 346,475,962,866.67 baht, and TSIC 24109's share of that total is 76,716,589,191.19 divided by 346,475,962,866.67, equal to 22.14 percent, stated in prose as 22.14 percent.
- The combined gain of the three financial and insurance codes in the top four, 80,340,758,685.00 plus 60,566,330,580.20 plus 59,238,386,806.36, equals 200,145,476,071.56 baht, which is 20.15 percent of the 993,197,308,844.18 baht national growth figure.
- The top ten codes by absolute gain sum to 531,635,255,231.72 baht, which is 53.53 percent of the 993,197,308,844.18 baht national growth figure.
- TSIC 24109's net margin swing recomputed as 0.6455872 minus negative 23.0377982, equal to 23.68 percentage points.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Office of the National Economic and Social Development Council. (2025). Thailand economic report, quarter 2 2025. https://www.nesdc.go.th/wordpress/wp-content/uploads/2025/09/Economic-Report-Q2-25-%E0%B8%A3%E0%B8%A7%E0%B8%A1%E0%B9%80%E0%B8%A5%E0%B9%88%E0%B8%A1-R7.pdf
Frequently asked questions
Which Thai industry code gained the most net profit between 2015 and 2025?
TSIC 64191, a financial and insurance code with only 19 filing companies, added 80.34 billion baht, more than any other 5-digit code.
Which industry code had the biggest turnaround from loss to profit?
TSIC 24109, a basic steel manufacturing code, swung 76.72 billion baht, from a 74.75 billion baht loss in 2015 to a 1.96 billion baht profit in 2025.
Is Thailand's steel industry actually recovering?
The registry shows the code moved out of loss, but the margin is still just 0.65 percent and the National Economic and Social Development Council put basic steel capacity utilization at 48.03 percent in the second quarter of 2025, so the turnaround looks like stabilization rather than a boom.
How much of Thailand's total profit growth came from just a few industry codes?
Ten codes out of 938 with data in both years account for 531.64 billion baht, 53.53 percent of the economy's 993.20 billion baht net profit increase since 2015.
Cite this page
Chatpong L. (2026). Thai Industry Codes With the Biggest Profit Gains, 2015-2025. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-the-biggest-absolute-profit-turnaround-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.