10 Industry Codes Behind Half of Thailand's Profit Growth
In short
Ten industry codes captured 54.36 percent of Thailand's entire net profit growth between 2015 and 2025. Aggregate net profit across 938 comparable TSIC codes rose by 978.0 billion baht over the decade. The top ten alone contributed 531.6 billion baht of that increase. Three of the ten sit inside financial and insurance and contributed 200.1 billion baht on their own. Four more are turnaround stories, industries that swung from a loss in 2015 to a profit in 2025. The remaining 928 codes split the other 46 percent among them.
How many industry codes drove Thailand's profit growth?
Ten. Thailand's registry holds 938 five digit TSIC codes with usable net profit data in both 2015 and 2025. Just ten of them captured more than half the country's net profit growth (DBD, 2026). Those ten codes carried a combined 54.36 percent share of the national total. Aggregate net profit across all 938 codes rose by 978.0 billion baht over the decade. The top ten alone added 531.6 billion baht of that increase. Nine codes already clear the halfway mark on their own, reaching 51.37 percent. The tenth code then pushes the group to its final 54.36 percent. The remaining 928 codes split what is left among them. Three of the top ten sit inside financial and insurance, the section that includes banks and holding companies. Together those three codes added 200.1 billion baht. That is a fifth of the national total from three codes alone.
Net profit growth by TSIC code, 2015 to 2025
- 64191, Bangkok Bank80
- 24109, Tata Steel Manufacturing77
- 64202, Gulf Development61
- 64201, SCB X59
- 26209, Western Digital Storage Technologies49
- 05100, Lanna Resources48
- 51101, Thai Airways International45
- 55101, Minor International45
- 06100, PTT Exploration and Production38
- 68104, Central Pattana29
Figures in billion baht net profit growth.
Bars show the ten TSIC codes with the largest net profit increase between statement year 2558 and 2568. Labels show the five digit code and its top filer by revenue.
The ten codes behind more than half the growth
| Rank | TSIC code | Section | Top filer by revenue | Profit growth (billion baht) | Cumulative share of national growth |
|---|---|---|---|---|---|
| 1 | 64191 | K, Financial and insurance | Bangkok Bank Public Company Limited | 80 | 8.21% |
| 2 | 24109 | C, Manufacturing | Tata Steel Manufacturing Thailand Public Company Limited | 77 | 16.06% |
| 3 | 64202 | K, Financial and insurance | Gulf Development Public Company Limited | 61 | 22.25% |
| 4 | 64201 | K, Financial and insurance | SCB X Public Company Limited | 59 | 28.31% |
| 5 | 26209 | C, Manufacturing | Western Digital Storage Technologies Thailand Ltd. | 49 | 33.33% |
| 6 | 05100 | B, Mining and quarrying | Lanna Resources Public Company Limited | 48 | 38.27% |
| 7 | 51101 | H, Transportation and storage | Thai Airways International Public Company Limited | 45 | 42.89% |
| 8 | 55101 | I, Accommodation and food service | Minor International Public Company Limited | 45 | 47.47% |
| 9 | 06100 | B, Mining and quarrying | PTT Exploration and Production Public Company Limited | 38 | 51.37% |
| 10 | 68104 | L, Real estate | Central Pattana Public Company Limited | 29 | 54.36% |
Ranked by net profit growth, statement year 2558 versus 2568, as of 14 Aug 2026.
Why concentrated growth matters
Thailand's profit growth is not spread evenly across its economy. Three of the ten codes sit inside financial and insurance. Together they added 200.1 billion baht, more than a fifth of the nation's entire net profit growth. Four more of the ten are turnaround stories, industries that were losing money in 2015 and turned a profit by 2025. Basic metals manufacturing lost 74.8 billion baht in 2015 and had nearly broken even by 2025. That is a swing of 76.7 billion baht, the second largest of any code. Coal mining, air transport and hotels followed the same pattern, moving from red ink in 2015 to black ink in 2025. A caution belongs here. Part of the growth inside financial and insurance reflects large banking groups reorganizing into holding company structures over the decade, which can shift where profit gets recorded between TSIC codes without changing the underlying business. Across the wider economy, 604 of the 938 codes grew. The other 334 shrank, and gains and losses only net out to 978.0 billion baht once both sides are counted. Concentration this tight, ten codes out of 938 driving more than half the gain, is a fact policymakers and investors should sit with before treating aggregate growth numbers as evenly earned.
Definitions
- TSIC code
- Thailand's Standard Industrial Classification code. The five digit level is the most detailed industry grouping the registry publishes, nested inside 21 lettered sections such as C for manufacturing or K for financial and insurance.
- Net profit growth
- The change in a code's aggregate net profit between two statement years, in baht. It is a level change, not a percentage rate, so a large negative starting point can produce a large positive growth figure even if the code only reaches breakeven.
- Statement year
- The Buddhist calendar year a financial statement covers. Statement year 2558 corresponds to calendar year 2015 and statement year 2568 corresponds to calendar year 2025.
- Usable data in both years
- A TSIC code is included only if it has a non null aggregate net profit figure in both the 2558 and 2568 statement years, so codes with no filings in one of the two years are excluded from the comparison.
- Cumulative share
- The running total of profit growth from the largest code down to a given rank, divided by the national net profit growth figure.
Assumptions
- Only the 938 TSIC codes with a non null aggregate net profit figure in both statement year 2558 and 2568 are compared, out of 1,228 codes in the registry, so codes that only reported in one of the two years are excluded.
- Figures are aggregates of all filing companies within a code, not simple averages of individual company results, so a single very large filer can dominate a code's total.
- Some growth inside financial and insurance codes likely reflects banking groups reorganizing into holding company structures during the decade, which can move reported profit between TSIC codes without a matching change in underlying business activity.
- No adjustment is made for inflation. All figures are nominal baht as reported in each statement year.
Methodology
Net profit growth per TSIC code is the change in aggregate net profit reported by companies filing under that five digit code between statement year 2558, 2015, and statement year 2568, 2025, drawn from the DBD registry via Max Data as of 14 August 2026. Only the 938 codes, out of 1,228 five digit codes in the registry, that carry a non null net profit figure in both years are included, so newly created or newly reporting codes are excluded from the comparison. Ranking by profit growth is not the same as ranking by profit margin, revenue, or company count. Figures are section wide aggregates, not averages of individual company results, and no estimate is applied to reported figures.
How we verified this
- Summed net profit across all 938 tsic codes with data in both years: 2,929,751,308,502.30 baht in 2568 minus 1,951,703,661,570.91 baht in 2558 equals 978,047,646,931.39 baht, matching the reported 978.0 billion baht total.
- Summed the ten largest per code deltas, 80,340,758,685.00 plus 76,716,589,191.19 plus 60,566,330,580.20 plus 59,238,386,806.36 plus 49,167,025,920.36 plus 48,253,583,242.72 plus 45,220,136,898.95 plus 44,769,297,241.23 plus 38,109,331,282.44 plus 29,253,815,383.27, equals 531,635,255,231.72 baht.
- Divided 531,635,255,231.72 by 978,047,646,931.39 to get 0.5436, confirming the top 10 codes captured 54.36 percent, more than half of national growth.
- Checked the running total rank by rank and found the group first clears 50 percent at rank 9, 502,381,439,848.45 divided by 978,047,646,931.39 equals 51.37 percent, before the tenth code brings it to 54.36 percent.
- Summed the three financial and insurance codes in the top 10, 80,340,758,685.00 plus 59,238,386,806.36 plus 60,566,330,580.20, equals 200,145,476,071.56 baht, divided by 978,047,646,931.39 equals 20.46 percent.
- Counted codes by direction of change: 604 positive, 334 negative, 0 flat, summing to 938. Gross gains of 1,443,252,763,247.90 baht minus gross losses of 465,205,116,316.51 baht equals the same 978,047,646,931.39 baht net total.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Banternghansa, C., Paweenawat, A., & Samphantharak, K. (2019). Understanding corporate Thailand I: Finance (PIER Discussion Paper No. 112). Puey Ungphakorn Institute for Economic Research. https://www.pier.or.th/en/dp/112/
Frequently asked questions
How many Thai industry codes drove more than half of the nation's net profit growth since 2015?
Ten. Thailand has 938 five digit TSIC codes with usable net profit data in both 2015 and 2025. The top ten of them captured 54.36 percent of the national net profit increase, as of 14 August 2026.
Which industries contributed the most to Thailand's profit growth?
Financial and insurance codes contributed the most as a group. Three codes tied to banks and holding companies, led by Bangkok Bank, SCB X and Gulf Development, added 200.1 billion baht between them. That is a fifth of the national total from three codes.
Was all of the growth from already profitable industries?
No. Four of the ten leading codes, covering basic metals, coal mining, air transport and hotels, were losing money in 2015 and turned a profit by 2025, so part of the growth is a recovery from losses rather than new profit on top of existing profit.
Did every industry code grow its profit between 2015 and 2025?
No. Of the 938 comparable codes, 604 grew and 334 shrank. Gross gains totaled 1,443.3 billion baht. Gross losses totaled 465.2 billion baht, leaving a net increase of 978.0 billion baht.
Cite this page
Chatpong L. (2026). 10 Industry Codes Behind Half of Thailand's Profit Growth. Max Data Insights. https://maxdatathailand.com/insights/thailands-profit-growth-concentration-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.