Thailand's Sector Profit Share Shift, 2007 to 2025
In short
Manufacturing's share of Thailand's total corporate net profit fell from 46.72 percent in 2007 to 31.03 percent in 2025, a drop of 15.69 percentage points. Financial and insurance moved the opposite way, climbing from 20.83 percent to 25.91 percent, a gain of 5.08 points. Total corporate profit itself grew 2.93 times over the same eighteen years. Manufacturing's own profit still grew, just 1.95 times, well behind that pace. Six other sectors gained meaningful share too, so the profit map spread out even as the revenue map concentrated.
Which sector gained the most share of Thailand's corporate profit
Manufacturing held 46.72 percent of Thailand's total corporate net profit in fiscal year 2550, more than any other industry section, according to DBD registry data as of 17 July 2026. By fiscal year 2568, that share had fallen to 31.03 percent, a drop of 15.69 percentage points, the steepest loss of any of the eighteen active TSIC sections. Financial and insurance moved the other way. Its share climbed from 20.83 percent to 25.91 percent, a gain of 5.08 points, the largest gain on the board. Wholesale and retail trade also picked up ground, rising from 10.75 percent to 14.56 percent, a gain of 3.80 points. Real estate, transportation and storage, accommodation and food service, and human health and social work each added more than a full percentage point too. Only manufacturing, mining and quarrying, and electricity and gas lost meaningful ground. Unlike the revenue map, where two sectors alone explain almost the entire eighteen year shift, the profit map spread its gains across six different sections.
Change in profit share by industry section, 2007 to 2025
- Financial and insurance5
- Wholesale and retail trade4
- Real estate3
- Accommodation and food service2
- Transportation and storage2
- Human health and social work1
- Information and communication1
- Agriculture, forestry and fishing1
- Arts and entertainment0
- Education0
- Water and waste0
- Construction0
- Professional, scientific and technical0
- Other services0
- Administrative and support-0
- Electricity and gas-1
- Mining and quarrying-2
- Manufacturing-16
Figures in percentage points.
Financial and insurance gained the most ground. Manufacturing's loss dwarfs every other movement on the board.
Profit share by industry section, 2007 versus 2025
| Industry section | 2007 profit, billion baht | 2007 share | 2025 profit, billion baht | 2025 share | Change in points |
|---|---|---|---|---|---|
| Manufacturing | 470 | 46.72% | 914 | 31.03% | -15.69 |
| Financial and insurance | 209 | 20.83% | 763 | 25.91% | +5.08 |
| Wholesale and retail trade | 108 | 10.75% | 429 | 14.56% | +3.80 |
| Transportation and storage | 30 | 3.01% | 134 | 4.53% | +1.52 |
| Professional, scientific and technical | 40 | 4.02% | 120 | 4.09% | +0.07 |
| Real estate | 13 | 1.32% | 115 | 3.90% | +2.58 |
| Electricity and gas | 34 | 3.40% | 85 | 2.88% | -0.52 |
| Information and communication | 17 | 1.67% | 71 | 2.41% | +0.74 |
| Construction | 20 | 2.02% | 62 | 2.10% | +0.08 |
| Mining and quarrying | 43 | 4.23% | 61 | 2.06% | -2.16 |
| Accommodation and food service | 2 | 0.19% | 60 | 2.03% | +1.84 |
| Human health and social work | 7 | 0.65% | 57 | 1.94% | +1.29 |
| Administrative and support | 16 | 1.56% | 45 | 1.53% | -0.02 |
| Agriculture, forestry and fishing | -2 | -0.24% | 12 | 0.40% | +0.65 |
| Water and waste | 2 | 0.20% | 10 | 0.32% | +0.12 |
| Education | 0 | 0.04% | 8 | 0.28% | +0.24 |
| Other services | -0 | -0.04% | 1 | 0.03% | +0.07 |
| Arts and entertainment | -3 | -0.32% | -0 | -0.01% | +0.31 |
Total reported net profit and share of Thailand's classified corporate profit in fiscal year 2550 and fiscal year 2568, as of 17 Jul 2026.
Why the profit map moved differently from the revenue map
The two stories differ in shape, not just direction. In the revenue version of this analysis, two sectors, wholesale and retail and manufacturing, together explain nearly the entire eighteen year shift, and the combined share of the two largest sectors actually rose. In profit, the opposite pattern shows up. Manufacturing and financial and insurance together held 67.55 percent of total corporate profit in 2007. By 2025 that combined share had fallen to 56.94 percent, a drop of 10.61 points, because profit growth spread into real estate, transportation, accommodation and health rather than concentrating further. A few smaller sections tell their own story too. Agriculture, forestry and fishing ran an aggregate net loss of 2.5 billion baht in 2007 and turned a profit of 11.9 billion baht by 2025. Other services made the same turn, from a small aggregate loss to a small aggregate profit. Arts and entertainment is the one section that stayed in the red in both years, though its loss narrowed sharply, from 3.2 billion baht to 0.3 billion baht. Thailand's top ten commercial banks alone posted a combined net profit above 250 billion baht in 2024, a 7.3 percent rise on the year before, a pace that lines up with the steady climb in finance's share found here (Nation Thailand, 2025). Profit, unlike revenue, rewards the sectors that can grow their margin as well as their size, and in this eighteen year window finance did exactly that while manufacturing did not.
Definitions
- Profit share
- One industry section's total reported net profit for a fiscal year, divided by the total reported net profit of all classified sections that year.
- Percentage point
- The plain difference between two percentages. A move from 46.72 percent to 31.03 percent is a change of 15.69 percentage points, not a 15.69 percent change.
- TSIC section
- One of the eighteen active lettered categories in the Thailand Standard Industrial Classification, the same letter scheme used in the international ISIC system, for example K for financial and insurance or C for manufacturing.
- Fiscal year 2550 and 2568
- Thai statement years are recorded in the Buddhist calendar. Fiscal year 2550 corresponds to 2007 in the Gregorian calendar and fiscal year 2568 corresponds to 2025.
- Aggregate net loss
- A section where the sum of net profit across all its filing companies is negative for a given year, meaning losses outweighed profits economy wide within that section.
- Nominal baht
- Profit measured in the baht values reported for each year, without adjusting for inflation between 2007 and 2025.
Assumptions
- Figures are in nominal baht and are not adjusted for inflation across the eighteen year span.
- Profit share is based on companies that filed a financial statement for that fiscal year, not the full stock of registered companies, since only filers carry usable profit figures.
- Three sections posted an aggregate net loss in at least one of the two years, so their share of total profit is a negative number rather than zero in that year.
- The 2007 and 2025 fiscal years are treated as comparable endpoints. The path between them was not necessarily a straight line, since sections likely gained and lost share unevenly across the eighteen years.
Methodology
Profit share is each industry section's share of total reported net profit among Thai companies with a filed financial statement for a given fiscal year, drawn from the DBD registry and rolled up from five digit TSIC codes to the eighteen active ISIC letter sections, as of 17 July 2026. The 2007 comparison uses Thai fiscal year 2550 and the 2025 comparison uses fiscal year 2568, both closed years with a full twelve months of filings. Fiscal year 2569 is excluded because it is still incomplete. Three sections, agriculture forestry and fishing, other services, and arts and entertainment, posted an aggregate net loss in at least one of the two years, so their share is reported as a negative number rather than zero. Shares are computed once from raw section profit totals, not averaged from company level margins.
How we verified this
- Summed total_net_profit across all 18 classified TSIC sections for fiscal year 2550 to get 1,005.33 billion baht, then divided manufacturing's 469.7 billion baht by that total to confirm a 46.72 percent share.
- Summed total_net_profit across all 18 classified TSIC sections for fiscal year 2568 to get 2,945.05 billion baht, then divided manufacturing's 914.0 billion baht by that total to confirm a 31.03 percent share, a loss of 15.69 percentage points from 2007.
- Divided financial and insurance's 209.4 billion baht by the 2007 total and its 762.9 billion baht by the 2025 total to confirm shares of 20.83 percent and 25.91 percent, a gain of 5.08 percentage points.
- Confirmed the 18 section shares sum to 100.0 percent in both years within rounding, then divided each section's 2025 profit by its 2007 profit to confirm manufacturing grew 1.95 times, financial and insurance grew 3.64 times, and the sum of all 18 sections grew 2.93 times.
- Summed manufacturing's and financial and insurance's shares to confirm the two largest profit sectors held 67.55 percent combined in 2007 and 56.94 percent in 2025, a decline of 10.61 points even though finance's own share rose.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by industry and year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Nation Thailand. (2025). Thai banks flourish in 2024 with double-digit profit growth. https://www.nationthailand.com/business/banking-finance/40045449
Frequently asked questions
Which Thai industry gained the most share of corporate profit between 2007 and 2025?
Financial and insurance, whose share of total reported corporate net profit rose from 20.83 percent in 2007 to 25.91 percent in 2025, a gain of 5.08 percentage points, the largest gain of any of the eighteen TSIC sections.
Which industry lost the most share of corporate profit over that period?
Manufacturing, whose share fell from 46.72 percent in 2007 to 31.03 percent in 2025, a loss of 15.69 percentage points, the steepest drop of any section.
Did manufacturing's profit actually shrink?
No. Manufacturing's aggregate net profit still grew, from 469.7 billion baht to 914.0 billion baht, a rise of 1.95 times. It just grew far slower than the 2.93 times growth of total corporate profit, so its share of the total fell.
How does the profit shift compare with the revenue shift over the same period?
Differently. By revenue, two sectors, wholesale and retail and manufacturing, explain nearly the whole eighteen year shift, and the two largest sectors' combined share actually rose. By profit, gains spread across six sections and the two largest profit sectors' combined share fell, from 67.55 percent to 56.94 percent.
Cite this page
Chatpong L. (2026). Thailand's Sector Profit Share Shift, 2007 to 2025. Max Data Insights. https://maxdatathailand.com/insights/thailands-sector-profit-share-shift-2007-2025
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.