Construction vs Wholesale and Retail Trade: Revenue and Margin 2026
In short
Wholesale and retail firms average about 54.1 million baht in revenue each, compared with roughly 8.2 million baht for construction firms. The two sectors together hold 999,510 companies, just over half of every registered company in Thailand. Construction still runs the thicker margin, at 2.3 percent net profit against wholesale and retail's 1.3 percent. Wholesale and retail books far more total revenue, at 38.7 trillion baht against construction's 2.3 trillion. Size and profitability point in opposite directions for Thailand's two biggest sectors.
Which sector is bigger, and which is more profitable?
Construction and wholesale and retail trade are Thailand's two largest sectors by company count. Together they hold 999,510 registered companies as of 17 July 2026. That is 50.2 percent of every company in the DBD registry (DBD, 2026). Size ends there. A wholesale or retail company reports an average of 54.1 million baht in revenue. A construction company reports an average of just 8.2 million baht, about a sixth of that figure. Net margin runs the other way. Construction converts 2.3 percent of revenue into net profit. Wholesale and retail converts only 1.3 percent. Construction's margin is 81 percent higher than wholesale and retail's, even though its typical company is far smaller.
Share of Thailand's registered companies
- Wholesale and retail trade36.0%715,976
- Construction14.3%283,534
- All other sectors49.8%990,199
Construction and wholesale and retail trade combined outnumber every other sector put together.
Average revenue per company
- Construction8
- Wholesale and retail trade54
Figures in million baht.
The average wholesale or retail company brings in about 6.6 times the revenue of the average construction company.
Construction and wholesale and retail trade side by side
| Sector | Section code | Companies | Total revenue | Average revenue per company | Net margin | Return on assets | Return on equity |
|---|---|---|---|---|---|---|---|
| Construction | F | 283,534 | 2.33 trillion baht | 8.2 million baht | 2.31% | 1.43% | 2.55% |
| Wholesale and retail trade | G | 715,976 | 38.74 trillion baht | 54.1 million baht | 1.27% | 2.06% | 3.23% |
Company count, revenue and profitability by section, as of 17 Jul 2026.
Why this matters
These two sectors together carry the largest share of Thailand's registered business population, so their financial condition sets the tone for the wider economy. Wholesale and retail's revenue figure is pulled upward by a handful of very large traders. Hua Seng Heng Commoditas Company Limited alone reported about 5.56 trillion baht in revenue, more than double construction's entire sectoral revenue of 2.33 trillion baht (DBD, 2026). That single filing shows how a few large trading firms can dominate a sector built mostly of small shops. Construction earns thinner totals but keeps a larger share of each contract, consistent with negotiated project pricing rather than the thin markups typical of high volume trade. A supplier extending credit to a wholesale trader backs a bigger revenue number but a smaller profit cushion per baht than one extending credit to a builder. Revenue size alone flatters the wrong sector.
Definitions
- Net margin
- Net profit as a share of revenue for all reporting companies in a section, computed as aggregate net profit divided by aggregate revenue rather than the average of each company's own margin.
- Average revenue per company
- Total sector revenue divided by every registered company in the section, including companies that have not filed a financial statement, so it sits below the average for companies that actually report.
- Section code
- The single letter TSIC classification the DBD assigns each registered company, such as F for construction or G for wholesale and retail trade.
- Return on assets
- Net profit as a share of total assets, showing how much profit a sector generates per baht of assets it holds.
- Return on equity
- Net profit as a share of shareholder equity, showing how much profit a sector generates per baht shareholders have invested.
Assumptions
- Average revenue per company divides total sector revenue by every registered company in the section, not only those that filed a financial statement, so it understates revenue per reporting company.
- Net margin, return on assets and return on equity are aggregate ratios computed across all reporting companies in a section, not an average of each company's individual ratio.
- Figures reflect the registry's most recent aggregate refresh, computed on 17 July 2026, and may shift slightly as more companies file late statements.
Methodology
Net margin is aggregate net profit divided by aggregate revenue for all companies in a section that have filed a financial statement, drawn from the DBD registry as of 17 July 2026. Average revenue per company divides total sector revenue by every registered company in the section, including companies that have not yet filed a statement, so it understates revenue per company that actually reports. Sections follow the 21 lettered TSIC codes used in DBD company records, and figures come from the market_section_insight aggregate table.
How we verified this
- Recomputed construction's net margin as net profit 53,809,948,360.20 baht divided by revenue 2,325,770,560,733.85 baht, equal to 2.31 percent, matching the stored section value.
- Recomputed wholesale and retail's net margin as net profit 493,829,184,151.82 baht divided by revenue 38,739,274,707,312.97 baht, equal to 1.27 percent, matching the stored section value.
- Recomputed construction's average revenue per company as 2,325,770,560,733.85 baht divided by 283,534 companies, equal to about 8,202,792 baht, rounded to 8.2 million.
- Recomputed wholesale and retail's average revenue per company as 38,739,274,707,312.97 baht divided by 715,976 companies, equal to about 54,106,946 baht, rounded to 54.1 million.
- Summed the two sectors' company counts, 283,534 plus 715,976, to get 999,510, then divided by the national total of 1,989,709 to confirm a 50.2 percent share.
- Divided construction's margin by wholesale and retail's margin, 2.31 over 1.27, to confirm construction's margin runs about 81 percent higher.
- Divided Hua Seng Heng Commoditas Company Limited's reported revenue of 5,556,701,724,240.86 baht by construction's total sector revenue to confirm it exceeds construction's entire sector by about 2.4 times.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2025). Thai economic performance in Q3 of 2025 and the outlook for 2025 to 2026. NESDC. https://www.nesdc.go.th/wordpress/wp-content/uploads/2025/11/05-PRESSENG-Q3-2568-Final-1.pdf
Frequently asked questions
Which sector has more companies, construction or wholesale and retail trade?
Wholesale and retail trade has more companies, at 715,976 against construction's 283,534, as of 17 July 2026.
Which sector has the higher net margin, construction or wholesale and retail trade?
Construction has the higher recomputed net margin, at 2.31 percent against wholesale and retail's 1.27 percent, even though its average company reports far less revenue.
Why does wholesale and retail trade earn so much more revenue per company?
The sector's average is pulled up by a small number of very large traders, including Hua Seng Heng Commoditas Company Limited, whose reported revenue of about 5.56 trillion baht alone tops construction's entire sector revenue.
Cite this page
Chatpong L. (2026). Construction vs Wholesale and Retail Trade: Revenue and Margin 2026. Max Data Insights. https://maxdatathailand.com/insights/wholesale-and-retail-vs-construction-in-thailand-2026
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.