Income Statement Pacific Pipe Thailand S.E.

Stocks

PAP-R

TH0805010R10

Iron & Steel

End-of-day quote Thailand S.E. 2026-08-11			5-day change	1st Jan Change
2.940 ^THB	-3.92%		+15.75%	+41.35%

08-12	Pacific Pipe Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-13	Pacific Pipe posts qtrly profit 126.9 million baht	RE

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Published financial data: PACIFIC PIPE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	9.61B	9.79B	8.64B	7.41B	7.21B
Other Revenues, Total	103M	81.93M	83.96M	69.96M	59.21M
Total Revenues	9.72B	9.87B	8.73B	7.48B	7.27B
Cost of Goods Sold, Total	8.54B	9.78B	8.36B	7.26B	6.75B
Gross Profit	1.17B	95.18M	371M	217M	520M
Selling General & Admin Expenses, Total	433M	403M	394M	382M	390M
Other Operating Expenses, Total	433M	403M	394M	382M	390M
Operating Income	740M	-308M	-23.2M	-165M	130M
Interest Expense, Total	-36.22M	-37.12M	-54M	-59.31M	-47.24M
Interest And Investment Income	435K	387K	678K	799K	666K
Net Interest Expenses	-35.78M	-36.73M	-53.32M	-58.51M	-46.58M
Currency Exchange Gains (Loss)	-9.41M	8.03M	21.78M	15.59M	-
Other Non Operating Income (Expenses)	-	-	-	-285K	-330K
EBT, Excl. Unusual Items	695M	-337M	-54.75M	-208M	83.11M
EBT, Incl. Unusual Items	695M	-337M	-54.75M	-208M	83.11M
Income Tax Expense	140M	-1.88M	1.4M	-4.02M	2.73M
Earnings From Continuing Operations	555M	-335M	-56.15M	-204M	80.38M
Net Income to Company	555M	-335M	-56.15M	-204M	80.38M
Net Income - (IS)	555M	-335M	-56.15M	-204M	80.38M
Net Income to Common Incl Extra Items	555M	-335M	-56.15M	-204M	80.38M
Net Income to Common Excl. Extra Items	555M	-335M	-56.15M	-204M	80.38M
Per Share Items
Net EPS - Basic	0.84	-0.51	-0.09	-0.31	0.12
Basic EPS - Continuing Operations	0.84	-0.51	-0.09	-0.31	0.12
Basic Weighted Average Shares Outstanding	660M	657M	660M	660M	660M
Net EPS - Diluted	0.84	-0.51	-0.09	-0.31	0.12
Diluted EPS - Continuing Operations	0.84	-0.51	-0.09	-0.31	0.12
Diluted Weighted Average Shares Outstanding	660M	657M	660M	660M	660M
Normalized Basic EPS	0.66	-0.32	-0.05	-0.2	0.08
Normalized Diluted EPS	0.66	-0.32	-0.05	-0.2	0.08
Dividend Per Share	0.84	-	-	-	0.08
Payout Ratio	21.42	-165.51	-	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	854M	-198M	75.27M	-71.28M	216M
EBITA	740M	-308M	-23.2M	-165M	130M
EBIT	740M	-308M	-23.2M	-165M	130M
EBITDAR	855M	-197M	76.09M	-70.72M	217M
Total Revenues (As Reported)	9.72B	9.88B	8.75B	7.49B	7.27B
Effective Tax Rate - (Ratio)	20.18	0.56	-2.56	1.93	3.28
Current Domestic Taxes	152M	-774K	-	-	-
Total Current Taxes	152M	-774K	-	-	-
Deferred Domestic Taxes	-11.74M	-1.1M	1.4M	-4.02M	2.73M
Total Deferred Taxes	-11.74M	-1.1M	1.4M	-4.02M	2.73M
Normalized Net Income	434M	-211M	-34.22M	-130M	51.94M
Interest on Long-Term Debt	3.29M	2.82M	2.35M	1.8M	1.6M
Non-Cash Pension Expense	574K	570K	895K	1.03M	976K
Supplemental Operating Expense Items
Selling and Marketing Expenses	150M	144M	140M	133M	150M
General and Administrative Expenses	283M	260M	254M	249M	240M
Net Rental Expense, Total	747K	737K	816K	559K	1.01M
Imputed Operating Lease Interest Expense	110K	107K	198K	156K	228K
Imputed Operating Lease Depreciation	637K	630K	618K	403K	778K

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	413M	253M	268M	303M	237M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	413M	253M	268M	303M	237M
Accounts Receivable, Total	1.01B	870M	763M	800M	888M
Other Receivables	923K	11.35M	680K	669K	576K
Total Receivables	1.01B	881M	764M	801M	888M
Inventory	2.27B	1.46B	1.29B	1.33B	1.32B
Other Current Assets, Total	14.36M	22.15M	26.22M	26.11M	12.66M
Total Current Assets	3.71B	2.62B	2.35B	2.46B	2.46B
Gross Property Plant And Equipment	3.56B	3.53B	3.57B	3.57B	3.59B
Accumulated Depreciation	-1.88B	-1.96B	-2.04B	-2.11B	-2.19B
Net Property Plant And Equipment	1.68B	1.57B	1.53B	1.45B	1.4B
Other Intangibles, Total	32.16M	28.54M	23.22M	18.76M	18.27M
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	352K	186K	10.67M	328K	132K
Total Assets	5.42B	4.22B	3.92B	3.93B	3.88B
Liabilities
Accounts Payable, Total	21.67M	64.54M	28.06M	157M	157M
Accrued Expenses, Total	67.56M	26.61M	25.27M	17M	32.84M
Short-term Borrowings	2.15B	1.86B	1.63B	1.73B	1.55B
Current Portion of Leases	10M	11.81M	12.25M	10.18M	11.52M
Current Income Taxes Payable	16.68M	-	-	-	-
Other Current Liabilities	55.43M	54.76M	57.54M	59.68M	71.58M
Total Current Liabilities	2.32B	2.02B	1.75B	1.97B	1.82B
Long-Term Leases	37.43M	29.83M	18.76M	13.91M	18.71M
Pension & Other Post Retirement Benefits	34.29M	28.41M	32.64M	39.14M	42.48M
Deferred Tax Liability Non Current	97.07M	97.62M	105M	101M	103M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	2.49B	2.17B	1.91B	2.13B	1.99B
Common Stock, Total	660M	660M	660M	660M	660M
Additional Paid In Capital	516M	516M	516M	516M	516M
Retained Earnings	1.36B	476M	420M	216M	294M
Comprehensive Income and Other	392M	392M	416M	414M	416M
Total Common Equity	2.93B	2.04B	2.01B	1.81B	1.89B
Total Equity	2.93B	2.04B	2.01B	1.81B	1.89B
Total Liabilities And Equity	5.42B	4.22B	3.92B	3.93B	3.88B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	660M	660M	660M	660M	660M
ECS Total Common Shares Outstanding	660M	660M	660M	660M	660M
Book Value / Share	4.43	3.1	3.05	2.74	2.86
Tangible Book Value	2.89B	2.02B	1.99B	1.79B	1.87B
Tangible Book Value Per Share	4.39	3.05	3.01	2.71	2.83
Total Debt	2.2B	1.9B	1.66B	1.75B	1.58B
Net Debt	1.79B	1.65B	1.39B	1.45B	1.34B
Debt Equivalent of Unfunded Proj. Benefit Obligation	34.29M	28.41M	32.64M	39.14M	42.48M
Debt Equivalent Oper. Leases	5.98M	5.9M	6.53M	4.47M	8.05M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	1.2B	567M	552M	621M	516M
Inventories - Finished Goods, Total	1.11B	690M	749M	639M	680M
Inventories - Others	16.48M	15.64M	14.47M	14.38M	13.72M
Land - (BS)	749M	749M	779M	779M	774M
Buildings, Total	824M	826M	830M	830M	830M
Machinery, Total	1.92B	1.9B	1.91B	1.92B	1.93B
Accumulated Allowance for Doubtful Accounts (Supple)	50.75M	52.97M	37.27M	33.2M	15.11M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	555M	-335M	-56.15M	-204M	80.38M
Depreciation & Amortization - CF	124M	122M	110M	105M	97.59M
Depreciation & Amortization, Total	124M	122M	110M	105M	97.59M
Amortization of Deferred Charges, Total - (CF)	6.71M	5.2M	4.97M	4.46M	4.46M
(Gain) Loss From Sale Of Asset	415K	257K	944K	2.28M	-261K
Asset Writedown & Restructuring Costs	-	14.43M	962K	-	-
Provision and Write-off of Bad Debts	5.12M	8.9M	-9.54M	1.44M	589K
Other Operating Activities, Total	24.26M	-41.98M	-7.16M	24.33M	1.35M
Change In Accounts Receivable	-269M	131M	116M	-38.45M	-87.93M
Change In Inventories	-614M	826M	183M	-46.91M	13.21M
Change In Accounts Payable	8.23M	-227K	-36.31M	120M	23.97M
Change in Other Net Operating Assets	-5.15M	-10.57M	-8.03M	-4.73M	16.39M
Cash from Operations	-164M	720M	299M	-36.15M	150M
Capital Expenditure	-28.62M	-19.95M	-40.04M	-17.36M	-26.25M
Sale of Property, Plant, and Equipment	566K	237K	141K	317K	2.05M
Sale (Purchase) of Intangible assets	-899K	-573K	-926K	-5K	-2.59M
Other Investing Activities, Total	429K	-	-	-	-
Cash from Investing	-28.52M	-20.29M	-40.83M	-17.05M	-26.79M
Short Term Debt Issued, Total	9.46B	9.4B	8.17B	7.26B	6.72B
Total Debt Issued	9.46B	9.4B	8.17B	7.26B	6.72B
Short Term Debt Repaid, Total	-9B	-9.7B	-8.4B	-7.16B	-6.9B
Long-Term Debt Repaid, Total	-6.92M	-10.47M	-11.92M	-13.03M	-12.36M
Total Debt Repaid	-9.01B	-9.71B	-8.41B	-7.17B	-6.91B
Common Dividends Paid	-119M	-554M	-	-	-
Common & Preferred Stock Dividends Paid	-119M	-554M	-	-	-
Cash from Financing	339M	-860M	-243M	87.79M	-189M
Net Change in Cash	146M	-160M	15.19M	34.59M	-65.89M
Supplemental Items
Cash Interest Paid	37.53M	36.69M	53.46M	58.87M	48.39M
Cash Income Tax Paid (Refund)	170M	26.32M	86.86K	109K	103K
Levered Free Cash Flow	-291M	805M	262M	2.47M	87.53M
Unlevered Free Cash Flow	-268M	828M	296M	39.54M	117M
Change In Net Working Capital	832M	-914M	-236M	-49.85M	37.4M
Net Debt Issued / Repaid	458M	-306M	-243M	87.79M	-189M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	9.29	-4	-0.36	-2.62	2.08
Return on Total Capital	9.89	-4.25	-0.38	-2.85	2.31
Return On Equity %	20.48	-13.48	-2.77	-10.67	4.35
Return on Common Equity	20.48	-13.48	-2.77	-10.67	4.35
Margin Analysis
Gross Profit Margin %	12.08	0.96	4.25	2.9	7.15
SG&A Margin	4.46	4.09	4.51	5.1	5.37
EBITDA Margin %	8.79	-2.01	0.86	-0.95	2.97
EBITA Margin %	7.62	-3.12	-0.27	-2.2	1.79
EBIT Margin %	7.62	-3.12	-0.27	-2.2	1.79
Income From Continuing Operations Margin %	5.71	-3.39	-0.64	-2.73	1.11
Net Income Margin %	5.71	-3.39	-0.64	-2.73	1.11
Net Avail. For Common Margin %	5.71	-3.39	-0.64	-2.73	1.11
Normalized Net Income Margin	4.47	-2.13	-0.39	-1.74	0.71
Levered Free Cash Flow Margin	-2.99	8.16	3.01	0.03	1.2
Unlevered Free Cash Flow Margin	-2.76	8.39	3.39	0.53	1.61
Asset Turnover
Asset Turnover	1.95	2.05	2.15	1.9	1.86
Fixed Assets Turnover	5.63	6.07	5.62	5	5.1
Receivables Turnover (Average Receivables)	10.95	10.41	10.59	9.47	8.55
Inventory Turnover (Average Inventory)	4.3	5.24	6.07	5.54	5.1
Short Term Liquidity
Current Ratio	1.59	1.3	1.34	1.25	1.35
Quick Ratio	0.61	0.56	0.59	0.56	0.62
Operating Cash Flow to Current Liabilities	-0.07	0.36	0.17	-0.02	0.08
Days Sales Outstanding (Average Receivables)	33.33	35.05	34.48	38.64	42.7
Days Outstanding Inventory (Average Inventory)	84.89	69.62	60.12	66.08	71.59
Average Days Payable Outstanding	0.99	1.75	2.06	4.65	8.52
Cash Conversion Cycle (Average Days)	117.24	102.91	92.54	100.07	105.77
Long Term Solvency
Total Debt/Equity	75.2	92.96	82.42	97	83.84
Total Debt / Total Capital	42.92	48.18	45.18	49.24	45.6
LT Debt/Equity	1.28	1.46	0.93	0.77	0.99
Long-Term Debt / Total Capital	0.73	0.76	0.51	0.39	0.54
Total Liabilities / Total Assets	46.01	51.52	48.66	54.06	51.33
EBIT / Interest Expense	20.44	-8.3	-0.43	-2.78	2.75
EBITDA / Interest Expense	23.87	-5.02	1.61	-1	4.82
(EBITDA - Capex) / Interest Expense	23.08	-5.56	0.87	-1.29	4.26
Total Debt / EBITDA	2.55	-10.19	19.02	-29.63	6.95
Net Debt / EBITDA	2.07	-8.84	15.94	-24.51	5.91
Total Debt / (EBITDA - Capex)	2.63	-9.21	35.18	-22.91	7.85
Net Debt / (EBITDA - Capex)	2.14	-7.98	29.48	-18.95	6.68
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	31.62	1.59	-11.7	-14.35	-2.71
Gross Profit, 1 Yr. Growth %	62.72	-91.89	245.64	-41.44	139.8
EBITDA, 1 Yr. Growth %	109.13	-123.18	-140.48	-194.69	-403.19
EBITA, 1 Yr. Growth %	157.9	-141.63	-92.16	609.34	-179
EBIT, 1 Yr. Growth %	157.9	-141.63	-92.16	609.34	-179
Earnings From Cont. Operations, 1 Yr. Growth %	173.23	-160.39	-82.74	262.89	-139.45
Net Income, 1 Yr. Growth %	173.23	-160.39	-82.74	262.89	-139.45
Normalized Net Income, 1 Yr. Growth %	173.99	-148.47	-83.15	279.52	-140
Diluted EPS Before Extra, 1 Yr. Growth %	173.23	-160.71	-82.74	262.89	-139.45
Accounts Receivable, 1 Yr. Growth %	35.47	-13.89	-12.25	4.85	10.92
Inventory, 1 Yr. Growth %	33.01	-35.6	-11.54	2.82	-0.65
Net Property, Plant and Equip., 1 Yr. Growth %	-5.03	-6.59	-2.3	-5.19	-3.76
Total Assets, 1 Yr. Growth %	19.37	-22.22	-7.06	0.35	-1.43
Tangible Book Value, 1 Yr. Growth %	18.01	-30.37	-1.33	-10.11	4.52
Common Equity, 1 Yr. Growth %	17.5	-30.16	-1.57	-10.22	4.45
Cash From Operations, 1 Yr. Growth %	-221.86	-539.14	-58.46	-112.08	-514.24
Capital Expenditures, 1 Yr. Growth %	-18.51	-30.27	100.68	-56.65	51.23
Levered Free Cash Flow, 1 Yr. Growth %	-668.13	-376.7	-68.11	-99.06	3.41K
Unlevered Free Cash Flow, 1 Yr. Growth %	-457.76	-408.69	-65	-86.65	195.92
Dividend Per Share, 1 Yr. Growth %	366.67	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.03	15.64	-5.23	-13.03	-8.71
Gross Profit, 2 Yr. CAGR %	38.86	-63.67	-43.81	42.27	18.5
EBITDA, 2 Yr. CAGR %	77.42	-30.38	-70.31	-38.08	69.42
EBITA, 2 Yr. CAGR %	127.31	3.62	-82.29	-25.45	136.72
EBIT, 2 Yr. CAGR %	127.31	3.62	-82.29	-25.45	136.72
Earnings From Cont. Operations, 2 Yr. CAGR %	178.5	28.45	-68.18	-20.86	19.65
Net Income, 2 Yr. CAGR %	178.5	28.45	-68.18	-20.86	19.65
Normalized Net Income, 2 Yr. CAGR %	175.97	15.24	-71.93	-20.02	23.21
Diluted EPS Before Extra, 2 Yr. CAGR %	178.5	28.76	-68.18	-20.86	19.65
Accounts Receivable, 2 Yr. CAGR %	5.41	8	-13.08	-4.08	7.84
Inventory, 2 Yr. CAGR %	30.58	-7.45	-24.53	-4.63	1.07
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.61	-5.81	-4.47	-3.75	-4.48
Total Assets, 2 Yr. CAGR %	11.11	-3.64	-14.98	-3.42	-0.54
Tangible Book Value, 2 Yr. CAGR %	9.06	-9.36	-17.12	-5.82	-3.07
Common Equity, 2 Yr. CAGR %	9.1	-9.41	-17.09	-5.99	-3.16
Cash From Operations, 2 Yr. CAGR %	-47.31	131.03	35.06	-77.6	-29.25
Capital Expenditures, 2 Yr. CAGR %	-40.02	-24.62	18.29	-6.73	-19.03
Levered Free Cash Flow, 2 Yr. CAGR %	-24.38	296.49	-5.03	-94.52	-42.27
Unlevered Free Cash Flow, 2 Yr. CAGR %	-29.76	232.32	5.06	-78.38	-37.13
Dividend Per Share, 2 Yr. CAGR %	76.38	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.74	1.89	5.74	-8.37	-9.72
Gross Profit, 3 Yr. CAGR %	21.4	-46.12	-19.91	-43.03	69.31
EBITDA, 3 Yr. CAGR %	43.11	-9.98	-43.09	-56.3	5.13
EBITA, 3 Yr. CAGR %	64.55	29.09	-56.76	-39.42	-24
EBIT, 3 Yr. CAGR %	64.55	29.09	-56.76	-39.42	-24
Earnings From Cont. Operations, 3 Yr. CAGR %	80.71	67.31	-34.85	-28.38	-37.25
Net Income, 3 Yr. CAGR %	80.71	67.31	-34.85	-28.38	-37.25
Normalized Net Income, 3 Yr. CAGR %	80.31	54.55	-40.01	-33.13	-36.52
Diluted EPS Before Extra, 3 Yr. CAGR %	80.71	67.59	-34.85	-28.37	-37.25
Accounts Receivable, 3 Yr. CAGR %	-0.51	-1.47	0.78	-7.47	0.68
Inventory, 3 Yr. CAGR %	12.29	3.16	-8.83	-16.33	-3.32
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.2	-4.62	-4.65	-4.71	-3.76
Total Assets, 3 Yr. CAGR %	3.32	-1.34	-4.79	-10.15	-2.76
Tangible Book Value, 3 Yr. CAGR %	6.56	-6.09	-6.76	-14.84	-2.49
Common Equity, 3 Yr. CAGR %	6.53	-5.98	-6.87	-14.86	-2.63
Cash From Operations, 3 Yr. CAGR %	27.31	6.74	30.4	-39.59	-40.76
Capital Expenditures, 3 Yr. CAGR %	-19.42	-36.94	4.47	-15.35	9.58
Levered Free Cash Flow, 3 Yr. CAGR %	22.25	16.52	72.4	-79.59	-52.62
Unlevered Free Cash Flow, 3 Yr. CAGR %	29.05	15.05	58.07	-47.18	-48.28
Dividend Per Share, 3 Yr. CAGR %	156.12	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.32	3.76	-2.56	-4.34	-0.3
Gross Profit, 5 Yr. CAGR %	0.78	-35.35	-10.79	-18.64	-6.32
EBITDA, 5 Yr. CAGR %	1.1	-17.39	-23.72	-23.46	-11.96
EBITA, 5 Yr. CAGR %	1.55	-4.93	-32.54	2.82	-14.65
EBIT, 5 Yr. CAGR %	1.55	-4.93	-32.54	2.82	-14.65
Earnings From Cont. Operations, 5 Yr. CAGR %	0.3	2.75	-9.79	23.3	-16.91
Net Income, 5 Yr. CAGR %	0.3	2.75	-9.79	23.3	-16.91
Normalized Net Income, 5 Yr. CAGR %	1.36	-1.52	-14.32	17.89	-20
Diluted EPS Before Extra, 5 Yr. CAGR %	0.3	2.85	-9.79	23.3	-16.91
Accounts Receivable, 5 Yr. CAGR %	10.76	-1.08	-5.74	-2.52	3.55
Inventory, 5 Yr. CAGR %	12.81	-0.12	-4.21	-0.03	-4.99
Net Property, Plant and Equip., 5 Yr. CAGR %	4.09	-4	-3.71	-4.27	-4.58
Total Assets, 5 Yr. CAGR %	7.89	-2.74	-4.43	-2.18	-3.12
Tangible Book Value, 5 Yr. CAGR %	2.71	-4.65	-3.63	-5.98	-5.3
Common Equity, 5 Yr. CAGR %	2.74	-4.56	-3.63	-5.98	-5.41
Cash From Operations, 5 Yr. CAGR %	-12.75	32.75	30.29	-42.83	2.11
Capital Expenditures, 5 Yr. CAGR %	-22.04	-34.99	-6.04	-26.25	-5.65
Levered Free Cash Flow, 5 Yr. CAGR %	40.8	14.93	10.5	-65.53	11.32
Unlevered Free Cash Flow, 5 Yr. CAGR %	29.58	17.12	18.86	-40.8	9.31
Dividend Per Share, 5 Yr. CAGR %	-3.23	-	-	-	-14.97