Income Statement Thai Ha Thailand S.E.

Stocks

KASET-R

TH0879010R15

Food Processing

End-of-day quote Thailand S.E. 2026-09-29			5-day change	1st Jan Change
0.6400 ^THB	0.00%		-1.54%	+6.67%

08-11	Thai Ha Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-13	Thai Ha Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

44a935f3.p8BW3aSbXGDpQK8Yr3M6Dt6fANvyuTbTxVEYdllAtm0.1vB7npb9ayyGMsAqmBlsR5DOaOqY2GSJlAJMJyMXjx_4hSKX4PQ3Md0ZzA

Published financial data: THAI HA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	536M	468M	477M	377M	302M
Other Revenues, Total	1.56M	8.41M	6.12M	1.8M	2.19M
Total Revenues	538M	476M	483M	378M	305M
Cost of Goods Sold, Total	454M	392M	427M	318M	277M
Gross Profit	83.22M	84.35M	56.05M	60.57M	27.45M
Selling General & Admin Expenses, Total	146M	126M	123M	102M	80.47M
Provision for Bad Debts	-	-	-	-	-300K
Other Operating Expenses	5.23M	5.22K	2.39M	1.74M	177K
Other Operating Expenses, Total	151M	126M	125M	103M	80.35M
Operating Income	-68.07M	-41.48M	-68.97M	-42.92M	-52.9M
Interest Expense, Total	-4.41M	-7.64M	-12.47M	-15.35M	-16.42M
Net Interest Expenses	-4.41M	-7.64M	-12.47M	-15.35M	-16.42M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	-72.47M	-49.12M	-81.44M	-58.27M	-69.32M
Other Unusual Items	-	20.84M	-	-	-
EBT, Incl. Unusual Items	-72.47M	-28.28M	-81.44M	-58.27M	-69.32M
Income Tax Expense	-3.46M	-144K	-900K	-868K	-1.24M
Earnings From Continuing Operations	-69.01M	-28.14M	-80.54M	-57.41M	-68.08M
Net Income to Company	-69.01M	-28.14M	-80.54M	-57.41M	-68.08M
Net Income - (IS)	-69.01M	-28.14M	-80.54M	-57.41M	-68.08M
Preferred Dividend and Other Adjustments	-	-	3.67M	3.69M	3.68M
Net Income to Common Incl Extra Items	-69.01M	-28.14M	-84.21M	-61.09M	-71.76M
Net Income to Common Excl. Extra Items	-69.01M	-28.14M	-84.21M	-61.09M	-71.76M
Per Share Items
Net EPS - Basic	-0.25	-0.1	-0.3	-0.22	-0.26
Basic EPS - Continuing Operations	-0.25	-0.1	-0.3	-0.22	-0.26
Basic Weighted Average Shares Outstanding	278M	278M	278M	278M	278M
Net EPS - Diluted	-0.25	-0.1	-0.3	-0.22	-0.26
Diluted EPS - Continuing Operations	-0.25	-0.1	-0.3	-0.22	-0.26
Diluted Weighted Average Shares Outstanding	278M	278M	278M	278M	278M
Normalized Basic EPS	-0.16	-0.11	-0.18	-0.13	-0.16
Normalized Diluted EPS	-0.16	-0.11	-0.18	-0.13	-0.16
Dividend Per Share	-	-	-	-	-
Payout Ratio	-	-	-	-6.42	-5.4
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	-50.82M	-23.03M	-47.51M	-21.86M	-31.79M
EBITA	-68.02M	-41.23M	-68.67M	-42.62M	-52.6M
EBIT	-68.07M	-41.48M	-68.97M	-42.92M	-52.9M
EBITDAR	-	-	-39.95M	-19.82M	-
Total Revenues (As Reported)	538M	497M	483M	378M	305M
Effective Tax Rate - (Ratio)	4.78	0.51	1.11	1.49	1.78
Total Current Taxes	-	-	-	-	-
Total Deferred Taxes	-3.46M	-144K	-900K	-868K	-1.24M
Normalized Net Income	-45.3M	-30.7M	-50.9M	-36.42M	-43.32M
Non-Cash Pension Expense	30K	35K	78.85K	94.54K	109K
Supplemental Operating Expense Items
Advertising Expense	27.24M	17.55M	17.02M	12.5M	11.2M
Selling and Marketing Expenses	80.65M	57.43M	34.32M	32.11M	25.79M
General and Administrative Expenses	65.41M	68.39M	88.31M	69.65M	54.68M
Net Rental Expense, Total	-	-	7.56M	2.04M	-
Imputed Operating Lease Interest Expense	-	-	2.88M	829K	-
Imputed Operating Lease Depreciation	-	-	4.68M	1.21M	-

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	31.14M	17.12M	19.09M	10.46M	9.21M
Total Cash And Short Term Investments	31.14M	17.12M	19.09M	10.46M	9.21M
Accounts Receivable, Total	207M	129M	62.63M	65.04M	45.8M
Other Receivables	4.84M	4.34M	5.6M	357K	608K
Total Receivables	212M	134M	68.23M	65.39M	46.41M
Inventory	126M	156M	138M	122M	97.02M
Prepaid Expenses	8.18M	12.04M	2.8M	1.93M	906K
Other Current Assets, Total	3.62M	4.23M	3.64M	1.25M	1.28M
Total Current Assets	381M	323M	231M	201M	155M
Gross Property Plant And Equipment	589M	771M	809M	854M	858M
Accumulated Depreciation	-331M	-343M	-362M	-382M	-399M
Net Property Plant And Equipment	259M	427M	447M	473M	459M
Other Intangibles, Total	27.39M	25.93M	22.74M	19.01M	15.51M
Other Long-Term Assets, Total	2.84M	1.51M	1.42M	1.11M	415K
Total Assets	670M	778M	703M	694M	630M
Liabilities
Accounts Payable, Total	80.92M	82.6M	40.15M	32.9M	35.46M
Accrued Expenses, Total	8.72M	1.69M	2.65M	3.58M	4.37M
Short-term Borrowings	318M	231M	293M	311M	270M
Current Portion of Leases	-	-	-	-	171K
Other Current Liabilities	15.02M	22.07M	10.55M	10.2M	5.76M
Total Current Liabilities	423M	337M	347M	358M	316M
Long-Term Debt	-	-	-	-	50M
Long-Term Leases	-	-	-	-	823K
Pension & Other Post Retirement Benefits	2.35M	2.66M	3.18M	3.71M	3.51M
Deferred Tax Liability Non Current	8.58M	43.49M	42.59M	49.95M	48.71M
Total Liabilities	434M	383M	392M	412M	419M
Common Stock, Total	278M	278M	278M	278M	139M
Additional Paid In Capital	24.54M	24.54M	24.54M	24.54M	24.54M
Retained Earnings	-102M	-130M	-212M	-271M	-199M
Comprehensive Income and Other	36.31M	223M	220M	250M	246M
Total Common Equity	236M	395M	310M	282M	211M
Total Equity	236M	395M	310M	282M	211M
Total Liabilities And Equity	670M	778M	703M	694M	630M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	278M	278M	278M	278M	278M
ECS Total Common Shares Outstanding	278M	278M	278M	278M	278M
Book Value / Share	0.85	1.17	0.87	0.76	0.51
Tangible Book Value	209M	369M	288M	263M	195M
Tangible Book Value Per Share	0.75	1.08	0.78	0.7	0.45
Total Debt	318M	231M	293M	311M	321M
Net Debt	287M	214M	274M	301M	312M
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.35M	2.66M	3.18M	3.71M	3.51M
Debt Equivalent Oper. Leases	-	-	60.48M	16.32M	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	102M	120M	102M	93.37M	69.26M
Inventories - Work In Process, Total	3.94M	9.53M	10.59M	9.45M	6.86M
Inventories - Finished Goods, Total	13.48M	21.19M	20.41M	11.95M	15.42M
Inventories - Others	2.6M	2.79M	3.8M	4.51M	3.69M
Land - (BS)	94.83M	176M	176M	210M	210M
Buildings, Total	128M	223M	224M	233M	233M
Machinery, Total	328M	369M	384M	411M	415M
Accumulated Allowance for Doubtful Accounts (Supple)	16.26M	14.54M	16.84M	20.09M	19.8M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	-69.01M	-28.14M	-80.54M	-57.41M	-68.08M
Depreciation & Amortization - CF	24.93M	18.2M	21.17M	20.76M	20.82M
Amortization of Goodwill and Intangible Assets - (CF)	43K	250K	296K	297K	296K
Depreciation & Amortization, Total	24.98M	18.45M	21.46M	21.06M	21.11M
Amortization of Deferred Charges, Total - (CF)	4.28M	3.33M	3.41M	3.43M	3.34M
(Gain) Loss From Sale Of Asset	1.13M	5.22K	-15.32K	-4.46K	-1.16M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Provision and Write-off of Bad Debts	1.61M	-1.72M	2.3M	3.26M	-300K
Other Operating Activities, Total	-1.57M	-23.45M	-2.25M	228K	946K
Change In Accounts Receivable	-101M	77M	63.18M	-876K	19.64M
Change In Inventories	66.1M	-31.31M	16.81M	17.02M	24.06M
Change In Accounts Payable	33.59M	3.4M	-53.84M	-5.67M	-1.47M
Change in Other Net Operating Assets	1.02M	-10.52K	3.18M	2M	763K
Cash from Operations	-38.88M	17.55M	-26.31M	-16.96M	-1.15M
Capital Expenditure	-59.39M	-11.28M	-29.8M	-5.92M	-7.42M
Sale of Property, Plant, and Equipment	17.5M	-	67.29K	4.48K	2.18M
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-3.5M	-2.12M	-511K	-	-133K
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-45.39M	-13.41M	-30.25M	-5.92M	-5.37M
Short Term Debt Issued, Total	82.02M	-	62.42M	17.92M	4.01M
Long-Term Debt Issued, Total	-	-	-	-	50M
Total Debt Issued	82.02M	-	62.42M	17.92M	54.01M
Short Term Debt Repaid, Total	-	-87.14M	-	-	-45M
Long-Term Debt Repaid, Total	-3.9M	-	-	-	-
Total Debt Repaid	-3.9M	-87.14M	-	-	-45M
Issuance of Common Stock	-	69.59M	-	-	-
Common Dividends Paid	-	-	-	-3.69M	-3.68M
Common & Preferred Stock Dividends Paid	-	-	-	-3.69M	-3.68M
Other Financing Activities, Total	-	-916K	-3.67M	-	-
Cash from Financing	78.12M	-18.47M	58.75M	14.24M	5.34M
Foreign Exchange Rate Adjustments	951K	302K	-222K	2.55K	-53.2K
Net Change in Cash	-5.2M	-14.02M	1.97M	-8.64M	-1.24M
Supplemental Items
Cash Interest Paid	4.33M	8.42M	15.54M	14.16M	15.14M
Cash Income Tax Paid (Refund)	27.43K	427K	74.09K	-377K	-44.9K
Levered Free Cash Flow	-76.93M	22.98M	-15.44M	-2.8M	17.42M
Unlevered Free Cash Flow	-74.18M	27.75M	-7.65M	6.8M	27.68M
Change In Net Working Capital	-1.99M	-45.31M	-40.9M	-15.05M	-43.84M
Net Debt Issued / Repaid	78.12M	-87.14M	62.42M	17.92M	9.01M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	-6.56	-3.58	-5.82	-3.84	-4.99
Return on Total Capital	-7.77	-4.39	-7.01	-4.48	-5.87
Return On Equity %	-25.71	-8.92	-22.84	-19.37	-27.61
Return on Common Equity	-25.71	-8.92	-23.89	-20.61	-29.1
Margin Analysis
Gross Profit Margin %	15.48	17.72	11.59	16	9.01
SG&A Margin	27.16	26.43	25.37	26.89	26.42
EBITDA Margin %	-9.45	-4.84	-9.83	-5.78	-10.43
EBITA Margin %	-12.65	-8.66	-14.21	-11.26	-17.27
EBIT Margin %	-12.66	-8.71	-14.27	-11.34	-17.36
Income From Continuing Operations Margin %	-12.83	-5.91	-16.66	-15.17	-22.35
Net Income Margin %	-12.83	-5.91	-16.66	-15.17	-22.35
Net Avail. For Common Margin %	-12.83	-5.91	-17.42	-16.14	-23.55
Normalized Net Income Margin	-8.42	-6.45	-10.53	-9.62	-14.22
Levered Free Cash Flow Margin	-14.31	4.83	-3.19	-0.74	5.72
Unlevered Free Cash Flow Margin	-13.8	5.83	-1.58	1.8	9.09
Asset Turnover
Asset Turnover	0.83	0.66	0.65	0.54	0.46
Fixed Assets Turnover	2.14	1.39	1.11	0.82	0.65
Receivables Turnover (Average Receivables)	3.39	2.78	4.97	5.9	5.46
Inventory Turnover (Average Inventory)	2.83	2.77	2.91	2.45	2.53
Short Term Liquidity
Current Ratio	0.9	0.96	0.67	0.56	0.49
Quick Ratio	0.57	0.45	0.25	0.21	0.18
Operating Cash Flow to Current Liabilities	-0.09	0.05	-0.08	-0.05	-0
Days Sales Outstanding (Average Receivables)	107.66	131.21	73.44	62.02	66.88
Days Outstanding Inventory (Average Inventory)	128.99	131.63	125.44	149.41	144.18
Average Days Payable Outstanding	65.49	70.8	54.8	44.22	49.46
Cash Conversion Cycle (Average Days)	171.15	192.04	144.08	167.21	161.6
Long Term Solvency
Total Debt/Equity	134.51	58.5	94.47	110.26	152.25
Total Debt / Total Capital	57.36	36.91	48.58	52.44	60.36
LT Debt/Equity	-	-	-	-	24.09
Long-Term Debt / Total Capital	-	-	-	-	9.55
Total Liabilities / Total Assets	64.71	49.28	55.83	59.32	66.51
EBIT / Interest Expense	-15.45	-5.43	-5.53	-2.8	-3.22
EBITDA / Interest Expense	-9.78	-3.01	-3.81	-1.42	-1.94
(EBITDA - Capex) / Interest Expense	-23.26	-4.49	-6.2	-1.81	-2.39
Total Debt / EBITDA	-7.38	-10.03	-6.17	-14.24	-10.11
Net Debt / EBITDA	-6.66	-9.28	-5.77	-13.76	-9.82
Total Debt / (EBITDA - Capex)	-3.1	-6.73	-3.79	-11.2	-8.19
Net Debt / (EBITDA - Capex)	-2.8	-6.23	-3.55	-10.83	-7.96
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-13.28	-11.47	1.55	-21.71	-19.51
Gross Profit, 1 Yr. Growth %	-7.82	1.36	-33.55	8.07	-54.68
EBITDA, 1 Yr. Growth %	3.22K	-50.52	141.15	-50.43	72.52
EBITA, 1 Yr. Growth %	249.34	-35.32	81.19	-34.7	22.56
EBIT, 1 Yr. Growth %	249.56	-39.06	66.28	-37.77	23.25
Earnings From Cont. Operations, 1 Yr. Growth %	192.55	-59.23	186.22	-28.72	18.6
Net Income, 1 Yr. Growth %	192.55	-59.23	186.22	-28.72	18.6
Normalized Net Income, 1 Yr. Growth %	207.23	-32.23	65.8	-28.44	18.95
Diluted EPS Before Extra, 1 Yr. Growth %	192.55	-59.23	189.84	-27.46	17.46
Accounts Receivable, 1 Yr. Growth %	88.88	-37.41	-51.61	3.85	-29.57
Inventory, 1 Yr. Growth %	-35.15	23.58	-11.89	-11.36	-20.45
Net Property, Plant and Equip., 1 Yr. Growth %	6.51	65.06	4.69	5.66	-2.84
Total Assets, 1 Yr. Growth %	6.76	16.12	-9.66	-1.29	-9.19
Tangible Book Value, 1 Yr. Growth %	-22.61	76.39	-21.97	-8.5	-25.74
Common Equity, 1 Yr. Growth %	-21.28	66.92	-21.34	-9.08	-25.25
Cash From Operations, 1 Yr. Growth %	-211.58	-145.14	-249.88	-35.54	-93.2
Capital Expenditures, 1 Yr. Growth %	111.03	-81	164.11	-80.12	25.22
Levered Free Cash Flow, 1 Yr. Growth %	847.97	-129.87	-167.19	-81.88	-722.81
Unlevered Free Cash Flow, 1 Yr. Growth %	1.24K	-137.41	-127.55	-188.92	307.13
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-21.16	-12.38	-5.18	-10.83	-20.62
Gross Profit, 2 Yr. CAGR %	-2.92	-3.34	-17.93	-15.26	-30.02
EBITDA, 2 Yr. CAGR %	66.47	288	1.03	5.34	-15.1
EBITA, 2 Yr. CAGR %	43.65	45.51	3.8	6.05	-10.23
EBIT, 2 Yr. CAGR %	43.7	45.95	0.66	1.72	-12.42
Earnings From Cont. Operations, 2 Yr. CAGR %	49.05	9.22	8.03	42.83	-8.06
Net Income, 2 Yr. CAGR %	49.05	9.22	8.03	42.83	-8.06
Normalized Net Income, 2 Yr. CAGR %	52.74	44.3	6.01	8.92	-7.74
Diluted EPS Before Extra, 2 Yr. CAGR %	49.05	9.21	10.48	45	-7.69
Accounts Receivable, 2 Yr. CAGR %	22.85	8.73	-44.97	-29.11	-14.48
Inventory, 2 Yr. CAGR %	-21.47	-10.48	4.35	-11.62	-16.03
Net Property, Plant and Equip., 2 Yr. CAGR %	7.22	32.59	31.45	5.18	1.32
Total Assets, 2 Yr. CAGR %	2.23	11.34	2.42	-5.57	-5.32
Tangible Book Value, 2 Yr. CAGR %	-19.07	16.84	17.32	-15.51	-17.57
Common Equity, 2 Yr. CAGR %	-14.71	14.63	14.59	-15.43	-17.56
Cash From Operations, 2 Yr. CAGR %	-43.15	-29.03	-17.75	-1.71	-79.07
Capital Expenditures, 2 Yr. CAGR %	16.1	-36.68	-29.16	-27.55	-50.11
Levered Free Cash Flow, 2 Yr. CAGR %	-1.24	68.27	-55.2	-65.11	6.22
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.84	123.77	-67.89	-50.5	90.27
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-22.87	-18.05	-7.96	-11.05	-13.83
Gross Profit, 3 Yr. CAGR %	-17.87	-1.52	-14.69	-10.05	-31.22
EBITDA, 3 Yr. CAGR %	25.01	7.88	214.34	-22.27	17.29
EBITA, 3 Yr. CAGR %	73.7	7.74	52.22	-12.55	11.55
EBIT, 3 Yr. CAGR %	73.74	7.96	52.43	-14.25	8.44
Earnings From Cont. Operations, 3 Yr. CAGR %	62.98	-3.24	50.58	-5.95	34.25
Net Income, 3 Yr. CAGR %	62.98	-3.24	50.58	-5.95	34.25
Normalized Net Income, 3 Yr. CAGR %	58.84	16.5	51.14	-7.01	12.17
Diluted EPS Before Extra, 3 Yr. CAGR %	62.98	-3.25	52.83	-3.98	35.17
Accounts Receivable, 3 Yr. CAGR %	2.91	-1.88	-16.99	-31.99	-29.27
Inventory, 3 Yr. CAGR %	-26.35	-8.66	-10.95	-1.17	-14.67
Net Property, Plant and Equip., 3 Yr. CAGR %	9.94	23.8	22.55	22.22	2.43
Total Assets, 3 Yr. CAGR %	-3.14	6.66	3.85	1.17	-6.79
Tangible Book Value, 3 Yr. CAGR %	-16.46	4.93	2.12	7.99	-19.07
Common Equity, 3 Yr. CAGR %	-13.62	6.68	1.11	6.08	-18.84
Cash From Operations, 3 Yr. CAGR %	27.5	-47.36	-8.95	-24.16	-59.66
Capital Expenditures, 3 Yr. CAGR %	48.52	-36.5	1.93	-53.62	-13.05
Levered Free Cash Flow, 3 Yr. CAGR %	57.21	-33.71	23.91	-66.87	-8.82
Unlevered Free Cash Flow, 3 Yr. CAGR %	69.75	-30.29	11.33	-54.91	-0.09
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-16.12	-18.5	-16.23	-15.24	-13.25
Gross Profit, 5 Yr. CAGR %	-9.78	-13.44	-17.9	-7.26	-21.19
EBITDA, 5 Yr. CAGR %	85.17	-0.09	12.8	3.57	83.46
EBITA, 5 Yr. CAGR %	49.28	32.59	39.54	5.27	21.99
EBIT, 5 Yr. CAGR %	49.3	32.75	39.67	5.42	22.13
Earnings From Cont. Operations, 5 Yr. CAGR %	46.67	22.45	38.26	13.07	23.61
Net Income, 5 Yr. CAGR %	46.67	22.45	38.26	13.07	23.61
Normalized Net Income, 5 Yr. CAGR %	48.12	36.88	35.11	13.41	24.06
Diluted EPS Before Extra, 5 Yr. CAGR %	46.68	22.45	39.5	14.48	24.92
Accounts Receivable, 5 Yr. CAGR %	2.61	-12.96	-19.88	-13.85	-15.99
Inventory, 5 Yr. CAGR %	-13.31	-6.44	-15.33	-9.86	-13.02
Net Property, Plant and Equip., 5 Yr. CAGR %	6.17	17.61	18.09	15.99	13.57
Total Assets, 5 Yr. CAGR %	-0.67	1.65	-0.95	1.59	0.08
Tangible Book Value, 5 Yr. CAGR %	-8.6	1.62	-4.3	-3.78	-6.26
Common Equity, 5 Yr. CAGR %	-7.02	2.38	-3.28	-2.78	-6.82
Cash From Operations, 5 Yr. CAGR %	-11.75	0.32	7	-32.42	-49.43
Capital Expenditures, 5 Yr. CAGR %	33.99	0.42	10.45	-33.06	-23.41
Levered Free Cash Flow, 5 Yr. CAGR %	10.52	18.95	-4.86	-48.72	16.51
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.21	36.93	-12.8	-39.21	37.94