Income Statement Thai Packaging & Printing Thailand S.E.

Stocks

TPP-R

TH0205010R13

Paper Packaging

End-of-day quote Thailand S.E. 2026-09-08			5-day change	1st Jan Change
12.90 ^THB	0.00%		+1.57%	+18.35%

08-16	Thai Packaging & Printing Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-13	Thai Packaging & Printing Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: THAI PACKAGING & PRINTING

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	240M	266M	213M	244M	270M
Gain (Loss) on Sale of Investment, Total (Rev)	4.13M	201K	-2.15M	948K	-1.75M
Interest And Invest. Income (Rev)	13.3M	2.93M	2.73M	2.03M	2.32M
Other Revenues, Total	955K	2.74M	3.28M	5.13M	5.98M
Total Revenues	259M	272M	217M	252M	277M
Cost of Goods Sold, Total	164M	171M	138M	147M	151M
Gross Profit	95.07M	101M	78.93M	105M	126M
Selling General & Admin Expenses, Total	61.46M	61.34M	59.55M	60.06M	63.01M
Other Operating Expenses, Total	61.46M	61.34M	59.55M	60.06M	63.01M
Operating Income	33.61M	39.54M	19.38M	44.89M	62.99M
Interest Expense, Total	-555K	-398K	-222K	-286K	-347K
Net Interest Expenses	-555K	-398K	-222K	-286K	-347K
EBT, Excl. Unusual Items	33.06M	39.14M	19.16M	44.61M	62.64M
Gain (Loss) On Sale Of Investments	1.05M	-1.05M	-5.87M	-14.22M	-6.24M
Asset Writedown	-	-	2.21M	-	-
EBT, Incl. Unusual Items	34.1M	38.09M	15.5M	30.39M	56.4M
Income Tax Expense	4.89M	8.17M	3.48M	6.72M	7.26M
Earnings From Continuing Operations	29.21M	29.92M	12.02M	23.67M	49.14M
Net Income to Company	29.21M	29.92M	12.02M	23.67M	49.14M
Minority Interest	-69.6K	-57.57K	-31.4K	-57.47K	-24.8K
Net Income - (IS)	29.14M	29.86M	11.99M	23.61M	49.11M
Net Income to Common Incl Extra Items	29.14M	29.86M	11.99M	23.61M	49.11M
Net Income to Common Excl. Extra Items	29.14M	29.86M	11.99M	23.61M	49.11M
Per Share Items
Net EPS - Basic	0.78	0.8	0.32	0.63	1.31
Basic EPS - Continuing Operations	0.78	0.8	0.32	0.63	1.31
Basic Weighted Average Shares Outstanding	37.5M	37.5M	37.5M	37.5M	37.5M
Net EPS - Diluted	0.78	0.8	0.32	0.63	1.31
Diluted EPS - Continuing Operations	0.78	0.8	0.32	0.63	1.31
Diluted Weighted Average Shares Outstanding	37.5M	37.5M	37.5M	37.5M	37.5M
Normalized Basic EPS	0.55	0.65	0.32	0.74	1.04
Normalized Diluted EPS	0.55	0.65	0.32	0.74	1.04
Dividend Per Share	2	0.5	0.22	0.45	1
Payout Ratio	181.31	125.93	156.72	34.86	34.28
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	45.32M	49.73M	28.69M	55.03M	72.39M
EBITA	33.61M	39.54M	19.38M	44.89M	62.99M
EBIT	33.61M	39.54M	19.38M	44.89M	62.99M
Total Revenues (As Reported)	259M	272M	219M	252M	277M
Effective Tax Rate - (Ratio)	14.34	21.45	22.45	22.13	12.87
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	4.47M	8.53M	3.06M	8.76M	7.57M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	417K	-363K	422K	-2.03M	-310K
Normalized Net Income	20.59M	24.41M	11.94M	27.82M	39.12M
Interest on Long-Term Debt	555K	398K	222K	286K	347K
Non-Cash Pension Expense	182K	112K	116K	119K	114K
Supplemental Operating Expense Items
Selling and Marketing Expenses	10.13M	9.5M	9.16M	9.95M	12.82M
General and Administrative Expenses	51.33M	51.84M	50.39M	50.1M	50.18M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	158M	65.37M	45.93M	44.45M	50.41M
Short Term Investments	176M	259M	288M	290M	295M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	333M	325M	334M	335M	345M
Accounts Receivable, Total	70.2M	64.41M	49.42M	69.34M	89.33M
Other Receivables	900K	559K	1.18M	1.83M	1.78M
Total Receivables	71.1M	64.97M	50.6M	71.18M	91.11M
Inventory	56.28M	32.21M	18.23M	22.72M	22.84M
Other Current Assets, Total	475K	235K	270K	260K	320K
Total Current Assets	461M	422M	403M	429M	459M
Gross Property Plant And Equipment	930M	905M	961M	967M	960M
Accumulated Depreciation	-327M	-311M	-323M	-331M	-324M
Net Property Plant And Equipment	603M	594M	638M	636M	636M
Long-term Investments	10.46M	9.04M	2.72M	-	-
Other Intangibles, Total	3.54M	3.88M	5.46M	4.88M	4.64M
Deferred Tax Assets Long-Term	-	-	-	3.02M	3.02M
Other Long-Term Assets, Total	6.39M	7.28M	11.28M	8.88M	9.93M
Total Assets	1.08B	1.04B	1.06B	1.08B	1.11B
Liabilities
Accounts Payable, Total	28.63M	20.31M	18.84M	24.93M	22.29M
Accrued Expenses, Total	5.2M	4.3M	4.39M	5.36M	7.52M
Current Portion of Leases	4.18M	3.58M	1.65M	1.48M	3.22M
Current Income Taxes Payable	15.77M	3.22M	456K	3.52M	1.24M
Other Current Liabilities	8.69M	3.84M	4.37M	5.37M	5.51M
Total Current Liabilities	62.47M	35.24M	29.71M	40.66M	39.78M
Long-Term Leases	4.69M	2.72M	1.06M	1.35M	4.49M
Pension & Other Post Retirement Benefits	5.11M	5.42M	5.64M	4.92M	3.75M
Deferred Tax Liability Non Current	95.53M	92.33M	100M	100M	99.71M
Other Non Current Liabilities	550K	1M	-	-	-
Total Liabilities	168M	137M	137M	147M	148M
Common Stock, Total	375M	375M	375M	375M	375M
Additional Paid In Capital	45.41M	45.41M	45.41M	45.41M	45.41M
Retained Earnings	92.75M	85.68M	81.04M	95.72M	128M
Comprehensive Income and Other	403M	393M	421M	418M	417M
Total Common Equity	916M	899M	923M	934M	965M
Minority Interest	272K	295K	275K	311K	336K
Total Equity	916M	899M	923M	935M	965M
Total Liabilities And Equity	1.08B	1.04B	1.06B	1.08B	1.11B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	37.5M	37.5M	37.5M	37.5M	37.5M
ECS Total Common Shares Outstanding	37.5M	37.5M	37.5M	37.5M	37.5M
Book Value / Share	24.42	23.98	24.61	24.92	25.74
Tangible Book Value	912M	895M	917M	930M	960M
Tangible Book Value Per Share	24.33	23.87	24.46	24.79	25.61
Total Debt	8.87M	6.29M	2.72M	2.82M	7.71M
Net Debt	-324M	-318M	-331M	-332M	-337M
Debt Equivalent of Unfunded Proj. Benefit Obligation	5.11M	5.42M	5.64M	4.92M	3.75M
Minority Interest, Total (Incl. Fin. Div)	272K	295K	275K	311K	336K
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	42.07M	26.54M	12.75M	15.58M	13.96M
Inventories - Work In Process, Total	5.15M	1.99M	1.01M	2.24M	1.32M
Inventories - Finished Goods, Total	8.9M	2.67M	3.45M	2.74M	5.53M
Inventories - Others	2.45M	2.64M	3.05M	3.29M	3.76M
Land - (BS)	529M	529M	579M	579M	579M
Buildings, Total	94.13M	94.17M	94.17M	94.27M	94.27M
Machinery, Total	285M	256M	264M	284M	270M
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	193K	193K	193K	52.65K	52.65K

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	29.14M	29.86M	11.99M	23.61M	49.11M
Depreciation & Amortization - CF	15.56M	14M	12.61M	12.5M	11.48M
Depreciation & Amortization, Total	15.56M	14M	12.61M	12.5M	11.48M
Amortization of Deferred Charges, Total - (CF)	388K	66.47K	252K	582K	596K
(Gain) Loss From Sale Of Asset	750K	1.42M	38K	-122K	-1.48M
(Gain) Loss on Sale of Investments - (CF)	-5.92M	852K	8.03M	13.27M	7.99M
Asset Writedown & Restructuring Costs	-	-	-2.21M	459K	15.08K
Provision and Write-off of Bad Debts	-6.93K	-	-	-140K	-
Other Operating Activities, Total	-9.95M	-17.58M	-7.03M	-8.08M	-7.81M
Change in Trading Asset Securities	-	-	-	-	-
Change In Accounts Receivable	-12.47M	6.17M	15.01M	-20.12M	-19.74M
Change In Inventories	-28.78M	24.73M	13.58M	-3.59M	-720K
Change In Accounts Payable	13.87M	-7.75M	-1.96M	7.7M	-2.69M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	4.68M	-3.79M	-1.83M	1.71M	18.8K
Cash from Operations	7.26M	47.99M	48.48M	27.77M	36.78M
Capital Expenditure	-3.52M	-4.98M	-5.95M	-9.36M	-4.82M
Sale of Property, Plant, and Equipment	2.96M	748K	-	421K	3.31M
Sale (Purchase) of Intangible assets	-565K	-	-989K	-	-
Investment in Marketable and Equity Securities, Total	152M	-97.88M	-42.29M	-17.06M	-14.46M
Other Investing Activities, Total	13.97M	3.93M	3.68M	7.4M	4.45M
Cash from Investing	165M	-98.18M	-45.55M	-18.59M	-11.52M
Long-Term Debt Repaid, Total	-6.06M	-4.41M	-3.58M	-2.43M	-2.11M
Total Debt Repaid	-6.06M	-4.41M	-3.58M	-2.43M	-2.11M
Common Dividends Paid	-52.84M	-37.61M	-18.79M	-8.23M	-16.84M
Common & Preferred Stock Dividends Paid	-52.84M	-37.61M	-18.79M	-8.23M	-16.84M
Other Financing Activities, Total	-	-	-	-	-347K
Cash from Financing	-58.9M	-42.01M	-22.36M	-10.66M	-19.3M
Net Change in Cash	113M	-92.21M	-19.43M	-1.48M	5.96M
Supplemental Items
Cash Interest Paid	555K	398K	222K	286K	347K
Cash Income Tax Paid (Refund)	2.07M	21.66M	5.82M	5.69M	9.85M
Levered Free Cash Flow	27.67M	37.37M	42.6M	17.67M	23.66M
Unlevered Free Cash Flow	28.02M	37.62M	42.74M	17.85M	23.88M
Change In Net Working Capital	4.85M	-3.82M	-24.7M	13.93M	22.74M
Net Debt Issued / Repaid	-6.06M	-4.41M	-3.58M	-2.43M	-2.11M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	2.01	2.33	1.16	2.62	3.59
Return on Total Capital	2.32	2.7	1.32	3.01	4.12
Return On Equity %	3.25	3.3	1.32	2.55	5.17
Return on Common Equity	3.25	3.29	1.32	2.54	5.17
Margin Analysis
Gross Profit Margin %	36.75	37.08	36.35	41.61	45.5
SG&A Margin	23.75	22.55	27.42	23.81	22.76
EBITDA Margin %	17.51	18.28	13.21	21.82	26.14
EBITA Margin %	12.99	14.53	8.93	17.8	22.75
EBIT Margin %	12.99	14.53	8.93	17.8	22.75
Income From Continuing Operations Margin %	11.29	11	5.53	9.38	17.75
Net Income Margin %	11.26	10.98	5.52	9.36	17.74
Net Avail. For Common Margin %	11.26	10.98	5.52	9.36	17.74
Normalized Net Income Margin	7.96	8.97	5.5	11.03	14.13
Levered Free Cash Flow Margin	10.7	13.74	19.62	7	8.55
Unlevered Free Cash Flow Margin	10.83	13.83	19.68	7.08	8.62
Asset Turnover
Asset Turnover	0.25	0.26	0.21	0.24	0.25
Fixed Assets Turnover	0.43	0.45	0.35	0.4	0.44
Receivables Turnover (Average Receivables)	3.77	3.95	3.75	4.11	3.41
Inventory Turnover (Average Inventory)	3.88	3.87	5.48	7.19	6.62
Short Term Liquidity
Current Ratio	7.38	11.98	13.56	10.55	11.55
Quick Ratio	6.47	11.06	12.93	9.98	10.97
Operating Cash Flow to Current Liabilities	0.12	1.36	1.63	0.68	0.92
Days Sales Outstanding (Average Receivables)	96.9	92.29	97.39	89.03	107.12
Days Outstanding Inventory (Average Inventory)	93.98	94.34	66.59	50.88	55.1
Average Days Payable Outstanding	42.77	60.72	57.5	52.77	57.06
Cash Conversion Cycle (Average Days)	148.12	125.92	106.48	87.13	105.16
Long Term Solvency
Total Debt/Equity	0.97	0.7	0.29	0.3	0.8
Total Debt / Total Capital	0.96	0.69	0.29	0.3	0.79
LT Debt/Equity	0.51	0.3	0.11	0.14	0.46
Long-Term Debt / Total Capital	0.51	0.3	0.11	0.14	0.46
Total Liabilities / Total Assets	15.52	13.19	12.9	13.62	13.27
EBIT / Interest Expense	60.52	99.25	87.24	156.88	181.61
EBITDA / Interest Expense	88.54	134.38	144	200.55	214.71
(EBITDA - Capex) / Interest Expense	82.2	121.89	117.22	167.85	200.8
Total Debt / EBITDA	0.18	0.12	0.08	0.05	0.1
Net Debt / EBITDA	-6.6	-5.95	-10.34	-5.78	-4.53
Total Debt / (EBITDA - Capex)	0.19	0.13	0.1	0.06	0.11
Net Debt / (EBITDA - Capex)	-7.11	-6.56	-12.7	-6.91	-4.85
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.43	5.15	-20.18	16.15	9.78
Gross Profit, 1 Yr. Growth %	34.95	6.11	-21.76	32.96	20.05
EBITDA, 1 Yr. Growth %	87.09	9.73	-42.29	91.79	31.53
EBITA, 1 Yr. Growth %	185.64	17.65	-50.98	131.6	40.31
EBIT, 1 Yr. Growth %	185.64	17.65	-50.98	131.6	40.31
Earnings From Cont. Operations, 1 Yr. Growth %	-853.07	2.42	-59.83	96.91	107.64
Net Income, 1 Yr. Growth %	-857.42	2.47	-59.86	96.95	108.04
Normalized Net Income, 1 Yr. Growth %	188.4	18.54	-51.06	132.92	40.63
Diluted EPS Before Extra, 1 Yr. Growth %	-857.42	2.47	-59.86	96.95	108.04
Accounts Receivable, 1 Yr. Growth %	22.27	-8.25	-23.28	40.32	28.82
Inventory, 1 Yr. Growth %	101.01	-42.77	-43.42	24.66	0.53
Net Property, Plant and Equip., 1 Yr. Growth %	-1.44	-1.51	7.41	-0.21	-0.05
Total Assets, 1 Yr. Growth %	7.43	-4.45	2.3	1.85	2.87
Tangible Book Value, 1 Yr. Growth %	4.06	-1.86	2.48	1.33	3.32
Common Equity, 1 Yr. Growth %	4.06	-1.82	2.64	1.26	3.28
Cash From Operations, 1 Yr. Growth %	-81.96	561.07	1.02	-42.71	31.07
Capital Expenditures, 1 Yr. Growth %	-12.86	41.41	19.51	57.28	-48.44
Levered Free Cash Flow, 1 Yr. Growth %	1.41	35.06	13.99	-58.53	33.94
Unlevered Free Cash Flow, 1 Yr. Growth %	1.77	34.28	13.61	-58.25	33.81
Dividend Per Share, 1 Yr. Growth %	400	-75	-56	104.55	122.22
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-12.64	5.29	-8.39	-3.72	12.92
Gross Profit, 2 Yr. CAGR %	-11.91	19.67	-8.88	1.99	26.34
EBITDA, 2 Yr. CAGR %	-18.06	43.28	-20.43	5.2	58.83
EBITA, 2 Yr. CAGR %	-20.62	83.32	-24.06	6.55	80.26
EBIT, 2 Yr. CAGR %	-20.62	83.32	-24.06	6.55	80.26
Earnings From Cont. Operations, 2 Yr. CAGR %	-10.1	177.72	-35.86	-11.07	102.2
Net Income, 2 Yr. CAGR %	-10.2	178.59	-35.87	-11.09	102.42
Normalized Net Income, 2 Yr. CAGR %	-21.26	84.9	-23.84	6.76	80.99
Diluted EPS Before Extra, 2 Yr. CAGR %	-10.2	178.59	-35.87	-11.09	102.42
Accounts Receivable, 2 Yr. CAGR %	5.25	5.92	-16.1	3.76	34.44
Inventory, 2 Yr. CAGR %	7.69	7.26	-43.09	-16.01	11.95
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.13	-1.48	2.85	3.53	-0.13
Total Assets, 2 Yr. CAGR %	2	1.32	-1.13	2.2	2.36
Tangible Book Value, 2 Yr. CAGR %	0.67	1.05	0.28	1.9	2.32
Common Equity, 2 Yr. CAGR %	0.85	1.08	0.39	1.95	2.26
Cash From Operations, 2 Yr. CAGR %	-68.65	9.21	158.42	-23.92	-12.9
Capital Expenditures, 2 Yr. CAGR %	-13.27	11.01	30	37.1	-9.95
Levered Free Cash Flow, 2 Yr. CAGR %	-39.89	17.03	24.08	-31.25	-25.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	-39.57	16.9	23.51	-31.13	-25.26
Dividend Per Share, 2 Yr. CAGR %	82.57	11.8	-66.83	-5.13	113.2
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-6.06	-7.07	-4	-0.85	0.59
Gross Profit, 3 Yr. CAGR %	3.27	-6.27	3.86	3.35	7.69
EBITDA, 3 Yr. CAGR %	9.11	-9.68	5.81	6.69	13.33
EBITA, 3 Yr. CAGR %	19.87	-9.5	18.1	10.13	16.79
EBIT, 3 Yr. CAGR %	19.87	-9.5	18.1	10.13	16.79
Earnings From Cont. Operations, 3 Yr. CAGR %	73.11	-6.11	45.78	-6.78	17.98
Net Income, 3 Yr. CAGR %	73.18	-6.16	46.05	-6.78	18.04
Normalized Net Income, 3 Yr. CAGR %	19.61	-9.76	18.71	10.55	17.03
Diluted EPS Before Extra, 3 Yr. CAGR %	73.18	-6.16	46.05	-6.78	18.04
Accounts Receivable, 3 Yr. CAGR %	1.93	0.54	-4.88	-0.41	11.52
Inventory, 3 Yr. CAGR %	-10.4	-12.77	-13.34	-26.09	-10.83
Net Property, Plant and Equip., 3 Yr. CAGR %	-1.03	-1.26	1.4	1.82	2.32
Total Assets, 3 Yr. CAGR %	2.34	-0.2	1.64	-0.07	2.42
Tangible Book Value, 3 Yr. CAGR %	1.51	-0.18	1.53	0.63	2.37
Common Equity, 3 Yr. CAGR %	1.63	-0.05	1.6	0.68	2.39
Cash From Operations, 3 Yr. CAGR %	-42.59	-13.39	6.41	56.4	-8.49
Capital Expenditures, 3 Yr. CAGR %	-23.4	2.08	13.77	38.52	-1.04
Levered Free Cash Flow, 3 Yr. CAGR %	40.3	-21.27	16.01	-13.89	-14.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	41.56	-21.14	15.79	-13.96	-14.06
Dividend Per Share, 3 Yr. CAGR %	108.71	-5.9	-18.07	-39.18	25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.06	0.26	-7	-5.74	2.44
Gross Profit, 5 Yr. CAGR %	3.67	4.1	-1.77	-3.05	12.33
EBITDA, 5 Yr. CAGR %	7.29	7.19	-3.83	-4	24.48
EBITA, 5 Yr. CAGR %	15.79	15.24	-0.13	-3.39	39.87
EBIT, 5 Yr. CAGR %	15.79	15.24	-0.13	-3.39	39.87
Earnings From Cont. Operations, 5 Yr. CAGR %	19.87	12.4	16.37	-8.12	66.16
Net Income, 5 Yr. CAGR %	19.72	12.3	16.39	-8.17	66.42
Normalized Net Income, 5 Yr. CAGR %	15.89	15.15	-0.15	-3.48	40.53
Diluted EPS Before Extra, 5 Yr. CAGR %	19.72	12.3	16.39	-8.17	66.42
Accounts Receivable, 5 Yr. CAGR %	9.6	3.84	-5.71	1.82	9.24
Inventory, 5 Yr. CAGR %	10.23	-10.23	-25.28	-14.08	-3.99
Net Property, Plant and Equip., 5 Yr. CAGR %	1.97	1.7	0.51	0.63	0.79
Total Assets, 5 Yr. CAGR %	3.19	2.07	0.93	0.75	1.98
Tangible Book Value, 5 Yr. CAGR %	2.59	2.07	1.02	0.65	1.84
Common Equity, 5 Yr. CAGR %	2.65	2.14	1.13	0.74	1.86
Cash From Operations, 5 Yr. CAGR %	-21.26	235.36	4.79	-17.77	-1.78
Capital Expenditures, 5 Yr. CAGR %	-35.44	-15.76	-5.35	14.86	3.61
Levered Free Cash Flow, 5 Yr. CAGR %	15.33	13.95	33.57	-25.42	-2.81
Unlevered Free Cash Flow, 5 Yr. CAGR %	15.14	14.26	34.05	-25.3	-2.81
Dividend Per Share, 5 Yr. CAGR %	46.14	8.02	0	-5.59	20.11