Thailand’s 10 Largest Listed Companies by Profit
Why This Matters. The largest companies in Thailand by profit provide a useful view of where earnings power is concentrated in the country’s listed corporate sector. Energy groups occupy the top positions, while banks account for much of the rest of the ranking alongside telecommunications and aviation.
This ranking uses reported consolidated net profit attributable to equity holders for the 2025 financial year, rather than revenue or market capitalisation. That distinction matters because a company can generate enormous revenue without producing the highest profit, while accounting events can also temporarily lift reported earnings.
How We Ranked Thailand’s Largest Companies by Profit
The comparison covers companies listed on the Stock Exchange of Thailand and uses their reported 2025 consolidated results. Figures have been rounded to two decimal places and are shown in billions of Thai baht. Financial data were checked against company disclosures filed through the Stock Exchange of Thailand.
Profit is not the same as company size. This list therefore should not be read as a ranking by assets, revenue, workforce or market value. It is specifically a comparison of reported annual net profit.
Thailand’s 10 Largest Listed Companies by 2025 Profit
Energy and financial services dominate the top 10, although telecommunications and aviation also appear. The figures below reflect reported accounting profit, which makes the qualification attached to GULF particularly important.
| Rank | Company | SET Ticker | 2025 Net Profit |
|---|---|---|---|
| 1 | PTT Public Company Limited | PTT | THB 90.17 billion |
| 2 | Gulf Development Public Company Limited | GULF | THB 80.00 billion |
| 3 | PTT Exploration and Production Public Company Limited | PTTEP | THB 60.27 billion |
| 4 | Kasikornbank Public Company Limited | KBANK | THB 49.56 billion |
| 5 | Krung Thai Bank Public Company Limited | KTB | THB 48.23 billion |
| 6 | Advanced Info Service Public Company Limited | ADVANC | THB 47.89 billion |
| 7 | SCB X Public Company Limited | SCB | THB 47.49 billion |
| 8 | Bangkok Bank Public Company Limited | BBL | THB 46.01 billion |
| 9 | Bank of Ayudhya Public Company Limited | BAY | THB 31.74 billion |
| 10 | Thai Airways International Public Company Limited | THAI | THB 30.91 billion |
Energy and Infrastructure Take the Top Three
PTT remained at the top with approximately THB 90.17 billion in profit attributable to shareholders. The group sits across much of Thailand’s energy value chain, including natural gas, exploration and production, refining, petrochemicals, retail energy and related investments.
Gulf Development reported approximately THB 80.00 billion, putting it second on a straightforward accounting-profit comparison. That figure needs context. The company reported a THB 56.64 billion gain on bargain purchase arising mainly from its amalgamation with Intouch Holdings, while reported core profit from operating performance was substantially lower. GULF’s 2025 reporting period also began on 1 April following the registration of the amalgamated company, so its figure is not directly comparable with a conventional 12-month operating year.
PTT Exploration and Production, better known as PTTEP, ranked third with THB 60.27 billion. Its presence alongside PTT demonstrates the importance of upstream oil and gas earnings within Thailand’s listed corporate sector.
There is also an important methodological point. PTTEP is part of the wider PTT group, while remaining separately listed. PTT’s consolidated accounts therefore already reflect subsidiaries within its group structure, meaning the figures in this ranking should not simply be added together to estimate the combined profit of Thailand’s largest businesses. Readers interested in the broader operating landscape can also see our guide to investment hubs in Southeast Asia.
Banks Dominate the Middle of the Ranking
Commercial banking occupies five of the 10 positions, making financial services the most frequently represented sector on the list.
Kasikornbank ranked fourth at THB 49.56 billion, followed closely by Krung Thai Bank at THB 48.23 billion. SCB X, the holding company whose businesses include Siam Commercial Bank, reported THB 47.49 billion and ranked seventh.
Bangkok Bank followed with THB 46.01 billion. Bank of Ayudhya, commonly known under the Krungsri brand, ranked ninth at THB 31.74 billion. Krungsri said its 2025 result was supported partly by a one-time gain connected with the remeasurement of its investment in Tidlor Holdings, illustrating why headline profit should be read alongside the components that produced it.
The concentration of banks in the ranking also highlights a limitation of comparing companies purely through revenue. Bank income statements differ substantially from those of energy producers, retailers or manufacturers, making net profit a more practical common measure for this particular list. Businesses evaluating Thailand more broadly should consider these sector differences alongside the country’s role in Southeast Asian business expansion.
Telecommunications and Aviation Add Sector Diversity
Advanced Info Service, or AIS, ranked sixth with THB 47.89 billion in 2025 net profit. That puts a telecommunications company among a group otherwise heavily weighted towards energy and banking.
Thai Airways completed the top 10 with THB 30.91 billion. The result represented a substantial change from the previous year, when the airline reported a net loss. Thai Airways also exited its court-supervised rehabilitation process in 2025 and its shares resumed trading on the Stock Exchange of Thailand.
The airline’s return to the ranking demonstrates how quickly profit-based lists can change when businesses move through restructuring or unusually strong and weak earnings periods. It is one reason annual rankings are most useful when combined with several years of financial results rather than treated as permanent measures of corporate strength.
What the Ranking Does and Does Not Show
Thailand’s 2025 profit ranking shows the continuing importance of energy, banking and communications to the listed economy, but it does not identify the country’s fastest-growing or most valuable companies. Investors and business operators should also examine cash flow, debt, recurring operating earnings, return on capital, competitive position and the effect of one-off accounting items. For companies examining the industrial side of the economy, our guide to Southeast Asia manufacturing hubs provides a different perspective.
FAQ
These distinctions help explain what a ranking of Thailand’s largest companies by profit actually measures.
What Was Thailand’s Most Profitable Listed Company in 2025?
PTT Public Company Limited reported approximately THB 90.17 billion in consolidated profit attributable to shareholders for 2025, the highest figure among SET-listed companies in this comparison.
Why Was GULF’s 2025 Profit So High?
Gulf Development reported approximately THB 80.00 billion in net profit, but the result included a THB 56.64 billion bargain purchase gain associated mainly with the Intouch Holdings amalgamation. Its reported net profit therefore should not be interpreted as recurring operating earnings of the same amount.
Is This the Same as a Ranking of Thailand’s Largest Companies?
No. Companies can be ranked by revenue, assets, market capitalisation, employees or other measures. This list looks only at reported 2025 net profit among companies listed on the Stock Exchange of Thailand.
The 2025 figures show a Thai corporate earnings landscape led by major energy businesses and commercial banks, with AIS and Thai Airways providing notable exceptions. The ranking is most useful as a snapshot of reported profitability, particularly when unusual accounting gains and corporate restructurings are considered alongside the headline numbers.