Two of Thailand’s 10 largest export-oriented companies compete in the petroleum industry. A pair of Thai chemical firms also rank among the Asian country’s top 10 exporters as is the case for two telecommunications sector players.
To give some global trade perspective on recent company performance, the overall value of Thai exports increased by 9.8% from US$227.6 billion in 2014 to $249.8 billion during 2018. From 2017 to 2018, Thailand’s exported goods appreciated by 5.8%.
In the analysis below, we compare 10 of Thailand’s top exports-related companies based on asset values, sales and profitability as of December 2018. Also shown is an estimated number of employees for each conglomerate.
Thailand’s Top 10 Major Export Companies
Below are Thailand’s biggest export companies organized by asset value. Shown within parentheses is the primary industry in which each company operates. Also shown is the change in asset value as of December 2018 compared to 2017.
- Siam Commercial Bank (financial services): US$97.7 billion, up 6.1% from 2017
- PTT PCL (oil, gas): $68.5 billion, up 8.1%
- Siam Cement (specialized chemicals): $18.7 billion, up 24.1%
- Charoen Pokphand Foods (food processing): $18.2 billion, up 11.9%
- PTT Global Chemical (diversified chemicals): $14.3 billion, up 30.2%
- Thai Beverage (beverages): $12.6 billion, up 141.8%
- CP All (specialty stores): $11.1 billion, up 12.8%
- Advanced Info Service (telecommunications services): $8.7 billion, up 13%
- Thai Oil (oil, gas): $7 billion, up 14.9%
- Airports of Thailand (other transportation): $5.5 billion, up 14.1%
All 10 of Thailand’s leading multinationals grew their asset values from 2017 to December 2018, led by Thai Beverage’s 141.8% increase. PTT Global Chemical (up 30.2%) and Siam Cement (up 24.1%) also posted healthy asset gains.
Siam Commercial Bank (up 6.1%) and PTT PCL (up 8.1%) recorded the most modest asset growth percentages.
Sales is the life blood for most businesses, particularly for firms that compete in international trade. Siam Commercial Bank led with the strongest year-over-year sales increase, up by 38.8% from 2017 to December 2018. Close behind in second place was PTT Global Chemical thanks to its 37.5% expansion.
- PTT PCL: US$58.8 billion, up 20.7% from 2017
- Charoen Pokphand Foods: $14.8 billion, up 12.5%
- CP All: $13.9 billion, up 12.8%
- Siam Cement: $13.7 billion, up 14.2%
- PTT Global Chemical: $13.6 billion, up 37.5%
- Thai Oil: $9.9 billion, up 27.1%
- Siam Commercial Bank: $6.8 billion, up 38.8%
- Thai Beverage: $5.6 billion, up 6.1%
- Advanced Info Service: $4.6 billion, up 6.7%
- Airports of Thailand: $1.7 billion, up 15.6%
For the remaining 8 multinationals, sales improvements ranged from oil and gas firms Thai Oil (up 27.1%) and PTT PCL (up 20.7%) to single-digit improvements for Thai Beverage (up 6.1%) and telecom supplier Advanced Info Service (up 6.7%).
Nine of Thailand’s top exports-oriented companies expanded their profits as of December 2018.
- PTT PCL: US$3.9 billion, up 47.2% from 2017
- Siam Cement: $1.5 billion, down -5.7%
- Siam Commercial Bank: $1.3 billion, up 277.9%
- PTT Global Chemical: $1.2 billion, up 65.4%
- Advanced Info Service: $886 million, up 1.9%
- Thai Beverage: $874 million, up 15.5%
- Thai Oil: $733 million, up 21.9%
- Airports of Thailand: $645 million, up 13.6%
- CP All: $567 million, up 19.9%
- Charoen Pokphand Foods: $436 million, up 4.6%
Profit growth for Thailand’s major companies range from a 277.9% improvement for Siam Commercial Bank and a 65.4% gain for PTT Global Chemical down to more modest profit gains of 1.9% for telecom provider Advanced Info Service and 4.6% for Charoen Pokphand Foods (up 4.6%).
The sole profit decliner was Siam Cement thanks due to its -5.7% slowdown year over year.
All of the following Thai major companies are headquartered in Thailand’s capital city, Bangkok. Listed below are the number of employees for each business in 2017
- Advanced Info Service: 6,697 employees
- Airports of Thailand: 13,087 employees
- Charoen Pokphand Foods: 23,337 employees
- CP All: 39,047 employees
- PTT Global Chemical: 42,000 employees
- PTT PCL: 59,515 employees
- Siam Cement: 3,666 employees
- Siam Commercial Bank: 18,918 employees
- Thai Beverage: 22,000 employees
- Thai Oil: 794 employees
Note some of the above company offerings may include products other than the principal category shown within parenthesis under the Assets tab.
For example, PTT PCL operates a petroleum business. The company also produces natural gas, petrochemical products and coal.
Charoen Pokphand Foods specializes in livestock (chicken, ducks, pigs) and aquaculture (fish, shrimp). The company also produces animal feed, farm products, processed foods and ready-to-eat meals.
See also Thailand’s Top 10 Exports, Thailand’s Top Trading Partners and Thailand’s Top 10 Imports
Forbes Global 2000 individual company profiles, Example of top Thailand company compiled for this study: PTT PCL. Accessed on October 2, 2019
Forbes Global 2000 rankings for Thailand, The World’s Biggest Public Companies. Accessed on October 2, 2019
International Trade Centre, Trade Map. Accessed on October 2, 2019
TopForeignStocks.com, Forbes Global 2000 Companies List: Year 2017 Edition page 7. Accessed on October 2, 2019
Wikipedia, Category: Companies of Thailand. Accessed on October 2, 2019
Wikipedia, List of companies of Thailand. Accessed on October 2, 2019