Income Statement Thai Plaspac

Stocks

TPAC

TH0877010007

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. 17/09/2026			5-day change	1st Jan Change
9.850 ^THB	+1.55%		0.00%	+20.12%

08-07	Thai Plaspac Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-08	Thai Plaspac posts quarterly core net profit of 147 mln baht	RE

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Published financial data: THAI PLASPAC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	5.19B	7B	6.8B	7.21B	6.82B
Other Revenues, Total	58.57M	77.08M	89.23M	85.09M	69.43M
Total Revenues	5.25B	7.07B	6.89B	7.3B	6.89B
Cost of Goods Sold, Total	4.19B	5.84B	5.34B	5.59B	5.16B
Gross Profit	1.06B	1.23B	1.55B	1.71B	1.73B
Selling General & Admin Expenses, Total	523M	658M	732M	973M	924M
Other Operating Expenses, Total	523M	658M	732M	973M	924M
Operating Income	540M	576M	817M	733M	802M
Interest Expense, Total	-137M	-161M	-172M	-191M	-167M
Net Interest Expenses	-137M	-161M	-172M	-191M	-167M
Currency Exchange Gains (Loss)	-3.16M	21.87M	5.45M	-5.53M	-26.08M
Other Non Operating Income (Expenses)	-	-	-358	-218	397
EBT, Excl. Unusual Items	400M	437M	651M	537M	609M
Merger & Related Restructuring Charges	-12.5M	-11M	-	-	-
Impairment of Goodwill	-	-	-	-	-
EBT, Incl. Unusual Items	387M	426M	651M	537M	609M
Income Tax Expense	212M	75.22M	109M	67.97M	104M
Earnings From Continuing Operations	175M	350M	542M	469M	504M
Net Income to Company	175M	350M	542M	469M	504M
Minority Interest	-22.43M	-31.49M	-51.77M	-55.11M	-27.21M
Net Income - (IS)	153M	319M	490M	414M	477M
Net Income to Common Incl Extra Items	153M	319M	490M	414M	477M
Net Income to Common Excl. Extra Items	153M	319M	490M	414M	477M
Per Share Items
Net EPS - Basic	0.47	0.98	1.5	1.27	1.46
Basic EPS - Continuing Operations	0.47	0.98	1.5	1.27	1.46
Basic Weighted Average Shares Outstanding	327M	327M	327M	327M	327M
Net EPS - Diluted	0.47	0.98	1.5	1.27	1.46
Diluted EPS - Continuing Operations	0.47	0.98	1.5	1.27	1.46
Diluted Weighted Average Shares Outstanding	327M	327M	327M	327M	327M
Normalized Basic EPS	0.7	0.74	1.09	0.86	1.08
Normalized Diluted EPS	0.7	0.74	1.09	0.86	1.08
Dividend Per Share	0.14	0.29	0.45	0.38	0.44
Payout Ratio	66.64	18.63	35.96	38.19	26.01
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	950M	1.04B	1.29B	1.25B	1.3B
EBITA	598M	654M	895M	811M	875M
EBIT	540M	576M	817M	733M	802M
EBITDAR	968M	1.06B	1.31B	1.27B	1.33B
Total Revenues (As Reported)	5.25B	7.1B	6.9B	7.3B	6.89B
Effective Tax Rate - (Ratio)	54.68	17.68	16.73	12.65	17.16
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	62.02M	82.74M	113M	94.94M	114M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	150M	-7.53M	-4.44M	-26.98M	-9.99M
Normalized Net Income	227M	241M	355M	281M	353M
Interest on Long-Term Debt	9.14M	10.93M	14.45M	15.01M	16.52M
Non-Cash Pension Expense	1.26M	1.07M	3.04M	2.71M	9.73M
Supplemental Operating Expense Items
Selling and Marketing Expenses	169M	223M	266M	352M	348M
General and Administrative Expenses	354M	435M	466M	620M	576M
Net Rental Expense, Total	17.84M	18.89M	20.36M	22.17M	24.87M
Imputed Operating Lease Interest Expense	7.52M	7.53M	8.77M	10.33M	10.19M
Imputed Operating Lease Depreciation	10.32M	11.35M	11.59M	11.84M	14.69M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	394M	287M	183M	291M	293M
Short Term Investments	2.42M	13.3M	288K	10.98M	7.62M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	396M	300M	183M	302M	301M
Accounts Receivable, Total	1.21B	1.32B	1.35B	1.37B	1.32B
Other Receivables	27.94M	53.42M	77.88M	101M	58.64M
Total Receivables	1.24B	1.37B	1.43B	1.48B	1.38B
Inventory	593M	588M	616M	667M	742M
Prepaid Expenses	12.22M	19.95M	43.9M	25.61M	46.87M
Other Current Assets, Total	70.29M	80.35M	63.99M	54.18M	59.09M
Total Current Assets	2.31B	2.36B	2.34B	2.52B	2.53B
Gross Property Plant And Equipment	4.19B	4.6B	4.98B	5.14B	5.35B
Accumulated Depreciation	-1.86B	-2.08B	-2.21B	-2.27B	-2.55B
Net Property Plant And Equipment	2.33B	2.52B	2.78B	2.87B	2.81B
Long-term Investments	351K	2.79M	2.75M	20.72K	47.87K
Goodwill	1.64B	1.68B	1.62B	1.6B	1.49B
Other Intangibles, Total	619M	614M	520M	439M	348M
Deferred Tax Assets Long-Term	10.3M	9.27M	9.97M	18.3M	15.36M
Other Long-Term Assets, Total	217M	221M	216M	157M	142M
Total Assets	7.13B	7.4B	7.48B	7.61B	7.33B
Liabilities
Accounts Payable, Total	353M	355M	322M	331M	294M
Accrued Expenses, Total	76.82M	103M	114M	139M	155M
Short-term Borrowings	751M	992M	1.06B	1.22B	1.4B
Current Portion of Long-Term Debt	257M	373M	381M	551M	525M
Current Portion of Leases	13.8M	11.75M	18.79M	22.19M	18.47M
Current Income Taxes Payable	23.59M	26.94M	33.6M	22.4M	34.76M
Unearned Revenue Current, Total	53.09M	30.94M	48.23M	39.5M	69.79M
Other Current Liabilities	235M	169M	228M	136M	142M
Total Current Liabilities	1.76B	2.06B	2.21B	2.46B	2.64B
Long-Term Debt	1.98B	1.72B	1.46B	1.45B	886M
Long-Term Leases	175M	174M	192M	186M	271M
Pension & Other Post Retirement Benefits	79.56M	73.54M	79.8M	90.62M	98.58M
Deferred Tax Liability Non Current	356M	363M	332M	306M	264M
Other Non Current Liabilities	290M	430M	455M	181M	165M
Total Liabilities	4.64B	4.83B	4.72B	4.68B	4.32B
Common Stock, Total	327M	327M	327M	327M	327M
Additional Paid In Capital	1.03B	1.03B	1.03B	1.03B	1.03B
Retained Earnings	714M	947M	1.27B	1.82B	2.16B
Comprehensive Income and Other	66.2M	-90.92M	-185M	-339M	-609M
Total Common Equity	2.13B	2.21B	2.44B	2.83B	2.9B
Minority Interest	350M	367M	323M	95.58M	104M
Total Equity	2.48B	2.58B	2.76B	2.93B	3.01B
Total Liabilities And Equity	7.13B	7.4B	7.48B	7.61B	7.33B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	327M	327M	327M	327M	327M
ECS Total Common Shares Outstanding	327M	327M	327M	327M	327M
Book Value / Share	6.53	6.77	7.47	8.68	8.89
Tangible Book Value	-125M	-84.25M	300M	798M	1.06B
Tangible Book Value Per Share	-0.38	-0.26	0.92	2.45	3.26
Total Debt	3.18B	3.28B	3.11B	3.43B	3.1B
Net Debt	2.78B	2.98B	2.93B	3.13B	2.8B
Debt Equivalent of Unfunded Proj. Benefit Obligation	79.56M	73.54M	79.8M	90.62M	98.58M
Debt Equivalent Oper. Leases	143M	151M	163M	177M	199M
Minority Interest, Total (Incl. Fin. Div)	350M	367M	323M	95.58M	104M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	279M	293M	331M	356M	372M
Inventories - Work In Process, Total	30.12M	21.07M	19.45M	18.75M	20.54M
Inventories - Finished Goods, Total	271M	226M	252M	287M	290M
Inventories - Others	7.53M	8.7M	8.68M	12.61M	12.19M
Land - (BS)	348M	352M	344M	340M	323M
Buildings, Total	569M	641M	711M	725M	748M
Machinery, Total	2.97B	3.26B	3.6B	3.73B	3.84B
Accumulated Allowance for Doubtful Accounts (Supple)	8.3M	16.9M	21.61M	46.9M	38.31M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	153M	319M	490M	414M	477M
Depreciation & Amortization - CF	369M	402M	416M	465M	456M
Amortization of Goodwill and Intangible Assets - (CF)	57.95M	78.5M	77.18M	77.84M	72.8M
Depreciation & Amortization, Total	426M	481M	493M	543M	529M
Amortization of Deferred Charges, Total - (CF)	16.61M	7.62M	3.85M	3.5M	3.58M
(Gain) Loss From Sale Of Asset	-225K	-5.97M	-997K	-3.53M	-193K
Asset Writedown & Restructuring Costs	-	-	-	-	-
Provision and Write-off of Bad Debts	-920K	9.27M	4.93M	27.28M	-4.44M
Other Operating Activities, Total	346M	205M	244M	270M	255M
Change In Accounts Receivable	-289M	-60.38M	-62.72M	-70.77M	103M
Change In Inventories	-37.86M	58M	-62.97M	-66.83M	-19.13M
Change In Accounts Payable	111M	16.14M	-11.02M	24.44M	-25.34M
Change in Other Net Operating Assets	-1.3M	-143M	1.01M	2.42M	-84.89M
Cash from Operations	724M	886M	1.1B	1.14B	1.23B
Capital Expenditure	-337M	-473M	-637M	-573M	-429M
Sale of Property, Plant, and Equipment	68.87M	17.14M	4.35M	11.12M	1.25M
Cash Acquisitions	-893M	-408M	-15.79M	-423M	-
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-984K	-1.81M	-105K	-856K	-6.23M
Investment in Marketable and Equity Securities, Total	-18.81K	-13.49M	12.86M	-8.07M	2.04M
Other Investing Activities, Total	6.21M	3.75M	4.5M	9.78M	5.49M
Cash from Investing	-1.16B	-876M	-632M	-984M	-426M
Short Term Debt Issued, Total	210M	241M	70.44M	165M	192M
Long-Term Debt Issued, Total	1.37B	502M	210M	605M	13.8M
Total Debt Issued	1.58B	744M	280M	770M	206M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-832M	-584M	-492M	-449M	-584M
Total Debt Repaid	-832M	-584M	-492M	-449M	-584M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-102M	-59.4M	-176M	-158M	-124M
Common & Preferred Stock Dividends Paid	-102M	-59.4M	-176M	-158M	-124M
Other Financing Activities, Total	-147M	-139M	-144M	-180M	-151M
Cash from Financing	502M	-38.58M	-532M	-16.69M	-654M
Foreign Exchange Rate Adjustments	129M	-78.15M	-39.08M	-33.88M	-152M
Net Change in Cash	198M	-107M	-104M	108M	1.88M
Supplemental Items
Cash Interest Paid	145M	139M	143M	175M	138M
Cash Income Tax Paid (Refund)	52.57M	78.72M	106M	104M	117M
Levered Free Cash Flow	139M	70.41M	230M	166M	519M
Unlevered Free Cash Flow	210M	165M	335M	284M	622M
Change In Net Working Capital	217M	202M	33.07M	145M	-24.85M
Net Debt Issued / Repaid	751M	160M	-212M	321M	-378M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	5.69	4.95	6.86	6.07	6.71
Return on Total Capital	6.88	6.25	8.71	7.49	8.04
Return On Equity %	7.62	13.85	20.3	16.49	16.99
Return on Common Equity	7.29	14.68	21.09	15.7	16.63
Margin Analysis
Gross Profit Margin %	20.23	17.44	22.48	23.37	25.05
SG&A Margin	9.96	9.3	10.63	13.32	13.41
EBITDA Margin %	18.09	14.67	18.69	17.14	18.91
EBITA Margin %	11.38	9.24	12.98	11.11	12.7
EBIT Margin %	10.28	8.14	11.86	10.05	11.64
Income From Continuing Operations Margin %	3.34	4.95	7.86	6.43	7.32
Net Income Margin %	2.91	4.51	7.11	5.67	6.92
Net Avail. For Common Margin %	2.91	4.51	7.11	5.67	6.92
Normalized Net Income Margin	4.33	3.41	5.15	3.84	5.13
Levered Free Cash Flow Margin	2.64	1	3.33	2.28	7.54
Unlevered Free Cash Flow Margin	3.99	2.33	4.86	3.89	9.02
Asset Turnover
Asset Turnover	0.89	0.97	0.93	0.97	0.92
Fixed Assets Turnover	2.7	2.92	2.6	2.58	2.43
Receivables Turnover (Average Receivables)	5.26	5.53	5.09	5.29	5.07
Inventory Turnover (Average Inventory)	8.24	9.89	8.88	8.72	7.33
Short Term Liquidity
Current Ratio	1.31	1.15	1.06	1.03	0.96
Quick Ratio	0.93	0.81	0.73	0.72	0.64
Operating Cash Flow to Current Liabilities	0.41	0.43	0.5	0.46	0.47
Days Sales Outstanding (Average Receivables)	69.34	65.99	71.66	69.17	72.06
Days Outstanding Inventory (Average Inventory)	44.31	36.92	41.12	41.97	49.77
Average Days Payable Outstanding	23.21	22.13	23.01	21.16	21.75
Cash Conversion Cycle (Average Days)	90.44	80.77	89.78	89.99	100.08
Long Term Solvency
Total Debt/Equity	127.91	127.13	112.55	117.22	103.09
Total Debt / Total Capital	56.12	55.97	52.95	53.96	50.76
LT Debt/Equity	86.78	73.68	59.67	55.98	38.51
Long-Term Debt / Total Capital	38.08	32.44	28.07	25.77	18.96
Total Liabilities / Total Assets	65.15	65.2	63.09	61.5	58.98
EBIT / Interest Expense	3.94	3.58	4.75	3.85	4.8
EBITDA / Interest Expense	7.05	6.57	7.62	6.69	7.96
(EBITDA - Capex) / Interest Expense	4.59	3.62	3.91	3.69	5.4
Total Debt / EBITDA	3.29	3.1	2.37	2.69	2.33
Net Debt / EBITDA	2.88	2.82	2.23	2.45	2.1
Total Debt / (EBITDA - Capex)	5.05	5.62	4.62	4.89	3.43
Net Debt / (EBITDA - Capex)	4.42	5.1	4.35	4.46	3.1
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.22	34.68	-2.56	5.88	-5.59
Gross Profit, 1 Yr. Growth %	5.42	16.07	25.64	10.07	1.18
EBITDA, 1 Yr. Growth %	12.45	10.65	25.47	-2.92	4.16
EBITA, 1 Yr. Growth %	3.85	11.74	39.11	-9.32	7.85
EBIT, 1 Yr. Growth %	0.85	9.14	44.78	-10.28	9.37
Earnings From Cont. Operations, 1 Yr. Growth %	-50.36	99.76	54.71	-13.43	7.47
Net Income, 1 Yr. Growth %	-52.5	108.48	53.75	-15.53	15.2
Normalized Net Income, 1 Yr. Growth %	-5.82	9.98	51.4	-20.96	25.88
Diluted EPS Before Extra, 1 Yr. Growth %	-52.5	108.48	53.75	-15.53	15.2
Accounts Receivable, 1 Yr. Growth %	58.76	8.97	2.5	1.62	-4.02
Inventory, 1 Yr. Growth %	40.03	-0.93	4.77	8.26	11.2
Net Property, Plant and Equip., 1 Yr. Growth %	49.12	8.01	10.43	3.47	-2.37
Total Assets, 1 Yr. Growth %	50.88	3.89	1.08	1.67	-3.7
Tangible Book Value, 1 Yr. Growth %	-117.75	-32.81	-455.99	166.22	33.26
Common Equity, 1 Yr. Growth %	3.48	3.59	10.39	16.17	2.41
Cash From Operations, 1 Yr. Growth %	-4.97	22.35	24.04	3.99	7.98
Capital Expenditures, 1 Yr. Growth %	7.81	40.23	34.72	-10.1	-25.19
Levered Free Cash Flow, 1 Yr. Growth %	-33.58	-46.3	261.43	-27.6	212.36
Unlevered Free Cash Flow, 1 Yr. Growth %	-21.28	-18.16	111.72	-15.35	119.21
Dividend Per Share, 1 Yr. Growth %	-51.71	107.8	53.58	-15.56	15.26
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.6	32.44	14.56	1.58	-0.02
Gross Profit, 2 Yr. CAGR %	23.08	10.62	20.76	17.6	5.53
EBITDA, 2 Yr. CAGR %	28.18	10.81	17.2	10.37	0.56
EBITA, 2 Yr. CAGR %	35.37	6.59	23.63	12.31	-1.11
EBIT, 2 Yr. CAGR %	36.18	3.69	24.5	13.97	-0.94
Earnings From Cont. Operations, 2 Yr. CAGR %	3.71	-0.42	75.8	15.73	-3.55
Net Income, 2 Yr. CAGR %	4.95	-0.49	79.03	13.96	-1.36
Normalized Net Income, 2 Yr. CAGR %	77.24	0.01	27.19	9.4	-0.25
Diluted EPS Before Extra, 2 Yr. CAGR %	-6.24	-0.49	79.03	13.96	-1.36
Accounts Receivable, 2 Yr. CAGR %	26.83	31.53	5.69	2.06	-1.24
Inventory, 2 Yr. CAGR %	28	17.78	1.88	6.5	9.72
Net Property, Plant and Equip., 2 Yr. CAGR %	25.43	26.91	9.21	6.89	0.51
Total Assets, 2 Yr. CAGR %	27.46	25.2	2.48	1.37	-1.05
Tangible Book Value, 2 Yr. CAGR %	-39.06	-65.46	54.65	207.85	88.36
Common Equity, 2 Yr. CAGR %	10.59	3.53	6.93	13.24	9.07
Cash From Operations, 2 Yr. CAGR %	16.09	7.83	23.19	13.57	5.97
Capital Expenditures, 2 Yr. CAGR %	22.52	22.96	37.45	10.05	-17.99
Levered Free Cash Flow, 2 Yr. CAGR %	8.5	-41.98	32.35	61.76	50.38
Unlevered Free Cash Flow, 2 Yr. CAGR %	4.19	-21.25	28.87	33.88	36.23
Dividend Per Share, 2 Yr. CAGR %	6.21	0.17	78.65	13.88	-1.34
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	27.34	23.04	19.56	11.59	-0.87
Gross Profit, 3 Yr. CAGR %	40.4	20.7	15.41	17.09	11.85
EBITDA, 3 Yr. CAGR %	58.18	21.51	15.09	10.07	8.26
EBITA, 3 Yr. CAGR %	112.2	26.09	15.83	11.49	10.81
EBIT, 3 Yr. CAGR %	119.33	25.51	15.15	11.62	12.42
Earnings From Cont. Operations, 3 Yr. CAGR %	97.77	29.04	15.33	38.82	12.91
Net Income, 3 Yr. CAGR %	69.37	31.93	15.04	39.38	14.37
Normalized Net Income, 3 Yr. CAGR %	270.96	49.42	13.74	8.54	14.64
Diluted EPS Before Extra, 3 Yr. CAGR %	55.73	22.37	15.04	39.38	14.37
Accounts Receivable, 3 Yr. CAGR %	15.98	20.57	21.04	4.31	-0.01
Inventory, 3 Yr. CAGR %	22.39	17.52	13.27	3.96	8.04
Net Property, Plant and Equip., 3 Yr. CAGR %	16.3	19.33	21.16	7.26	3.71
Total Assets, 3 Yr. CAGR %	19.37	19.06	16.58	2.21	-0.35
Tangible Book Value, 3 Yr. CAGR %	-25.76	-37.04	-24.84	85.35	132.88
Common Equity, 3 Yr. CAGR %	27.36	8.2	5.77	9.93	9.51
Cash From Operations, 3 Yr. CAGR %	18.64	18.14	12.98	16.43	11.68
Capital Expenditures, 3 Yr. CAGR %	-	28.16	26.76	19.31	-3.23
Levered Free Cash Flow, 3 Yr. CAGR %	-20.57	-15.81	3.16	8.24	101.44
Unlevered Free Cash Flow, 3 Yr. CAGR %	-4.84	-5.08	7.96	12.02	57.8
Dividend Per Share, 3 Yr. CAGR %	-	32.84	15.51	39.16	14.34
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	27.92	34.67	22.07	13.96	11.31
Gross Profit, 5 Yr. CAGR %	31.8	33.66	32.19	19.45	11.35
EBITDA, 5 Yr. CAGR %	29.99	31.87	39.93	16.68	9.04
EBITA, 5 Yr. CAGR %	36.17	38.46	70.24	19.98	8.73
EBIT, 5 Yr. CAGR %	33.42	34.96	74.06	20.3	8.42
Earnings From Cont. Operations, 5 Yr. CAGR %	10.82	26.67	88.67	23.54	7.37
Net Income, 5 Yr. CAGR %	7.83	24.31	73.17	24.43	8.18
Normalized Net Income, 5 Yr. CAGR %	23.54	25.12	140.07	31.14	7.92
Diluted EPS Before Extra, 5 Yr. CAGR %	1.72	18.2	64.66	18.94	8.18
Accounts Receivable, 5 Yr. CAGR %	25.24	26.26	11.75	12.8	11.58
Inventory, 5 Yr. CAGR %	39.31	38.74	13.73	12.98	11.84
Net Property, Plant and Equip., 5 Yr. CAGR %	32.53	35.68	13.41	14.19	12.44
Total Assets, 5 Yr. CAGR %	41.38	42.2	12.3	11.65	9.18
Tangible Book Value, 5 Yr. CAGR %	-34.06	-39.74	-0.43	18.78	8.54
Common Equity, 5 Yr. CAGR %	16.12	15.73	18.76	10.19	7.08
Cash From Operations, 5 Yr. CAGR %	46.43	28.12	20.44	16.29	10.12
Capital Expenditures, 5 Yr. CAGR %	19.83	52.91	-	20.59	6.5
Levered Free Cash Flow, 5 Yr. CAGR %	19.98	-14.12	-3.7	7.1	19.95
Unlevered Free Cash Flow, 5 Yr. CAGR %	30.84	1.81	6.62	8	18.49
Dividend Per Share, 5 Yr. CAGR %	-7.66	17.65	-	24.9	8.45