Mitihoon – Thai Wah Public Company Limited (TWPC) closed FY2025 with a landmark turnaround. Net profit surged 318% to THB 156 million from a net loss of THB 71 million in the prior year, operating profit (EBIT) soared 965%, and total volume grew 7%. Gross profit margin expanded from 15% to 21%, a 630 basis point improvement driven by cost discipline, premiumization, and portfolio diversification.
The Board of Directors has approved a cash dividend of THB 0.114 per share, reflecting strong confidence in the Company’s financial position and cash flow generation.
TWPC’s competitive advantage lies in its Multicore business platform, three complementary and regionally diversified pillars that de-risk earnings and unlock simultaneous growth engines. The Food Business, contributing 28% of total revenue, is the consumer-facing growth engine with revenue growing 8% to THB 2,558 billion, driven by rapid scaling of Ready-to-Eat and Ready-to-Cook product lines at significantly higher margins than traditional formats. The HVA or Specialty Business is TWPC’s high growing segment, with volume growing 2% while margins improved 720 basis points year-on-year through ingredients formulations for bakery, dairy, and snack applications across APAC, with a clear runway into European and Middle East markets in 2026. The Native Starch Business anchors the portfolio with stable, improving returns and the earnings resilience that funds investment in higher-growth segments.
Premiumization is delivering and accelerating. Premium product volume driving a 630 basis point gross margin expansion as TWPC systematically shifted mix toward higher-value, lower-volatility products. With Food and HVA targeted to contribute over 80% of total profit by 2030, the earnings transformation is well underway and compounding.
TWPC’s margin improvement is structural, not cyclical. A solid 15% decline in cost of goods sold has created operating leverage that drives margin expansion with every volume and premium mix gain. Geographic diversification across CLMV, Thailand, and key APAC markets caps limiting single-market exposure. HVA’s specialty pricing power operates independently of commodity benchmarks. The result is a business growing more profitable, and resilient every year.
The Board approved a cash dividend of THB 0.114 per share for the period 1 January to 31 December 2025, with ex-dividend date 29 April 2026 and payment on 20 May 2026. TWPC enters 2026 with a strengthened balance sheet.
Mr. Ho Ren Hua, Chief Executive Officer, stated “FY2025 is proof that our Multicore business model works. We expanded gross margin by 630 basis points and delivered a 965% surge in operating profit by making disciplined choices about where and how we compete. In 2026, we will accelerate HVA into new APAC and European markets, scale our premium Food portfolio globally, and continue building the global food company.”
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