Corporate News
TNL Reports Q2 2026 Net Profit Up 97.2% to THB 135 Million, with a 46.1% Net Profit Margin: Positive Momentum Driven by All Three Core Businesses
(From left to right: Mr. Nuntawat Surawatsatien, Chief Financial Officer, and Mr. Kittichai Treerachataphong, Chief Executive Officer)
Bangkok, 11 August 2026: Thanulux Public Company Limited ("TNL") reported its operating results for the second quarter of 2026, ended 30 June 2026, posting a net profit of THB 135 million, up 97.2% from the same period last year, with a net profit margin of 46.1%, up from 24.1% in the second quarter of 2025. For the first six months of 2026, net profit reached THB 250 million, an increase of 28.1%, with a net profit margin of 45.8%. The improved performance was driven by growth in the secured lending business (OXA) and the distressed-asset management business (OAM), together with a smaller share of losses from the real estate business (TNLA).
Mr. Kittichai Treerachataphong, Chief Executive Officer, said: "Our results for the second quarter and the first half of 2026 reflect positive progress across all three core businesses. OXA delivered revenue growth and managed its Stage 3 receivable accounts according to plan; OAM continued to expand its portfolio of secured corporate non-performing loans; and TNLA improved on the back of accelerated ownership transfers across its projects. The Company will continue to pursue growth with discipline, alongside prudent risk management and a strong financial position, to support quality growth in the period ahead."
Mr. Nuntawat Surawatsatien, Chief Financial Officer, added: "Although operating revenue in the first half declined slightly, net profit rose 28.1%, driven by an improved revenue mix and better asset-quality management, a smaller share of losses from joint ventures, the resolution of Stage 3 receivable accounts, and growth in the distressed-asset management portfolio. At the same time, the Company continues to prioritise asset selection, risk management and financial discipline, in order to balance returns, growth and financial stability."
In this quarter, TNL recorded operating revenue of THB 276 million, up 5.3% year-on-year, supported by the improved performance of the secured lending business through OXA and continued growth in the distressed-asset management business through OAM, while the real estate business through TNLA improved on a significant reduction in its share of losses from joint ventures. These developments show that the Company's portfolio management and strategy execution over the past period are now delivering a tangible impact on its earnings base.
Secured lending: Oxygen Asset (OXA) generated second-quarter revenue of THB 154 million, up 20.3% year-on-year, while total loans outstanding rose to THB 6,635 million from THB 6,196 million at the end of 2025. The business extended THB 875 million in new loans to new customers under a careful and disciplined credit framework, maintaining a loan-to-value (LTV) ratio of 47.4%. During the quarter, OXA also successfully resolved and closed two Stage 3 receivable accounts with combined outstanding principal of THB 510 million, resulting in a reversal of expected credit losses of THB 46 million and lowering the non-performing loan (NPL) ratio to 23.5% from 29.2% at the end of 2025.
Distressed-asset management: Oxygen Asset Management (OAM) posted revenue of THB 59 million, up 25.5% year-on-year, from the gradual recognition of income on non-performing loan portfolios acquired in earlier periods. During the quarter, OAM won three corporate NPL portfolios at auction, representing total debt of THB 930 million, bringing the total debt across its entire portfolio to THB 7,722 million from THB 6,784 million at the end of 2025. The newly acquired portfolios are secured by collateral comprising two land plots near the Eastern Economic Corridor (EEC), a commercial building in Bangkok, and a hotel in Bangkok, consistent with OAM's strategy of investing in secured assets offering returns commensurate with risk.
Residential real estate for sale: TNL Alliance (TNLA) recorded revenue of THB 62 million, while its share of losses from joint ventures narrowed to THB 3 million from THB 56 million in the second quarter of the prior year, supported by accelerated ownership transfers at the Nue Riverest Ratburana and Noble Create projects. The Nue Core Khu Khot Station project is fully sold and ownership transfers are expected to begin during this year, while construction of the Nue Coast Khu Khot Station project is expected to be completed in 2027, both of which should support the performance of the joint ventures and TNLA's share of results in the period ahead.
On the financial position, TNL repaid THB 504 million of bank loans in the first half of the year, lowering its interest-bearing debt-to-equity (IBD/E) ratio to 0.32 times from 0.37 times, while its interest coverage ratio (ICR) stood at 4.16 times, reflecting prudent capital-structure management and readiness to support return-focused growth alongside disciplined risk management.
Beyond the quarter's results, key developments in the first half of the year also included TNL receiving its first-ever corporate credit rating from TRIS Rating at "BBB-" with a "Stable" outlook (an investment-grade rating) and the approval of a dividend from 2025 results of THB 0.60 per share, totalling THB 183 million, an increase of 50% from the prior year. Both factors help strengthen the Company's capital-structure foundation and confidence in the quality of its earnings.
