TBSP Positions EMS Business as Its Primary Revenue Driver, Generating Over THB 201 Million in 9M/2026
TBSP, a regional leader in printing and security solutions, reported strong operating performance for the first nine months of 2026, with its Electronics Manufacturing Services (EMS) business emerging as its primary revenue driver, generating THB 201.4 million, or 56.6% of total revenue from sales and services. This contributed to total revenue of THB 355.7 million, representing a 156.7% year-on-year increase. Gross profit also turned positive at THB 43.6 million. Meanwhile, its plastic card business continued to record growth. The Company is moving forward with the development of its EMS business as a key New S-Curve, with the aim of becoming a Tech-Driven Manufacturing Platform and laying a strong foundation for sustainable long-term growth.
Mr. Wilert Orawanwong, Chief Executive Officer of TBSP Public Company Limited (TBSP), a leading manufacturer of plastic cards and high-security printing solutions for international markets, stated that in the third quarter of 2026, the Company recorded total revenue from sales and services of THB 113 million, an increase of 75.4% compared to the same period last year. As a result, total revenue for the first nine months of 2026 reached THB 355.7 million, representing a 156.7% year-on-year increase.
Gross profit improved to THB 43.6 million, compared to a gross loss of THB 14.4 million in the same period last year. This reflected revenue expansion and improved production cost management. Meanwhile, the Company reported a net loss of THB 25.7 million, a decrease of 97.7% from the net loss of THB 1,102 million recorded in the same period last year. This significant reduction in net loss was partly attributable to the absence of a large exceptional loss recorded in the previous year.
The key growth driver was the Electronics Manufacturing Services (EMS) business, which generated revenue of THB 201.4 million during the first nine months of 2026, accounting for 56.6% of total revenue. Its primary revenue contribution came from the manufacturing and assembly of audio products under leading global brands.
Meanwhile, the plastic card and personal data recording systems business continued to grow, generating revenue of THB 154.3 million, an increase of 11.4% compared to the same period last year. This growth was supported by project-based work from both government and private sector clients, reflecting the strength of the Company’s established business alongside the development of new, high-potential revenue streams.
“The operating results for the first nine months of 2026 demonstrate the progress of our business strategy, particularly our expansion into the EMS business, which has generated significant additional revenue and become one of the Company’s key growth drivers. We remain committed to building on our manufacturing technology expertise to transform TBSP into a Tech-Driven Manufacturing Platform. At the same time, we will continue expanding our customer base and strengthening business partnerships to unlock new growth opportunities and reinforce our revenue structure over the long term,” Mr. Wilert said.
In addition, the Company continues to strengthen its core plastic card and High Security Printing businesses while enhancing its manufacturing technology capabilities and continuously exploring new business opportunities. TBSP has also received certification under the Thai Private Sector Collective Action Against Corruption (CAC), reaffirming its commitment to conducting business in accordance with good corporate governance, transparency, and Environmental, Social and Governance (ESG) principles. These efforts aim to build confidence among shareholders, investors, and all stakeholders.
Regarding the business outlook for the final quarter of 2026, the Company expects its plastic card business to remain stable, with the potential for slight growth, supported by the year-end tourism high season, which is expected to stimulate demand for cards across the tourism, retail, and event industries.
The Company will continue to focus on effective management of raw material and transportation costs while further developing its EMS business to enhance competitiveness, diversify revenue streams, and drive stable and sustainable long-term growth.
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