AMATA accounts: half a year's profit nearly matches last year, thanks to lumpy land transfers
Amata earned THB 2,962 million in the first half of 2026, 94% of its full-year 2025 profit, after large land transfers. Revenue like this makes quarterly profit swing, so it always needs reading alongside the backlog of land sold but not yet transferred.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 31.75 | 7.1 | 1.40 | 21.5% | 30% | 3.49% | 87% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What Amata does
Amata Corporation PCL develops industrial estates in Thailand and abroad, mainly in Chonburi and Rayong, with projects in Vietnam and Laos. Group companies supply utilities on the estates, such as water, electricity and natural gas.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 8,138 | 2,341 | 47.9% | 3,057 | 1,581 | 0.6 | 29% |
| 2023 | 9,785 | 1,885 | 39.0% | 8,609 | -185 | 0.65 | 40% |
| 2024 | 14,987 | 2,467 | 33.7% | 10,167 | 2,216 | 0.8 | 37% |
| 2025 | 14,524 | 3,149 | 44.6% | 8,735 | -367 | 1.1 | 40% |
| H1 2026 | 8,064 | 2,962 | 49.3% | 2,571 | -1,728 | 0.6 | 23% |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Land revenue is booked on transfer
Revenue comes in two forms: land sales, booked when ownership transfers, and recurring utility and rental income. In a year of large transfers revenue jumps: 2024 revenue of THB 14,987 million was up 53% on 2023.
Gross margin depends on the price and location of the land transferred in the period, from 33.7% in 2024 to 49.3% in the first half of 2026. Quarterly profit is easy to misread; use 12-month totals and the backlog instead.
At the end of Q2 2026 the backlog was about THB 18,500 million, and first-half land sales were 378 rai against a full-year target of 2,800 rai.
Strong operating cash, steady investment
From 2023 to 2025 operating cash flow was several times net profit (4.57, 4.12 and 2.77 times), but net investing cash flow was nearly as large. The notes show which projects or companies the money went into.
In the first half of 2026 operating cash flow of THB 2,571 million was below net profit of THB 2,962 million. Land sale proceeds may arrive at contract or after transfer, so check receivables and advances from customers.
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Over 2022–2025 cash after investing of THB 3,245 million was close to dividends of about THB 3,623 million. The payout from 2025 results was 40%, and D/E 1.29x.
Latest results and news
- 27 July 2026 · Q2 2026 land sales of 271 rai (254 in Thailand, 17 in Vietnam), 378 rai for the first half, and a backlog of about THB 18,500 million. The 2026 land sales target is 2,800 rai (Thailand 1,650, Laos 600, Vietnam 550). กรุงเทพธุรกิจ
Figures to watch next
- The backlog and when it is due to transfer over the next two or three quarters.
- Cumulative land sales against the full-year target.
- Recurring utility income, which does not swing with land transfers.
- D/E and investment in overseas projects.
Questions
Why is AMATA's half-year profit almost a full year's worth?
Land revenue is booked on transfer, and the first half of 2026 had large transfers. Later quarters may be lower if fewer transfers fall due; the backlog shows what is still to come.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.