KCE Electronics’ Profit Jumps 62.95% to 484.6 Million Baht in Third Quarter

Key Facts

KCE Electronics reported net profit of 484.6 million baht in the third quarter of 2026, up 62.95% from 297.4 million baht in the same period a year earlier, according to Kaohoon International. Earnings per share rose to 0.41 baht from 0.25 baht. Consolidated revenue also increased 14.13% year on year to 4,017.3 million baht, compared with 3,519.9 million baht. The company manufactures and distributes printed circuit boards, according to its description of its core business.

Gross profit margin rose to 22.3% from 21.4% in the third quarter of 2025, the report said. It attributed the improvement to higher selling prices, noting that copper was among the raw materials that prompted price adjustments. The margin increase therefore accompanied revenue growth despite a decline in total shipments. The report did not attribute the overall shipment decline to any single cause. It said lower shipments of specialized HDI products were linked to customers transitioning between designs, while supply constraints and flooding affected production and deliveries.

Operating profit, excluding foreign exchange effects, rose 51.85% year on year to 443.1 million baht, according to Kaohoon International. The report said cost controls and lower administrative expenses following workforce adjustments helped support the operating result. These factors complemented the effect of higher selling prices, which lifted gross margin. Meanwhile, shortages of fiberglass and prepreg materials constrained capacity utilization. Flooding at the Lat Krabang factory in late September also delayed deliveries, the report said.

Capacity utilization stood at 61% in the third quarter, as shortages of fiberglass and prepreg materials and flooding at the Lat Krabang factory constrained production, the report said. These constraints also contributed to the postponement of some deliveries, while shipments of specialized HDI products fell as customers moved to other designs. The backlog reached $11 million at the end of the quarter. Completing the delayed deliveries is expected to support revenue in the following period, according to management forecasts cited in the report. Securing raw materials remains an operational issue to monitor for the company.

DBS Vickers said in a report dated August 14 that management had then expected third-quarter printed circuit board shipment volume to rise by about 8–9% from the previous quarter, with revenue growth of about 17–19% on the same basis. The report also cited management’s plan to raise average selling prices by about 9–10% from October. It expected fourth-quarter shipment volumes, despite the seasonally weaker period, to remain broadly close to third-quarter levels. DBS Vickers’ preliminary outlook for 2027 included growth of about 10% in board volumes and nearly 10% in average selling prices, implying expected revenue growth of about 20%.