88 Thailand Public Company Limited, or 88TH, reported first-half 2026 net profit fell 30.51% to 35.06 million baht, even as revenue from sales and services rose 3.14% to 316.42 million baht. Net profit margin declined from 16.44% to 11.08%. The main reason was selling and distribution expenses rising 20.45% to 132.75 million baht, especially marketing expenses up 13.93% to 97.31 million baht and online platform service fees up 95.92% to 20.65 million baht, to support the launch of new products LYO My Color, LYO Hair Oil and LYO Silver. In the second quarter, these new products generated combined revenue of only 11.09 million baht. Meanwhile, core hair and scalp care products, which accounted for 83.51% of total revenue, fell 4.84% to 264.23 million baht, with LYO Herbal down 34.31% and LYO Hair Color down 8.19%. The original equipment manufacturing, or OEM, business grew more than 950% to 29.72 million baht, representing 9.39% of total revenue. Management expects new products to begin contributing revenue fully from the third quarter of 2026, but investors need to watch whether net profit margin will recover and how heavily growth still depends on advertising spending.
88(Thailand) Public Company LimitedFirst-half net profit fell 30.51% despite revenue growth, with margin decline and rising marketing costs.
