Chememan Public Company Limited (SET:CMAN) is the largest producer and seller of lime and lime derivative chemical products in the Asia-Pacific under the “CHEMEMAN” trademark. The products are used as raw materials or components in various industrial manufacturing processes.
CMAN owns high-quality chemical limestone mines in Thailand and Vietnam, along with lime production plants equipped with advanced technology and innovation in Thailand, Vietnam, and India. With a production capacity of over 1.2 million tons per year and is ranked among the world’s top 10 producers supplies customers in more than 30 countries worldwide. The Company also operates a super distribution center in Australia.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 3,770.95 | 3,926.10 | 3,573.65 | 3,876.28 |
| Expenses | 3,197.91 | 3,316.16 | 3,189.24 | 3,530.52 |
| Net Profit (Loss) | 361.38 | 251.63 | 136.09 | 151.80 |
| Assets | 6,040.73 | 6,472.37 | 6,394.53 | 6,767.90 |
| Liabilities | 3,310.33 | 3,925.19 | 3,974.88 | 4,415.63 |
| Shareholders' Equity | 2,691.43 | 2,507.98 | 2,366.11 | 2,274.59 |
| Operating | 833.96 | 808.54 | 733.68 | 617.60 |
| Investing | -293.70 | -257.82 | -113.57 | -255.52 |
| Financing | -882.33 | -387.73 | -622.49 | -451.73 |
| EPS (Baht) | 0.38 | 0.26 | 0.14 | 0.16 |
| GP Margin (%) | 36.56 | 37.00 | 31.83 | 28.98 |
| NP Margin (%) | 9.58 | 6.06 | 3.15 | 3.31 |
| D/E Ratio (x) | 1.21 | 1.54 | 1.64 | 1.88 |
| ROE (%) | 13.90 | 10.33 | 5.87 | 6.80 |
| ROA (%) | 8.46 | 7.72 | 5.82 | 4.86 |
CMAN aims to achieve continuous growth and become a global top five lime producer through the following strategies:
1.Increase Sales & Market Share: Expand the customer base in key countries and expand full-scale production at the Ha Long mine (Hoanh Bo quarry)
2.Targeted Expansion: Study and Further Develop High-Value Products: Advance value-added chemicals such as Hi-Bet and biotechnology solutions and pursue lime investment opportunities in India and Indonesia.
3.Financial Management: Reduce financing costs and secure local funding in operating countries to lower FX risk and target dividend payout at 45-50% of net profit.
4.Ensure Long-term Sustainability: Expand EV truck fleet and increase group solar power capacity.
CMAN is committed to governance and sustainability, offering environmentally friendly products and solutions through advanced technology and proactive environmental management. The Company has completed the construction of an additional 2 MW solar power capacity at the Kangkoi Plant, with commercial operations scheduled by 2026. CMAN aims to convert over 65 percent of its truck fleet to electric vehicles and is piloting biomass fuel to support long-term environmental goals.
CMAN is also restructuring and strengthening its organization to adopt modern technologies and develop young talent to become an organization of the future while continuing community initiatives including scholarships, skills training, and livelihood development to promote sustainable growth.
Strength and Stability in the Face of the Global Economic Slowdown: CMAN maintained solid performance through a stronger business structure, a diversified customer base, strict cost control, and effective decision-making in response to rapid market changes.
Net Profit: Net profit attributable to shareholders was THB 361 million (net profit margin of 9.9%). Tax expense amounted to THB 47 million, a 46.5% decrease compared to 2024, resulting from improved tax management efficiency.
Impact of Thai Baht Appreciation: The average USD/THB exchange rate saw the US Dollar appreciate by 7.1% to 31.6 in 2025, resulting in a decrease in export revenue in Baht terms. Nevertheless, lime sales volume grew by 2.6% compared to 2024, reflecting effective sales strategies.
Financial Strength & Risk Mitigation: Ha Long QN Lime (“HLL”) refinanced a significant portion of its shareholder loans with loans from Vietnamese financial institutions in September 2025. This helped reduce volatility from unrealized foreign exchange gains or losses and strengthened the Group’s financial stability.
For 2025, CMAN recorded THB 3,661M in revenue from sales and services (-4.3% YoY). The decline resulted from lower average selling prices due to higher competition and Thai Baht's appreciation against the USD.
Gross profit margin slightly decreased from 37.0% in 2024 to 36.6% this year due to lower selling prices, but production efficiency and energy cost savings from Solar and EV projects helped offset this impact. The Debt-to-Equity ratio improved from 1.6x to 1.2x, following debt reduction and lower financing costs.
1.Dual-Firing Project, CMAN completed its Dual-Firing upgrade at the Prabuddhabaht plant in March, enabling kilns to use multiple fuels, including natural gas, coal, and biomass.
2.CMAN ordered 17 electric trucks: 5 to be delivered in 2025, 12 in 2026, to reduce logistics costs and support GHG reduction.
3.In September, the intercompany loan for Ha Long QN Lime (“HLL”) was restructured by switching the lender from CMAN to local Vietnamese commercial banks to reduce accounting FX volatility.
4.Established subsidiary Gritsman (GMAN) in September to focus on R&D in engineering, production, and product technology to strengthen long-term competitiveness.
5.In October, CMAN signed a strategic partnership agreement with PT Bukit Bunea, Indonesia, to increase high-quality chemical limestone reserves and expand the Group’s lime production capacity.
CMAN prioritizes comprehensive risk management by identifying five key risk areas: (1) Financial and Investment Risk (2) Strategic and Market Risk (3) Operational Risk (4) Environmental and Social Risk (5) Legal and Compliance Risk. CMAN defines its Risk Appetite, applies Risk Tolerance limits, implements appropriate Mitigation Plans for each risk type, and regularly monitors progress through Key Risk Indicators (KRIs).
- HR Excellence Awards Thailand 2025:
Gold – Excellence in Employee Volunteerism
Silver – Most People-Focused CEO
Bronze – Excellence in HR Change Management
- Green Industry Award Level 4: Green Culture 2025
- Industry 4.0 Recognition Awards 2025 by NSTDA
- AMATA Best Waste Management Awards 2025
| as of 30/12/25 | CMAN | PETRO | SET |
|---|---|---|---|
| P/E (X) | 6.25 | - | 15.44 |
| P/BV (X) | 0.86 | 0.45 | 1.19 |
| Dividend yield (%) | 5.08 | 3.50 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 2,265.60 | 2,150.40 | 1,977.60 |
| Price (B/Share) | 2.36 | 2.24 | 2.06 |
| P/E (X) | 6.25 | 15.54 | 11.95 |
| P/BV (X) | 0.86 | 0.88 | 0.82 |
