Engaged in the business of manufacturing and distributing canned fruit products and UHT and pasteurized fruit juices under the "Malee" brand. The company also manufactures and distributes UHT and pasteurized milk under the " Chokchai Farm" brand, as well as other beverage products. Additionally, the Company operates a business in contract product development and contract manufacturing for both domestic and international clients.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 7,875.82 | 8,496.22 | 7,943.90 | 6,569.86 |
| Expenses | 7,527.08 | 8,019.99 | 7,725.75 | 6,510.11 |
| Net Profit (Loss) | 197.42 | 308.15 | 80.13 | -209.95 |
| Assets | 5,497.28 | 5,407.83 | 5,536.92 | 5,618.96 |
| Liabilities | 2,964.52 | 2,975.01 | 3,423.36 | 4,121.54 |
| Shareholders' Equity | 2,468.56 | 2,348.71 | 2,040.14 | 1,412.43 |
| Operating | 203.73 | 378.65 | 431.24 | 179.81 |
| Investing | -74.70 | -63.21 | -112.77 | -67.54 |
| Financing | -115.42 | -425.84 | -95.74 | -141.46 |
| EPS (Baht) | 0.36 | 0.56 | 0.15 | -0.73 |
| GP Margin (%) | 17.96 | 19.32 | 16.31 | 16.54 |
| NP Margin (%) | 2.32 | 3.78 | 0.71 | -2.12 |
| D/E Ratio (x) | 1.17 | 1.22 | 1.62 | 2.75 |
| ROE (%) | 8.20 | 14.04 | 4.64 | -20.42 |
| ROA (%) | 6.54 | 8.76 | 3.70 | 1.23 |
In 2026, the company addressed volatility stemming from geopolitics and the global economy, including border tensions, changes in trade policies, and slowing demand in some partner countries—which impacted supply chain logistics and purchasing power in several regions. The company therefore proceeded with proactive measures to enhance business resilience by diversifying its international market portfolio to China, South Korea, the Middle East, and Indonesia, alongside shifting its portfolio towards well-being products, accelerating high-margin brands to elevate Gross Margin, expanding domestic channels with a focus on online and Food Service, and increasing the accessibility of Malee COCO both domestically and internationally.
In the same year, the company aimed to drive growth through high value-added products, accelerate international market expansion, and strengthen its supply chain and logistics, targeting sales growth of 9–12%.
Over the next three years (2026–2028), the company has set a strategic direction to transform from a traditional fruit juice producer into a Global Well-being Company through four key strategies: (1) increasing the proportion of revenue from Own Brand business to 55% by 2028 through new channel expansion and international growth; (2) advancing NPD from the innovation pipeline with 2–3 items per year, expanding the portfolio beyond fruit and vegetable juices; (3) maintaining and elevating the contract manufacturing business to a Partner of Choice by offering comprehensive and diverse services; and (4) leveraging the potential of Malee Applied Science (MAS) to create a New S-Curve through in-depth research and technology, developing active ingredients for food and beverage, beauty and skincare, and health sectors.
Launch of new products
In April 2025, a new product was launched “Malee Power Plants” Fruit and vegetable juice featuring the innovation "Innogut," which contains both prebiotics and postbiotics to help restore the balance of gut microbiota.
In 2025, the Group's total operating revenue was 7,848.3 million Baht, a slowdown of 7.2% compared to the previous year (YoY). This was impacted by a decrease in sales from contract manufacturing clients in the dairy group due to the Thailand-Cambodia border situation, and from the fruit juice group in Vietnam. However, there was positive development from the CMG contract manufacturing business, with revenue from the coconut water group in international markets expanding well, as well as an 18% YoY growth in sales of Malee COCO coconut water products. This was further complemented by continuous growth in revenue from new clients in the ready-to-drink canned coffee business, and increased sales from some contract manufacturing clients in the dairy product group.
Malee has launched "Malee COCO Coconut Matcha," featuring authentic coconut water from the fruit (NFC) blended with premium matcha from Uji, Japan. This marks the brand's inaugural creation of a beverage that perfectly combines the natural benefits of these two ingredients, delivering a fragrant aroma and mellow taste, while offering refreshment for health-conscious consumers and those pursuing a balanced lifestyle. This latest product represents a significant stride in expanding its well-being product portfolio, which will propel Malee towards becoming a sustainable Global Well-being Company.
Risks from fluctuations in raw material volume and prices - The company manages raw material risks through proactive procurement planning, including advance purchasing, diversifying raw material sources, and developing alternative raw material sources, as well as fostering close cooperation with farmers and producers to enhance raw material supply security and supply chain flexibility, thereby appropriately and smoothly accommodating fluctuations in raw material volume, price, and quality.
Geopolitical risks in the region - The company manages risks by consistently and continuously monitoring and assessing geopolitical situations in the region, along with flexible risk mitigation planning to enhance resilience and reduce impacts on business operations.
Risk from reliance on contract manufacturing customers - The company manages risks from reliance on contract manufacturing customers through developing strategic cooperation
Customer strategy: Offering diverse products and services tailored to customer needs, strengthening confidence in production quality and standards, and maintaining long-term relationships with key customers to enhance revenue stability, reduce customer concentration risk, and support the company's business continuity.
MALEE received an "Excellent" or 5-star rating in the Corporate Governance Report of Thai Listed Companies (CGR 2025) assessment for 2025, for the 7th consecutive year, from the Thai Institute of Directors Association (IOD). This reflects management's commitment to building long-term confidence among shareholders and stakeholders.
| as of 30/12/25 | MALEE | FOOD | SET |
|---|---|---|---|
| P/E (X) | 11.58 | 9.66 | 15.44 |
| P/BV (X) | 0.93 | 1.19 | 1.19 |
| Dividend yield (%) | 2.38 | 5.19 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 2,292.07 | 5,102.59 | 5,675.61 |
| Price (B/Share) | 4.20 | 9.35 | 10.40 |
| P/E (X) | 11.58 | 15.28 | - |
| P/BV (X) | 0.93 | 2.21 | 2.94 |
