NTF operates a Premium Fruit Supply Chain Platform, connecting networks of farmers, packing houses, logistics partners, and global customers to add value to agricultural produce at every stage. Operating under an asset-light model, the Company enhances operational flexibility, supports efficient growth, and adapts rapidly to market demands. Furthermore, the 2Q2T standard is central to managing quality, quantity, timing, and temperature, while ensuring traceability throughout the supply chain. Built on a strong foundation in fresh fruits, the Company aims to expand into value-added products, technology, and new business opportunities to become a leading Premium Fruit Supply Chain Platform in Asia and achieve sustainable, long-term growth.
| 9M26 | 9M25 | 2025 | 2024 |
|---|
| Revenues | 3,514.95 | 2,107.27 | 2,524.96 | 1,118.51 |
| Expenses | 3,052.99 | 1,857.28 | 2,236.42 | 1,028.64 |
| Net Profit (Loss) | 392.48 | 202.79 | 229.62 | 64.27 |
| Assets | 1,517.80 | 512.94 | 703.30 | 227.63 |
| Liabilities | 694.70 | 394.79 | 249.78 | 144.78 |
| Shareholders' Equity | 823.10 | 118.14 | 453.52 | 82.85 |
| Operating | -353.03 | 6.76 | 0.24 | 32.67 |
| Investing | -36.07 | -10.22 | -57.68 | -0.84 |
| Financing | 319.87 | 11.67 | 166.59 | -34.50 |
| EPS (Baht) | 1.96 | 1.45 | 1.60 | 4.59 |
| GP Margin (%) | 21.04 | 19.62 | 19.51 | 16.03 |
| NP Margin (%) | 11.17 | 9.62 | 9.09 | 5.75 |
| D/E Ratio (x) | 0.84 | 3.34 | 0.55 | 1.75 |
| ROE (%) | 89.10 | 185.33 | 85.62 | 77.58 |
| ROA (%) | 54.01 | 56.03 | 65.26 | 39.39 |
In 2026, NTF continues to drive growth under the JUMP+ strategy, focusing on strengthening the supply chain, enhancing product value, and optimizing operational efficiency for sustainability. To support this momentum, the Company is expanding domestic and international sourcing networks alongside sorting and packing facilities. This initiative enhances raw material security, mitigates seasonal limitations, and fulfills rising demand by leveraging a robust partner network and an asset-light model for flexible scaling. In terms of product, NTF is diversifying into value-added offerings, particularly frozen durian, to stabilize revenue, unlock new opportunities, and balance the portfolio. Concurrently, investments in advanced technologies like CT scanning, automated sorting, and ERP systems elevate quality standards and streamline operations. Driven by a strong supply chain foundation, deep expertise in Asia, and seamless demand-supply integration, NTF aims to achieve revenue of THB 13,200 million and a net profit of THB 1,379 million by 2028, solidifying the vision to become the region’s leading Premium Fruit Supply Chain Platform and deliver sustainable returns for shareholders.
NTF operates under the ESG framework, driving growth alongside environmental stewardship, social development, and governance. To deliver long-term value across the supply chain, the Company is progressing towards CAC certification. Furthermore, NTF emphasizes efficient resource utilization, the advancement of farmers, partners, and communities, alongside promoting transparency, business ethics, and robust corporate governance to ensure sustainable, long-term expansion.
NTF stands out from conventional fruit exporters as a Premium Fruit Supply Chain Platform, comprehensively integrating the fruit industry ecosystem from production sources to end markets. The Company's strength lies not merely in raw material access or an established customer base, but in a continually evolving partner network. This alliance ensures supply stability, enhances efficiency, and supports scalable expansion. Furthermore, an asset-light model enables growth through efficient capital utilization, while integrating 2Q2T standards and technology elevates product quality, traceability, and global customer confidence. Collectively, these advantages empower NTF to maintain a robust competitive edge, expand into value-added segments, and capture long-term regional growth.
In Q3/2026, the Company delivered outstanding growth with revenue from sale of THB 3,509.12 million, up a remarkable 66.57% (YoY). This momentum was driven by expanding durian demand in China, aligning with strong overall export performance. Furthermore, the Company enhanced profitability, lifting the gross profit margin from 19.62% to 21.04% through premium quality control, strategic pricing, and efficient procurement. These dynamics ultimately yielded a net profit of THB 392.48 million, with a 11.18% net profit margin. This performance underscores robust growth potential, laying a solid foundation for long-term expansion and investor confidence while reinforcing the corporate identity as a Growth Company poised for sustainable success.
In Q3/26, the Company proceeded with expanding its international markets by increasing distribution channels in China (Kunming, Chuzhou, Hebei, Changsha, and Nanning). It also officially launched into the Japanese and Australian markets, alongside collaborations with Joy Wingmau Group and Pagoda, leading fruit import, distribution, and retail operators in China, to expand customer reach and further growth in key markets. In terms of sourcing and product quality, the Company expanded its sources of quality raw materials in Vietnam, launched additional product brands to meet diverse customer demands, and imported CT Scan machines to enhance the accuracy of durian quality screening. Software for this system is currently under development. In terms of financial, the Company strengthened its capital readiness by issuing debentures worth 274.9 million baht. Meanwhile, the Company has an order backlog of 5,500 million baht for 1H/27. This reflects the confidence of its partners and supports future business plans. Furthermore, the Company is developing a Smart Farming investment plan to enhance product quality from the source and lay the foundation for long-term sustainable growth.
NTF prioritizes proactive risk management alongside the creation of business opportunities to strengthen the supply chain, enhance operational flexibility, and maintain long-term growth stability. The Company has diversified the customer base, increased product variety, and expanded sourcing networks both domestically and internationally, thereby mitigating market fluctuations and raw material uncertainties while ensuring supply security through a network of capable partners and packing facilities. Operationally, the Company implements 2Q2T standards and technology for quality control and traceability throughout the process to maintain product standards and reduce operational risks. Financially, the Company prudently manages liquidity and hedges foreign exchange risk through Forward Contracts to maintain stable financial performance. Backed by a strong foundation in supply chain networks, management, and financial discipline, the Company remains confident in the ability to manage risks effectively, maintaining a competitive edge and achieving sustainable growth amidst ever-changing business conditions.
| as of 30/09/26 | NTF | AGRO | mai |
|---|---|---|---|
| P/E (X) | 7.52 | 25.47 | 81.61 |
| P/BV (X) | 3.62 | 2.33 | 1.13 |
| Dividend yield (%) | 0.89 | 4.42 | 3.63 |
| 30/09/26 | 30/12/25 | - | |
|---|---|---|---|
| Market Cap (MB) | 2,560.00 | 1,240.00 | N/A |
| Price (B/Share) | 12.80 | 6.20 | N/A |
| P/E (X) | 7.52 | 5.92 | N/A |
| P/BV (X) | 3.62 | 2.59 | N/A |
