On behalf of the Chairman and the Board of Directors, I am pleased to present the Annual Report of the Company and its subsidiaries, together with the audited financial statements for the year ended 31 December 2025. Details are presented in this Annual Report.
In 2025, the Thai economy continued to recover gradually while facing ongoing challenges amid volatility, uncertainty, and transitions both domestically and internationally. Domestic factors are, the slowdown in private consumption and public spending, the tourism industry that has not yet fully recovered, and border-related issues affecting economic activities and cross-border trade. Meanwhile, Thailand’s household debt remained at a high level. The Thai economy also continued to face constraints from the global economic slowdown, the prolonged impacts of geopolitical conflicts, and trade protection barrier, including tariff barriers imposed by the United States. Nevertheless, the Thai economy was still able to record growth in both public and private investment, as well as continued high growth in exports.
PERFORMANCE RESULTS FOR 2025
As a result of executing our strategic initiatives, as of 31 December 2025 the Company reported a net profit of THB 532 million, representing an increase of 60.2 percent from THB 332 million in 2024. Total revenue amounted to THB 5,455 million, a decrease of 14.9 percent from 2024. Total operating expenses were THB 2,877 million, decreasing by 23.8 percent compared to 2024. The primary drivers were the reduction in bad debt provisions and lower loss on assets foreclosed.
As of the end of 2025, the Company recorded total assets of THB 61,273 million, a decrease of 15.7 percent from 2024. Total liabilities stood at THB 49,419 million, decreasing by 20.8 percent from the previous year. Shareholders’ equity amounted to THB 11,854 million, representing an increase of 14.8 percent from 2024, mainly attributable to improved operating performance. The Company’s paid-up registered capital was THB 3,519 million, an increase of 33.3 percent following a capital increase of THB 1,232 million. Retained earnings amounted to THB 5,248 million.
Although the company has maintained strict the credit assessment and debt collection processes, resulting in an improvement in operational asset quality in 2025, which improved the asset quality, but the reduction in the overall loan portfolio under the Company’s risk management policy resulted in the non-performing loan (NPL) ratio increasing to 8.10 percent at the end of 2025, compared with 6.97 percent in 2024. Nevertheless, the Board of Directors and management continued to emphasize prudent provisioning for credit losses, with the expected credit loss allowance to NPL ratio standing at 53.58 percent. This reflects the Company’s prudent risk management and solid financial foundation.
As a result of our operating performance and the continued support from our major shareholders, Fitch Ratings (Thailand) Limited has maintained the Company’s National Long-Term Rating of Asia Sermkij Leasing Public Company Limited at ‘A(tha)’ with a Negative Outlook.
CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY
The Board of Directors committed to driving the organization under the corporate governance principles to enhance operational capability based on transparency and accountability. The Company strictly adheres to its anti-corruption policy and business ethics to establish a solid foundation for sustainable long-term growth.
In 2025, the Company received an excellent score of 100 for the Annual General Meeting (AGM) quality assessment under the AGM Quality Assessment Program organized by the Thai Investors Association in collaboration with the Securities and Exchange Commission and the Thai Listed Companies Association.
In addition, the Company received a 5-Stars rating, or “Excellent”, with a score of 91 in the Corporate Governance Report of Thai Listed Companies (CGR) 2025, conducted by the Thai Institute of Directors Association (IOD).
Most importantly, in 2025 the Company was once again evaluated for SET ESG Rating and achieved an upgraded rating from “A” to “AA”.
BUSINESS OUTLOOK AND STRATEGY FOR 2026
The Board of Directors has approved the Company’s business strategies, objectives, and policies, with a strong commitment to operating under the principles of sustainability and good corporate governance. This includes ensuring effective risk management and cost control measures.
The Company expects the Thai economy in 2026 to expand by approximately 2.0 percent. Growth may be supported by private sector investment, particularly foreign direct investment (FDI), following investment promotion approvals granted in the previous year. Thailand may also benefit from the relocation of manufacturing bases by foreign industries as a result of trade protection measures. In addition, private consumption is expected to expand due to the continued low interest rate environment, along with an increase in international tourist arrivals compared with the previous year.
In 2026, the Company will continue to focus on maintaining its leadership in the new truck hire-purchase market, while expanding its lending services under the principle of stable and sustainable growth, alongside prudent asset quality management.
Furthermore, the Company plans to strengthen its competitive capabilities in all dimensions, including human resource development, enhancement of operational systems and modern information technology, as well as the development of innovative and flexible products and services. These initiatives aim to respond effectively to evolving customer needs while creating sustainable value for all stakeholders.
On behalf of the Board of Directors, I would like to express my sincere appreciation to our shareholders, customers, business partners, and stakeholders for your continued trust, support, and cooperation. I would also like to thank you for the confidence you have consistently placed in us.
I hope that through the collective efforts of our stakeholders and the dedication of our team, we will achieve our goals and create sustainable value for all parties involved.
Mr. Thongchai Chasawath
Chairman of the Board of Directors