Triple i Logistics (III) Reports Q3/2025 Net Profit of 101.2 Million Baht, a 37.6% Growth from the Previous Quarter. The company continues to expand its core business and prepares to enter the fourth quarter, benefiting from the high season.
Triple i Logistics Public Company Limited (III), a leading regional integrated logistics service provider in Thailand, announced its Q3/2025 operating results, reporting total revenue of THB 614 million and a net profit of THB 101.2 million, representing a robust 37.6% increase quarter-on-quarter (QoQ). The growth was driven by its core (organic) businesses, particularly the Integrated Logistics Management and Air Freight segments, with exceptional performance from Multimodal Warehouse and Airport Truck Link services, which exceeded expectations. For the first nine months of 2025, III recorded total revenue of THB 1,788 million and net profit of THB 283.4 million, maintaining solid progress in its core operations and gearing up for further growth in the fourth quarter, supported by the high season. Meanwhile, AOT Ground Aviation Services Co., Ltd. (AOTGA) is expected to sign a concession agreement in Q4 after winning the bid to operate as the third ground handling and cargo warehouse service provider at Suvarnabhumi Airport.
Mr. Tipp Dalal, Chief Executive Officer of Triple i Logistics Public Company Limited (III), revealed that in Q3/2025, the Company generated total revenue of THB 614 million, a decline of 3.9% year-on-year (YoY) and 4.5% QoQ, due to lower cargo volumes in certain business units and a decrease in freight rates. Nevertheless, the Company achieved a net profit of THB 101.2 million, up 0.9% YoY and a strong 37.6% QoQ growth.
Key drivers of this quarter’s profit growth were the outstanding performance of III’s core (organic) businesses, which have been continuously developed to reduce dependency on external factors—particularly the Air Freight segment, which benefited from the Multimodal Warehouse (supporting multi-modal connectivity) and the Airport Truck Link that connects Thailand’s three major airports: Suvarnabhumi, Don Mueang, and Phuket. Both services performed beyond expectations, aligning with the Company’s mission to support Thailand’s vision of becoming the Aviation Hub of Asia.
In addition, the Logistics Management segment also delivered strong profitability, while the share of profit from associated companies (inorganic) increased 5.8% QoQ.
For the first nine months (January–September 2025), III recorded total revenue of THB 1,788 million, up 6.6% YoY, driven by growth across all core business segments. Net profit, however, declined 10.8% YoY, mainly due to reduced contributions from inorganic investments, including AOT Ground Aviation Services Co., Ltd. (AOTGA)—invested through SAL Group (Thailand) Co., Ltd. (SAL)—which faced a slowdown in the tourism sector, and Asia Network International Co., Ltd. (ANI), affected by a decrease in e-commerce cargo volume from China earlier in the year.
Looking ahead to Q4/2025, the Company expects to achieve continued growth supported by a solid base in its organic businesses, particularly the Multimodal Warehouse and Airport Truck Link, which are set to expand services into ASEAN markets such as Singapore, Myanmar, and Laos, following successful expansion into Malaysia.
In addition, the Chemical and Dangerous Goods Logistics segment has launched DGP Training, a certified provider of training programs in Air Dangerous Goods Handling, officially accredited by the Civil Aviation Authority of Thailand (CAAT).
These developments, coupled with the onset of the high season for logistics and tourism, are expected to positively contribute to both AOTGA and ANI.
At the same time, III continues to drive its Synergy 360° strategic framework, fostering collaboration across group companies and strategic partners to enhance efficiency, create business opportunities, and optimize cost management—toward achieving sustainable growth.
Furthermore, AOTGA, having won the concession to operate as the third ground handling and cargo warehouse provider at Suvarnabhumi Airport, is expected to sign the contract with Airports of Thailand (AOT) within Q4/2025, with plans to commence operations and begin revenue recognition in the second half of 2026.
Meanwhile, III is progressing with plans to establish its own Cargo Airline, targeting routes with strong demand and profitability potential, expected to begin operations by late 2026.