Publicity

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.

Triple i Logistics Public Company Limited (“III”), a leading integrated regional logistics service provider in Thailand, announced its Q2/2025 operating results, reporting total revenue of THB 642.6 million, up 19.4% year-on-year (YoY), driven by growth in its core businesses, particularly in air freight and chemical logistics. However, net profit stood at THB 73.5 million, a slowdown due to lower share of profits from invested companies.

For the first half of 2025, the Company recorded total revenue of THB 1,174 million and net profit of THB 182.1 million. Looking ahead, III expects positive momentum in the second half of the year from the peak season in the air freight business, and will move forward with its Synergy 360° plan to generate new revenue streams and drive long-term growth.

Mr. Tipp Dalal, Chief Executive Officer of Triple i Logistics Public Company Limited (“III”), a leading regional logistics service provider, stated that in Q2/2025 the Company achieved revenue from sales and services of THB 642.6 million, representing a 19.4% YoY increase, supported by growth across all core business segments—especially air freight and chemical & hazardous goods logistics—benefiting from internal synergy and accelerated exports ahead of the implementation of new trade tariff rates.

Net profit for the quarter was THB 73.5 million, down 27.4% YoY, primarily due to lower share of profits from invested companies ANI and AOTGA, following a slowdown in the tourism sector and reduced flight frequencies. For the first six months of 2025 (January–June), total sales and service revenue amounted to THB 1,174 million, with net profit of THB 182.1 million, also declining YoY.

The outlook for the second half of 2025 is expected to be stronger than the first half, supported by key business segments. In air freight, the Company offers a full range of services that are well-positioned to capture opportunities arising from reduced market concerns following the announcement of a 19% import tariff on Thai goods to the United States—effective August 1—which is anticipated to stimulate Thailand’s economy in the latter half of the year. The air freight and tourism industries will also benefit from the high season.

To support this growth, III has prepared comprehensive services, including Multimodal Warehouse facilities at Suvarnabhumi Airport; collaboration with AOTGA to launch the Airport Truck Link connecting the three main airports (Suvarnabhumi, Don Mueang, and Phuket), with services already extended to Malaysia and plans to expand to other ASEAN countries; and a partnership with ANI to develop a cargo airline to serve high-demand, high-margin routes, with clearer developments expected within this year.

In addition, III is expanding its Transit Hub network to the Middle East and Eastern Europe to strengthen Thailand’s position as the region’s Aviation Hub. The chemical & hazardous goods logistics segment and the logistics management business are also expected to grow.

Mr. Tipp further emphasized that the Company is accelerating the implementation of the Synergy 360° plan, integrating the capabilities and ecosystem within the group and with strategic partners to enhance operational efficiency under the principles of revenue growth, opportunity expansion, and cost management—aiming for sustainable growth.

The Company has expanded its cooperation with SJWD to manage costs for general cargo warehousing and customs clearance services, enhancing both service capacity and cost efficiency.

For AOTGA, in which III has invested through SAL Group (Thailand), the high season in air freight and tourism is expected to deliver substantial benefits in the second half of the year. AOTGA also stands a strong chance of being selected as the third ground handling service provider at Suvarnabhumi Airport, with results expected in August.

Meanwhile, ANI is showing positive growth momentum, having expanded with new branch offices in Norway and Japan, which will begin generating revenue and contribute to performance in the second half of the year.