MGC-ASIA Achieves New High in Q1/2026 with Net Profit Surging 488% to THB 323 Million, Marking Three Consecutive Quarters of Growth Driven by Premium EVs and New Growth Engines
Millennium Group Corporation (Asia) Public Company Limited, or MGC-ASIA, has entered a new growth cycle following its record-breaking performance in Q1/2026. The company reported net profit of THB 323 million, representing a 488% year-on-year (YoY) increase and marking its third consecutive quarter of growth. Total revenue reached THB 6.08 billion, up 49.6% YoY, while EBITDA rose 88.1% YoY to THB 813 million.
The strong performance was driven by the full 100% recognition of Neo Mobility Asia’s operating results, which has now become clearly reflected in the company’s financial performance. In addition, the ongoing transition toward electric vehicles (EVs), fueled by volatile energy prices and persistently high fuel costs, has accelerated consumer demand for premium intelligent EVs over traditional internal combustion engine vehicles.
At the same time, the company’s EV brands received strong customer response at the 47th Bangkok International Motor Show following the launches of the XPENG X9 and the new BMW iX3. Premium Intelligent EV models such as the ZEEKR 009, BMW i5, and other EV models within the group also generated significant consumer interest and strong booking volumes, reflecting the rapidly growing popularity of premium EVs. As a result, the company’s backorder volume currently exceeds 2,000 vehicles, positioning the business for accelerated growth from Q2 onward and throughout the second half of the year.
The year 2026 marks another important phase of continued expansion for MGC-ASIA following years of strategic business development. Today, the company has fully evolved into a comprehensive Premium Mobility Ecosystem, covering premium vehicles, intelligent EVs, financial services, insurance, car rental, used car businesses, aftersales services, and a loyalty ecosystem. These business units are becoming increasingly interconnected and synergized, while the company continues to increase the proportion of revenue generated from high-margin and recurring-income businesses. This progress is reflected in the strong growth across all business segments and the clear expansion of its new growth engines.
MGC-ASIA is recognized as one of Thailand’s leading Premium Mobility Ecosystem operators, supported by a strong base of high-quality customers with significant purchasing power, which serves as a key strategic asset for long-term business expansion. One of the company’s core strategies is “MOBILIFE,” a loyalty ecosystem platform that integrates all customer services within a single ecosystem. Customers can accumulate points to redeem products and services from carefully selected premium brands, including direct airline ticket redemption through MGC Aviation. This initiative helps strengthen customer loyalty and encourages continued engagement within the group’s ecosystem.
MGC-ASIA Delivers Strong Growth Across All Business Segments
Neo Mobility Asia Continues Driving EV Ecosystem Growth
The full consolidation of Neo Mobility Asia’s performance has become increasingly evident. The company currently manages premium EV brands such as XPENG and ZEEKR within its business portfolio and is steadily delivering more than 2,000 vehicles from its backorder pipeline to meet growing demand in the premium EV market. This is expected to further support revenue and earnings growth beginning in Q2 onward.
Alpha X and Howden Maxi Continue Expanding
Alpha X’s financial services business continued to grow through its premium Wealth Lending customer segment, contributing equity income of THB 11.4 million, an increase of 1,765.3% YoY. Meanwhile, Howden Maxi’s insurance business continued expanding through ongoing customer base growth.
MASTER CAR RENTAL and SIXT Rent a Car Thailand Benefit from Tourism Recovery
The car rental business generated revenue of THB 489 million, up 14.7% YoY, supported by the recovery of the tourism sector and increasing demand from corporate customers. The company also strengthened its fleet portfolio by adding more premium vehicles and fully electric vehicles to accommodate growing market demand.
Used Car Business Supports Margin Expansion
The used car business generated revenue of THB 273.5 million, representing a 26.6% YoY increase, while maintaining healthy margins through effective inventory and cost management.
Aftersales and MMS Generate Strong Recurring Revenue
The aftersales business generated revenue of THB 931 million through service center networks covering BMW, MINI, Honda, XPENG, ZEEKR, Rolls-Royce, BMW Motorrad, Harley-Davidson, and MMS. This reinforces the strength of the company’s nationwide Premium Mobility Ecosystem, while the company continues expanding its network.
This includes the expansion of the BMW Millennium Auto showroom and service center in Udon Thani to strengthen its presence in Northeastern Thailand, complementing its existing operations in Ubon Ratchathani. The expansion reflects the company’s ability to grow its premium customer base in key economic provinces, following the successful establishment of a strong BMW Millennium Auto network in Southern Thailand, including Phuket, Surat Thani, and Hat Yai.
In addition, the company continues to enhance its paint and body repair service capabilities through MMS to support the growing number of premium vehicles and EVs on the road. MGC-ASIA believes that future EV aftersales services will require advanced technology, strict safety standards, and highly specialized technicians, which are becoming increasingly important factors in the development of the automotive industry.
The gradual launch of new intelligent EV models, combined with ongoing investments in ecosystem and network expansion, is expected to further contribute to revenue growth and improved earnings quality going forward.
Dr. Sanhawut Thamchuanviriya, Group CEO of MGC-ASIA, said:
“In the future, the automotive industry will no longer compete solely on vehicle sales. Competition will increasingly focus on ecosystems that can connect customers, create recurring relationships, and generate value throughout the customer lifecycle. This is the foundation that MGC-ASIA has built over the past 25 years. We remain committed to growth through product and service quality, rather than engaging in price wars, and this strategy is now increasingly reflected in the quality of our earnings growth.”
The company also continues supporting sports and youth development activities through the organization of the “XPENG Cup International Ice Hockey” tournament, aimed at promoting the potential of Thai youth and strengthening community engagement under the group’s premium lifestyle ecosystem brands.
