TCMC Faces Global Economic Pressures and Middle East Conflict; Pimol Srivikorn Moves Forward with Organizational Restructuring for Long-Term Stability
TCM Corporation Public Company Limited (TCMC) reported its Q1/2026 operating results amid mounting pressure from the global economy, geopolitical tensions, and slowdowns across several key industries. Total revenue from sales and services amounted to THB 808.86 million, representing a 37.41% decrease year-on-year. EBITDA stood at THB 9.18 million, down 87.05%, while the company recorded a net loss of THB 87.18 million.
Pimol Srivikorn, Chairman of the Board and Acting Chief Executive Officer (CEO), stated that although the first quarter of 2026 was highly challenging due to global economic conditions and geopolitical uncertainties, the company has accelerated its business restructuring strategy and intensified cost management efforts to maintain competitiveness and build long-term organizational stability.
“The global economic situation and international conflicts have caused many industries to delay investments, particularly in the commercial project and hospitality sectors. Nevertheless, TCMC continues to move forward with organizational restructuring, operational efficiency improvements, cost management, and a stronger focus on its core businesses to prepare for market recovery once the crisis subsides,” said Mr. Pimol.
The company stated that the main factors affecting its performance stemmed from the ongoing conflict in the Middle East and the closure of the Strait of Hormuz, which negatively impacted investment confidence among international clients. This particularly affected the TCM Surface business, where sales declined due to customers postponing investment decisions. Meanwhile, the furniture business in the United Kingdom continued to face prolonged market slowdown.
Despite these challenges, TCMC was still able to maintain profitability efficiency across several business segments. TCM Surface reported an improved gross profit margin of 38.69%, up from 36.67% in the previous year, despite revenue declining by nearly 20%. This reflects the effectiveness of the company’s cost management and Lean operational strategies, which are beginning to show clear results.
For TCM Living, the company underwent major restructuring following the discontinuation of Ashley Manor Upholstery (AMU) and Alexander & James (A&J), allowing the business to focus on its core brand, Alstons. As a result, revenue declined to THB 232.01 million, down 63.29% year-on-year. However, the business successfully improved its gross profit margin to 24.32% through cost reductions and enhanced production efficiency.
Meanwhile, TCM Automotive continued to serve as a growth driver for the company, with revenue increasing by 8.42% to THB 182.45 million. This growth was achieved despite ongoing pressure within Thailand’s automotive industry from high household debt, stricter lending conditions, and intensified competition from Chinese electric vehicle manufacturers. The company believes this performance reflects its ability to maintain its customer base and continuously expand orders within a highly competitive market.
Mr. Pimol further added that the company remains highly focused on liquidity management and financial structure optimization. During the first quarter, the current ratio improved to 1.26 times from 1.01 times at the end of 2025, reflecting effective working capital management. However, the debt-to-equity ratio (D/E) increased to 5.93 times due to the net loss recorded during the quarter.
“TCMC remains confident in the long-term potential of its businesses. As economic and geopolitical conditions gradually improve, we expect investment demand across the real estate, hospitality, commercial building, and automotive sectors to recover progressively. This will become an important driver supporting the company’s growth moving forward,” Mr. Pimol concluded.
