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Distribution Services

Saha Pathanapibul Public Co., Ltd.

Company Background

Saha Pathanapibul is the main production and distribution arm of Thai consumer goods conglomerate Saha Group. The company makes and distrubutes more than 600 products under 90 brands, including Mama noodles. Its products are mainly sold through traditional mom-and-pop stores.

The Saha Group, founded in 1942 by an ethnic Chinese, Thiam Chokwatana, began as a wholesaler of consumer goods, later expanding into manufacturing through joint ventures with Japanese partners entering the Thai market. Consumer products maker Lion was one of its first partners. Thiam's son Boonsithi, the current chairman of Saha Group, continued the company's expansion after taking over from his father.

The group now has more than 300 affiliates, of which nearly half are joint ventures with Japanese companies.

Boonchai, the younger brother of Boonsithi, is chairman and CEO of Saha Pathanapibul. His twin brother Boonkiet heads ICC International, another listed subsidiary that mainly distributes cosmetics and apparel brands to department stores.

Saha Pathanapibul is expanding into retail in partnership with Japanese companies, such as convenience store chain Lawson and drugstore chain Tsuruha Holdings.

Business Summary

Saha Pathanapibul Public Co., Ltd. engages in the distribution of consumer products and property development business. It operates through the following segments: Sales of Consumer Products, Office Building for Rent, and Others. The company was founded by Thiam Chokwatana in 1942 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2021 THBUSD
Gross Profit5,275.02M164.76M
Operating income1,852.70M57.86M
Income before tax2,195.66M68.57M
Net income1,745.04M54.50M
Diluted EPS5.310.16
Dividends Per Share1.600.04
Total Assets34,754.15M1,040.38M
Total liabilities10,662.12M319.17M
Total equity23,821.46M713.11M
Operating cash flow2,074.55M64.79M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 31,611.95M 32,878.43M 32,978.45M 32,398.78M 33,681.45M
Gross Profit 5,480.64M 5,772.15M 5,249.64M 5,228.63M 5,275.02M
Operating income 1,718.81M 1,708.04M 1,735.44M 1,771.34M 1,852.70M
Income before tax 1,974.92M 2,111.51M 2,103.03M 2,113.66M 2,195.66M
Net income 1,493.62M 1,745.80M 1,709.77M 1,705.44M 1,745.04M
EBITDA 1,863.30M 1,863.27M 1,894.83M 1,940.59M 1,991.60M
Diluted EPS 4.51 5.28 5.18 5.18 5.31
Dividends Per Share 1.50 1.50 1.60 1.60 1.60
Total Assets 25,751.08M 26,713.89M 27,096.15M 34,074.10M 34,754.15M
Total liabilities 9,441.53M 9,349.90M 8,681.18M 10,360.25M 10,662.12M
Total equity 16,154.38M 17,202.57M 18,222.56M 23,488.82M 23,821.46M
Operating cash flow 1,606.54M 1,780.21M 1,293.15M 2,256.38M 2,074.55M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 931.58M 1,017.05M 1,062.28M 1,035.26M 1,052.01M
Gross Profit 161.51M 178.55M 169.09M 167.07M 164.76M
Operating income 50.65M 52.83M 55.90M 56.60M 57.86M
Income before tax 58.19M 65.31M 67.74M 67.53M 68.57M
Net income 44.01M 54.00M 55.07M 54.49M 54.50M
EBITDA 54.91M 57.63M 61.03M 62.00M 62.20M
Diluted EPS 0.13 0.16 0.16 0.16 0.16
Dividends Per Share 0.04 0.04 0.05 0.05 0.04
Total Assets 790.15M 820.45M 904.59M 1,137.31M 1,040.38M
Total liabilities 289.70M 287.15M 289.81M 345.80M 319.17M
Total equity 495.68M 528.33M 608.35M 784.00M 713.11M
Operating cash flow 47.34M 55.06M 41.65M 72.10M 64.79M

Valuation Measures

Dec 2021
Operating margin5.50%
Profit margin5.18%

Key executives

  • Chairman & Chief Executive Officer: Boonchai Chokwatana
  • President & Executive Director: Vathit Chokwatana
  • Director-Financial & Investment: Siriwan Wongariyakavee
  • Manager-Information Technology: Pipat Kowsupamongkol
  • Director-Information Technology: Surapong Soponkij


  • Saha Pathana Inter-Holding Public Co. Ltd. (24.9%)
  • I.C.C. International Public Co., Ltd. (10.1%)
  • Lion Corp. (5.0%)
  • Nissin Foods Holdings Co., Ltd. (4.9%)
  • I.D.F. Co., Ltd. (4.1%)
  • Lotte Holdings Co., Ltd. (2.4%)
  • Kewpie Corp. (1.5%)

Contact Details

  • Website:
  • Address: 2156 New Petchburi Road, Bangkapi, Bangkok, 10320, Thailand
  • Phone: +66.2.318.0062

Related Companies

  • Tipwarin Watana Co., Ltd.
  • Saha Vietnam Co., Ltd.
  • TSURUHA (Thailand) Co Ltd
  • Chokchaipibul Co. Ltd.
  • Dairy Thai Co Ltd
  • Sahacogen Chonburi Ltd.
  • Rojana Operations of Covanta Energy Corp


  • I.C.C. International Public Co., Ltd.
  • Central Retail Corporation Public Company Limited
Last Updated on 4 Oct, 2022

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