Reading between the lines in the MD&A 1Q26: Namyong Terminal Public Company Limited (NYT)
Namyong Terminal PCL (NYT), a Thai port operator, posted 1Q26 net profit up 32.2%, but its A5 terminal concession expired with no new operator named.
Reading between the lines in the 1Q26 Management Discussion and Analysis of Namyong Terminal Public Company Limited (NYT): Revenue up 10.9%. Net profit up 32.2%. And a port concession that expired with no new operator named.
The numbers
Warehouse revenue outpaces the terminal business
Namyong Terminal is a port operator specializing in Roll-on/Roll-off (Ro-Ro) terminal handling and storage for imported and exported motor vehicles at Laem Chabang, alongside a warehouse leasing business. In 1Q26, total revenue rose 10.9% YoY to Bt476m, with warehouse revenue up 13.9% to Bt138m, outpacing 6.0% growth in terminal services to Bt317m, even as total throughput held broadly flat at 216,961 units, down 0.1% YoY.
Net profit climbs faster than revenue
Net profit attributable to equity holders rose 32.2% YoY to Bt124m, a net margin of 26.0% against 21.8% in 1Q25. Cost of services rose 3.2% YoY, in line with terminal revenue growth, while cost of rental rose 13.9% YoY on higher depreciation from the new warehouse project.
A legal settlement reshapes the balance sheet
Total assets fell 0.6% to Bt6,959m. The main driver was a Bt284m fall in trade and other receivables, following the Group’s receipt of full payment under the Supreme Court’s judgment against the Bangkok Metropolitan Administration. Proceeds were redirected into short-term financial assets, up Bt306m, and continued construction of the new warehouse.
What the numbers don’t show
Comparing the FY25 MD&A with 1Q26, a couple of things stand out.
The A5 terminal concession expired with no new operator named
The FY25 MD&A makes no mention of the A5 terminal, its concession, or the Port Authority of Thailand (PAT). The 1Q26 MD&A discloses that the concession expired on 30 April 2026, that PAT has not yet started a bidding process for a new operator, and that the Company is temporarily continuing operations while working toward a resolution with PAT. Neither the extension’s duration nor its terms are disclosed.
The joint venture investment reaches zero, and the associate turns negative
The FY25 MD&A attributed a widening joint venture loss, up to Bt35.3m from Bt12.5m, to the venture’s early-stage operating losses, without disclosing that the investment had been written down to zero. The 1Q26 MD&A confirms no further loss was recognized in the quarter for that reason. The Group’s associate, also flagged in FY25 as declining on lower throughput, swung from a Bt9.5m profit in 1Q25 to a Bt0.3m loss in 1Q26.
Click here to read our latest report on NYT.