Page 233 - Social Enterprise A New Business Paradigm for Thailand

1) Data Sources for Analysis

This business model analysis relies on two main sources: 1) five years of financial statements
(2019–2023) from all 76 provincial enterprises, and 2) in-depth interviews conducted in January
2025 with seven selected companies representing the Northern, Central, Southern, and

Northeastern regions.

2) Analysis of Financial Sustainability

There is a significant disparity in revenue levels among the provincial companies. The
Pracharath Rak Samakkee enterprises vary widely in size when measured by total revenue.
Based on available financial statements from 72 provinces covering the period 2019–2023, the
Gini coefficient for total revenue stands at 0.79, indicating substantial inequality and variability
in income across the network. This is notable given that most companies began with similar
seed capital of approximately 2 to 4 million baht. Total revenue among the enterprises ranged

from just a few thousand baht to as much as 36 million baht, with an average of 1.56 million
baht. The highest-earning company was Pracharath Rak Samakkee Nakhon Ratchasima Social
Enterprise Co., Ltd., which reported total revenue of 36.24 million baht. Other leading
companies included those in Phitsanulok (13.86 million baht), Krabi (11.82 million baht), and
Khon Kaen (8.05 million baht). Between 2019 and 2023, a total of 43 companies 177 saw
increases in overall revenue, with 39 of these achieving growth of more than 20% compared to
2019. Conversely, 33 companies experienced a downward trend in total revenue over the same
period. Most provincial companies operated at a loss. In 2023, the average net loss across the
group was 62,830 baht, with results ranging from a maximum loss of 1.586 million baht to a

maximum profit of 530,000 baht. The most profitable companies were located in Krabi (526,576
baht), Phitsanulok (421,726 baht), and Nakhon Ratchasima (408,490 baht). A total of 62
provincial enterprises continued to report cumulative losses over the five-year period.
Approximately 20% of the companies are still in the early stages of development. Fourteen
enterprises recorded positive cumulative net profits over five years, with earnings ranging from
178
9,660 baht to 2.4 million baht . The five highest-performing companies, each with cumulative
profits between 500,000 and 2 million baht, were located in Krabi, Phitsanulok, Phuket, Yala,

and Phrae. Additionally, nine other enterprises demonstrated consistent growth in net profits
between 2019 and 2022, namely those in Krabi, Phitsanulok, Phrae, Lopburi, Phra Nakhon Si
Ayutthaya, Chaiyaphum, Nakhon Phanom, Chiang Mai, and Maha Sarakham. Among companies
turning a profit, initial capital also showed signs of growth. In 2023, net shareholder equity
ranged from 61,372 baht to 6.35 million baht, with an average of 2.57 million baht. In 72

177 Five Pracharath Rak Samakkee companies did not submit complete financial statements covering all five years
of total revenue data: (1) Kanchanaburi submitted financial statements for 2019–2021, (2) Uttaradit submitted
financial statements for 2020–2024, and (3) Surat Thani, Nakhon Pathom, and Chanthaburi submitted financial
statements for 2019–2022.
178 Pracharath Rak Samakkee Kanchanaburi reported accumulated profits for three years (2019–2021); financial
statements for 2022 and 2023 were not submitted.
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