Page 255 - Social Enterprise A New Business Paradigm for Thailand

women, seniors, and people with disabilities. The third-highest earner, Wongpanit International
Co., Ltd., operates a wholesale business dealing in recyclable waste and scrap materials, and
has built expertise over more than 50 years since its founding in 1973. All three of these

enterprises generated annual revenues exceeding 500 million baht. Among the top 10, seven
were established as flexible spin-off entities, all of which were non-profit-distributing and had
registered for tax incentives with the Revenue Department. Most also pursued social objectives
centered on addressing community and societal challenges.

Table 8.3: Top 10 Social Enterprises by Total Revenue in 2023
Enterprise Name Total Revenue (Million Baht) Percentage (%)
1. Doi Kham Food Products Co., Ltd. 2,025.06 34.16
2. LPC Social Enterprise Co., Ltd. 560.12 9.45
3. Wongpanit International Co., Ltd. 539.48 9.10
4. Loopan Management Social Enterprise Co., Ltd. 300.02 5.06
5. Siriraj Bhumiraj Co., Ltd. 291.41 4.92
6. Chef Cares Project Co., Ltd. 285.33 4.81
7. Sanpalung Social Enterprise Co., Ltd. 244.09 4.12
8. Central Tham Social Enterprise Co., Ltd. 194.95 3.29
9. Dairy Home Social Enterprise Co., Ltd. 178.03 3.00
10. Pulse Silom Co., Ltd. 160.46 2.71
Total (Top 10 Enterprises) 4,778.95 80.62
Source: Compiled from data provided by the Department of Business Development.

A review of net profits among social enterprises in 2023 reveals significant disparities, ranging
from a net loss of 28.35 million baht to a net profit of 93.78 million baht. As shown in Table 8.4,
the top 10 social enterprises by net profit accounted for approximately 283.73 million baht,
around 81% of the total net profit among the 137 enterprises that reported positive earnings.
The top performer was Lupin Social Enterprise Management Co., Ltd., a joint venture between
Siam Commercial Bank and Airports of Thailand Public Company Limited, responsible for

managing the “Happy and Healthy Bike Lane” near Suvarnabhumi Airport. In second place was
Central Tham Social Enterprise Co., Ltd., part of the Central Group. Third was Thai Digital
Platform Social Enterprise Co., Ltd., operator of the TAGTHAi platform, a collaboration between
the government and over 40 private-sector entities to promote Thai tourism.

Notably, Thai Digital Platform Social Enterprise has ranked in the top 10 since 2021 and
outperformed Central Tham in 2021 and 2022. In contrast, Central Tham entered the top 10 for
the first time in 2023, with net profit rising more than tenfold, from 5.34 million baht in 2022
to 54.53 million baht in 2023.

Doi Kham Food Products Co., Ltd., which reported the highest total revenue among all social

enterprises in 2023, nevertheless posted a net loss of approximately 1.95 million baht that same
year. This loss, however, occurred only in 2023. An analysis of net profits from 2019 to 2022
shows that Doi Kham consistently ranked among the top five most profitable social enterprises
across all four years. In 2022, it held the top spot, generating a net profit of approximately
112.15 million baht, more than 2.2 times greater than that of the second-ranked enterprise,
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