Listed Thai companies earned 4.38 trillion baht in revenue from overseas expansion in 2021, the highest level in 16 years, as they were forced to find new markets during the Covid-19 pandemic, the latest figures from the Stock Exchange of Thailand revealed.
As the pandemic resulted in a slowdown of economic activities domestically, listed companies diversified their investments to foreign markets to expand business and maintain an income base.
According to the SET's database of foreign investments and foreign revenue of listed companies, 776 listed companies have global market expectation strategies.
Of the total, 278 companies (36%) listed on the main bourse or the Market for Alternative Investment invested abroad in 2021, making net foreign direct investments of 110 billion baht.
Southeast Asia recorded the most investment among listed firms, with a total of 217 companies taking part.
The emphasis was in Cambodia, Laos, Myanmar and Vietnam, with Vietnam topping the list for attracting investment from SET-listed companies.
The SET reported revenue generated overseas in 2021 reached a 16-year peak.
The 4.38 trillion baht in revenue from overseas represented 32% of the total income of SET-listed companies.
Some of the higher revenue from abroad was attributed to an increase in exports from the companies' overseas operations, according to the SET.
According to the data, companies operating in the resources sector had the highest revenue from abroad in 2021, valued at more than 873 billion baht.
This group also recorded the highest increase in foreign income compared with the previous year, thanks to higher oil prices among the countries targeted for investment, such as those in North Asia.
