Khon Kaen Sugar
Khon Kaen Sugar Industry (SET: KSL) is a listed Thai sugar producer with regional footprint. Founded 1945. Operations span Thailand (core), Laos (KSL Savannakhet), Cambodia (Koh Kong), China (Guangxi), and Australia. Integrated cane, sugar, ethanol, biomass power. Listed vehicle for Thai sugar, regional emerging-market cane exposure.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 20-28B
FY2024
Ticker
SET: KSL
Listed 2005
Output share
~10% Thai sugar production
FY2024
What this company actually does
KSL operates integrated cane, sugar, ethanol, biomass power. Thailand core, regional footprint: Laos (Savannakhet), Cambodia (Koh Kong), China (Guangxi), Australia. Listed vehicle; scalable regional sugar exposure.[]
Competitive set: Mitr Phol (larger private), TRR, BRR, KBS (listed peers). KSL differentiates on regional, Australia, China footprint scale.[]
Watchpoints
Regional operations mix
Thailand, Laos, Cambodia, China, Australia.
Sugar price cycle
ICE No.11 correlation; export share.
Ethanol, biomass power
Downstream diversification contribution.
Cane price mechanism
OCSB 70/30 farmer/miller share.
Regional footprint — five-country sugar platform
Core
Thailand — Khon Kaen, domestic base
KSL's Thai operations span sugar mills across Khon Kaen and adjacent provinces. Thailand provides the earnings anchor, regulated cane pricing (OCSB 70/30), and sugar-export quota under WTO commitments.
Laos, Cambodia
Emerging market cane expansion
KSL operates in Savannakhet (Laos) and Koh Kong (Cambodia), benefiting from lower land costs and less regulated cane pricing than Thailand. These markets provide volume growth but carry political and currency risk.
China, Australia
Mature-market operations
KSL has operations in Guangxi province (China) and Queensland (Australia). Australia provides access to free-market sugar pricing (ICE No.11 correlation); China provides proximity to the world's largest sugar-consuming market.
Downstream
Ethanol, biomass — intra-cane diversification
KSL extracts ethanol from molasses and generates power from bagasse across its mill network. These revenues partially offset cane-price and global-sugar-price volatility within the same raw-material input chain.
KSL regional operations: estimated contribution
Thailand
Assets
Core mills (Khon Kaen belt)
Cane/sugar pricing regime
OCSB regulated 70/30 split
Primary risk
Drought, OCSB policy change
Laos (Savannakhet)
Assets
Plantation, mill
Cane/sugar pricing regime
Negotiated farmgate
Primary risk
Political, infrastructure
Cambodia (Koh Kong)
Assets
Plantation, mill
Cane/sugar pricing regime
Negotiated farmgate
Primary risk
Export-route dependency
China (Guangxi)
Assets
Sugar refining operations
Cane/sugar pricing regime
China domestic market
Primary risk
China import-quota policy
Australia (Queensland)
Assets
Sugar milling interests
Cane/sugar pricing regime
ICE No.11-linked world price
Primary risk
AUD/THB, weather
| Market | Assets | Cane/sugar pricing regime | Primary risk |
|---|---|---|---|
| Thailand | Core mills (Khon Kaen belt) | OCSB regulated 70/30 split | Drought, OCSB policy change |
| Laos (Savannakhet) | Plantation, mill | Negotiated farmgate | Political, infrastructure |
| Cambodia (Koh Kong) | Plantation, mill | Negotiated farmgate | Export-route dependency |
| China (Guangxi) | Sugar refining operations | China domestic market | China import-quota policy |
| Australia (Queensland) | Sugar milling interests | ICE No.11-linked world price | AUD/THB, weather |
Related Market profiles
Peers, parents, partners, agencies, and other Sugar actors.
Competitor
Mitr Phol
Private largest Thai sugar producer.
Open Market profile →
Competitor
Buriram Sugar
Listed northeast sugar, palm diversification peer.
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Sector peer
Thai Roong Ruang Sugar
Listed Thai sugar producer (SET: TRR); central plains focus, ethanol, biomass power.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Khon Kaen Sugar (SET: KSL) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Khon Kaen Sugar (SET: KSL) FY2024 Form 56-1 | Khon Kaen Sugar Industry PCL | Primary | 2025-03-31 |
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