What CH Karnchang does

CH Karnchang Public Company Limited (SET: CK) is a Bangkok-headquartered, publicly listed Thai construction and infrastructure-investment group founded in 1972. Its core offering is end-to-end heavy-civil construction — main contractor and subcontractor delivery across mass rapid transit (MRT Blue and Orange Lines), airports (including Suvarnabhumi), expressways, highways, energy and hydropower assets, water supply systems, and large-scale buildings — serving Thai government agencies (Mass Rapid Transit Authority, Expressway Authority of Thailand, Airports Authority of Thailand, Department of Highways, Royal Irrigation Department), state enterprises, and private-sector clients.

The company monetizes this activity through a dual-revenue model: direct construction contracts (Lump-Sum Turnkey and unit-price) generating approximately THB 45.5 billion in FY2025 revenue, combined with long-duration infrastructure concession cash flows captured through equity stakes in three listed and unlisted associates — Bangkok Expressway and Metro (BEM, 41.15%), TTW (19.40%), and CK Power (30.00%). Operating geographies span Thailand plus Lao PDR (Luang Prabang Mekong hydropower project).

Technically, the group's execution centers on complex tunneling and civil works for mass-transit, large-dam hydroelectric construction, and expressway/toll-road build-and-operate concessions under BOT, BTO, BOO, and BOOT frameworks. A workforce of 2,018 personnel trained in occupational health and safety supports this delivery scope, materially exceeding the 251-500 directly employed headcount. The Trivisvavet family retains controlling ownership; leadership transitioned from Plew Trivisvavet (CEO 1994-2015) to Executive Chairman, with Nattavut Trivisvavet serving as President.

Name

CH Karnchang

Legal name

CH. Karnchang Public Company Limited

Website

https://ch-karnchang.co.th

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

251–500 employees

Short description

CH Karnchang (SET: CK) is a Thai heavy-civil construction and infrastructure-investment group founded in 1972, delivering mass-transit, airports, expressways, hydropower, water, and building projects as main contractor for Thai government agencies, while holding equity stakes in concession operators BEM, TTW, and CK Power.

Ownership category

akta.pro rank

Product category

Engineering & Construction Services

NAICS

Heavy and Civil Engineering Construction (237), Highway, Street, and Bridge Construction (23731), Utility System Construction (2371), Water and Sewer Line and Related Structures Construction (23711)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600), Water, Sewer, Pipeline, Comm & Power Line Construction (1623), General Bldg Contractors - Nonresidential Bldgs (1540), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Hydro BOP Civil & Water Conveyance (Dams, Spillways, Penstocks, Canals) (EUAMAFAG)

akta.pro secondary industries

Storage & Conveyance Structures (Reservoirs, Tanks, Culverts, Tunnels) (IMAFAGAE), Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG)

Keywords

• Construction contracting services
• Infrastructure development
• Mass transit construction
• Hydroelectric power projects
• Expressway construction

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Construction Business: Construction contracting services as main contractor or subcontractor for government agencies, state enterprises, and private sector clients. Projects span mass transit, airports, roads, expressways, energy, water infrastructure, and buildings. Revenue is project-based, earned through construction progress.
2. Infrastructure Investments: Long-term infrastructure investments through Build-Operate-Transfer (BOT), Build-Transfer-Operate (BTO), Build-Own-Operate (BOO), and Build-Own-Operate-Transfer (BOOT) concession models. Investments in associated and related companies operating transportation, mass rapid transit, water infrastructure, and electric power systems.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

CH Karnchang operates as a main contractor and subcontractor for large-scale engineering and construction projects including mass rapid transit systems, airports, roads and expressways, energy facilities, water supply and harbour works, and buildings for government agencies, state enterprises, and private sector clients. The company also develops and operates long-term infrastructure investments under BOT, BTO, BOO, and BOOT concession models through strategic equity stakes in associated companies (Bangkok Expressway and Metro 41.15%, TTW 19.40%, CK Power 30.00%). Construction revenue is earned project-by-project through competitive bidding, with major recent contracts including the MRT Orange Line East Section (THB 26,339M) and Xayaburi Hydroelectric Power Project (THB 94,622M).

Product overview

CH Karnchang is a Thai construction and infrastructure development company offering two core business lines: (1) Construction Business - acting as main contractor or subcontractor for large-scale engineering projects including mass rapid transit systems, airports, roads and expressways, energy facilities, water supply systems, harbours, and buildings; and (2) Infrastructure Investment - developing and operating infrastructure projects under BOT, BTO, BOO, and BOOT concession models. The company holds strategic equity stakes in three listed companies: Bangkok Expressway and Metro (41.15%), TTW (19.40%), and CK Power (30.00%) to operate its infrastructure investments.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction Business Primary construction contracting services operating as main contractor or subcontractor for government agencies, state enterprises, and private entities. Covers mass rapid transit systems, airports, roads and expressways, energy projects, water supply and harbour works, and building construction. Projects are obtained through competitive bidding or direct negotiation, and for large-scale projects requiring specialized foreign expertise, the company forms joint operations with international partners.
• Infrastructure Investment Developer and operator of large-scale infrastructure investments including transportation, mass rapid transit, water infrastructure, and electric power systems. Projects are carried out under Build-Operate-Transfer (BOT), Build-Transfer-Operate (BTO), Build-Own-Operate (BOO), and Build-Own-Operate-Transfer (BOOT) concession models, with strategic equity stakes in Bangkok Expressway and Metro (41.15%), TTW (19.40%), and CK Power (30.00%).

Quantifiable outcome

• Sustained gross margin of approximately 8% in construction business despite stiff competition
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and major.

• Bangkok Expressway and Metro Public Company LimitedcoreStrategic or Co-development PartnerCH Karnchang holds 41.15% shareholding in Bangkok Expressway and Metro Public Company Limited, which operates expressway and mass rapid transit systems under Build-Operate-Transfer concessions. Registered capital of THB 15,285 million.
• TTW Public Company LimitedcoreStrategic or Co-development PartnerCH Karnchang holds 19.40% shareholding in TTW Public Company Limited, which focuses on water infrastructure investments. Registered capital of THB 3,990 million.
• CK Power Public Company LimitedcoreStrategic or Co-development PartnerCH Karnchang holds 30.00% shareholding in CK Power Public Company Limited, which operates electric power generation projects. Registered capital of THB 9,240 million.
• CH Karnchang-Tokyu Construction Co., Ltd.majorStrategic or Co-development PartnerJoint venture with Tokyu Construction for construction projects. Mr. Plew Trivisvavet serves as Director and Chairman of the Board of Directors since 1981.
• Xayaburi Power Company LimitedmajorStrategic or Co-development PartnerSpecial purpose company for Xayaburi Hydroelectric Power Project in Lao PDR. Mr. Plew Trivisvavet serves as Director and Chairman of the Executive Committee since 2010. CH Karnchang constructed the project (THB 94,622M).
• Nam Ngum 2 Power Company LimitedmajorStrategic or Co-development PartnerSpecial purpose company for Nam Ngum 2 Hydroelectric Power Project in Lao PDR. Mr. Plew Trivisvavet serves as Director and Chairman of the Executive Committee.
• Luang Prabang Power Company LimitedmajorStrategic or Co-development PartnerSpecial purpose company for Luang Prabang Mekong Dam project in Lao PDR (USD 5 billion, 1,460 MW). Mr. Plew Trivisvavet serves as Director and Chairman of the Executive Committee since 2020. Project over 72% complete, expected to generate electricity by 2030.
• Northern Bangkok Expressway Company LimitedcoreStrategic or Co-development PartnerCH Karnchang holds board representation in Northern Bangkok Expressway Company Limited. Mr. Plew Trivisvavet serves as Chairman of the Board and Executive Committee since 1996.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CH Karnchang