Samart Group has delivered an impressive performance in Q3 2024, with total revenue reaching Bt2.349 billion – a robust increase of Bt245 million or 12 per cent from the previous quarter. A key highlight of the results is the return to profitability for Samart Digital (SDC), underscoring the group’s solid growth across all segments.

Mr. Watchai Vilailuck, Executive Vice Chairman of Corporate Strategy and New Business Development at Samart Corporation Plc., said that the group achieved Bt2.349 billion in revenue, marking a 12 per cent quarter-on-quarter growth. The company also posted a profit of Bt91 million for the period, demonstrating a significant improvement over the same quarter last year.

The positive Q3 results represent a strong recovery from the previous quarter, which had seen a loss of Bt183 million due to a dispute with the Bangkok Asian Games Organizing Committee (BAGOC) and the Sports Authority of Thailand over the 13th Asian Games.

Revenue growth in Q3 was driven by successful projects across all of business segments, including air traffic management services in Cambodia, turnkey high-voltage substation construction in the Utilities and Transportation segment, airtime service fees from Digital Communications, and contract-based revenue from the Digital ICT Solutions segment.

Business Segment Performance for Q3 2024:

Utilities and Transportations Business Group:
The Utilities and Transportation segment saw strong growth, posting Bt1.332 billion in revenue, an increase of Bt285 million or 27 per cent year-on-year. This growth was primarily fueled by high-voltage substation construction projects led by Teda Co., Ltd., which contributed an additional Bt250 million in revenue and is expected to continue expanding steadily.

Samart Aviation Solutions Public Company Limited (SAV), which holds a majority stake in Cambodia Air Traffic Services Co., Ltd. (CATS), experienced a Bt34 million (or 8.4 per cent) year-on-year increase in revenue. The number of flights handled reached nearly 26,000, marking a 7 per cent increase from the same period last year and a 5 per cent rise from the previous quarter.

Additionally, the segment made significant progress in projects aimed at optimizing excise tax collection management. With a solid project backlog of approximately Bt8.7 billion, the Utilities and Transportation segment is well-positioned for continued growth

Digital ICT Solutions Business Group (SAMTEL):
The Digital ICT Solutions Business Group (SAMTEL) reported Bt830 million in revenue for Q3 2024, marking a 12 per cent quarter-on-quarter increase of Bt81 million. However, revenue fell 31 per cent year-on-year, down by Bt380 million compared to the same quarter last year.

Despite the revenue drop, SAMTEL’s net profit surged by 54 per cent to Bt22 million, up from Bt14 million in Q3 2023. The segment also secured new contracts worth over Bt900 million, boosting its backlog to around Bt3.9 billion.

Digital Communications Business Group (SDC):
The Digital Communications segment (SDC) reported total revenue of Bt157 million, primarily driven by airtime services, which saw a substantial increase of Bt100 million compared to the previous year. Revenue also grew by 47 per cent from the previous quarter, up by Bt50 million.

This impressive growth enabled SDC to return to profitability, posting a net profit of Bt27 million, making its first positive quarter in several years. The turnaround underscores the success of SDC’s strategic focus on optimizing airtime services and enhancing cost efficiencies, setting the stage for sustained progress.

Over the first three quarters of the year, SDC made significant progress in improving its financial position, reducing its total losses to just Bt8 million. The segment also maintains a strong project backlog of over Bt1 billion, expected to fuel continued growth in the upcoming quarter

Looking ahead, Samart Group is preparing to bid on projects valued at over Bt2.5 billion in the final quarter of the year. These projects are focused on generating stable, recurring revenue, particularly in sectors such as airport infrastructure and government contracts.

Mr. Watchai emphasized that these upcoming initiatives are part of the group’s strategy to drive sustainable growth and ensure long-term success.