Samart Group achieved a significant financial rebound in 2024, posting total revenue of Bt10.16 billion and a net profit of Bt133 million, marking a return to profitability after a loss in the previous year. In the fourth quarter alone, the group recorded Bt3.6 billion in revenue, with a net profit of Bt171 million.
The group’s total backlog across all business units also exceeded Bt13 billion at year-end. Looking ahead, Samart is targeting revenue of Bt13.5 billion for 2025, with a strategic emphasis on expanding recurring income streams to drive sustainable growth.
Excluding a Bt286 million loss provision for estimated long-term liabilities related to the dispute with the Bangkok Asian Games Organizing Committee (BAGOC) and the Sports Authority of Thailand over the 13th Asian Games, Samart’s profit in 2024 would have reached Bt420 million.
Mr. Watchai Vilailuck, Executive Vice Chairman of Corporate Strategy and New Business Development at Samart Corporation Plc., said that despite the overall economic slowdown in the country last year, the group demonstrated robust operational results. In Q4 2024, Samart generated revenue of Bt3.602 billion and a net profit of Bt171 million.
He stated that for the full year, total revenue was reported at Bt10.157 billion, reflecting a decrease of Bt140 million from the previous year. Revenue from contract projects and service income totaled Bt10.042 billion, down Bt97 million. This decline was primarily attributed to the Digital Communications Business Group, which did not have additional deliveries and installations of the Digital Trunked Radio System for the Ministry of Interior’s (MOI) radio communication command system procurement project in 2024, resulting in a revenue reduction of Bt1.621 billion.
However, the group reported increased revenue from several projects. The Utilities and Transportation Business Group achieved revenue growth of Bt893 million from comprehensive construction projects for high-voltage transmission stations. Additionally, revenue from air traffic management services in Cambodia rose by Bt111 million, while a project focused on enhancing efficiency in excise tax collection management generated an extra Bt73 million. Furthermore, the Digital Communications segment reported an increase of Bt292 million in revenue from airtime services, and the Digital ICT Solutions segment experienced a revenue boost of Bt181 million.
In 2024, Samart Group reported a net profit of Bt133 million, a notable improvement from the previous year’s net loss of Bt390 million. Excluding a loss provision of Bt286 million for estimated long-term liabilities related to the dispute with the Bangkok Asian Games Organizing Committee (BAGOC) and the Sports Authority of Thailand, Samart’s profit for 2024 would have reached Bt420 million.
Digital ICT Solutions Business Group (SAMTEL):
The Digital ICT Solutions Business Group, led by Samart Telcoms Public Company Limited, generated total revenue of Bt4.097 billion from contract projects and services, representing an increase of Bt181 million, or 5 per cent, compared to the previous year. This growth was primarily driven by higher service fees and rental income. In 2024, the company signed new project contracts valued at Bt4.784 billion, and the backlog at year-end amounted to Bt4.361 billion.
Utilities and Transportations Business Group:
The Utilities and Transportation Business Group reported total revenue of Bt5.425 billion from contract projects and services, an increase of Bt1.057 billion, or 24 per cent, compared to the previous year. This growth was largely fueled by higher revenue from comprehensive construction projects for high-voltage transmission stations under Teda Co. Ltd., which experienced an increase of Bt893 million.
Additionally, revenue from air traffic management services in Cambodia, provided by Samart Aviation Solutions Public Company Limited, rose by Bt111 million. In 2024, the air traffic management business managed a total of 103,887 flights, reflecting an increase of 11,202 flights, or 12 per cent, compared to the prior year. The backlog at year-end amounted to Bt8 billion.
Digital Communications Business Group (SDC):
The Digital Communications Business Group, led by Samart Digital Public Company Limited, reported total revenue of Bt515 million from contract projects and services, a decline of Bt1.336 billion, or 72 per cent, compared to the previous year. This significant drop was primarily due to a decrease in revenue from contract work, which fell by Bt1.621 billion. In 2024, there were no additional deliveries or installations of the Digital Trunked Radio System for the Ministry of Interior’s (MOI) radio communication command system procurement project. Despite this decline, revenue from airtime services increased by Bt292 million, with the backlog at year-end totaling Bt923 million.
Mr. Watchai said for 2025, Samart Group has set a revenue target of Bt13.5 billion. The Digital ICT Solutions Business Group is expected to contribute Bt6.5 billion, capitalizing on opportunities from several projects postponed from last year and new initiatives arising from government economic stimulus measures.
Meanwhile, the Utilities and Transportation Business Group is targeting revenue of Bt6 billion, particularly from Samart Aviation Solutions Public Company Limited, which provides air traffic control services in Cambodia under Cambodia Air Traffic Services Co., Ltd. (CATS). This segment is well-positioned for growth with the opening of the new Phnom Penh International Airport. Additionally, Teda and Transec plan to expand their services by upgrading traditional substations to new digital substations.
“We’re confident that these new businesses will generate recurring income for the group in the coming year, driving us to achieve sustainable growth as planned,” Mr. Watchai said.
