Samart Corporation Public Company Limited prepares for a return to golden era, with strong financial performance in Q1/2024. The Company made a robust recovery, reporting a net profit of 55 million baht, a significant reversal from losses in the same period last year. This turnaround can be attributed to the continuous recovery of the company and its subsidiaries’ businesses.
Mr. Watchai Vilailuck, Vice Chairman of the Board of Directors, Strategic and New Business Development Division, Samart Corporation Public Company Limited (SAMART), stated, “Samart Group is pleased to report the performance for Q1/2024. The results are satisfactory, with SAMART Corporation generating revenue from sales, contractual revenue, and services totaling 2.081 billion baht, with a net profit of 55 million baht. This is a significant improvement from the loss of 26 million baht in the same quarter of the previous year. The main reason for this improvement is the business growth across various business segments of the company. In particular, the Utilities and Transportations business segment generated revenue from sales and services amounting to 1.089 billion baht, an increase of approximately 23% or 205 million baht from the same quarter of the previous year. This growth is attributed to the increased revenue from the construction of high-voltage power stations, totaling 150 million baht. Additionally, the Aviation business, operated by Samart Aviation Solutions Company Limited (SAV), the leading aviation provider in Cambodia, achieved total revenue of 417 million baht, up by 22%, with a net profit of 94.3 million baht, representing a 207% increase compared to the same period of the previous year.”
Within the Digital ICT Solutions business segment under Samart Telcom Public Company Limited (SAMTEL), total revenue amounted to 924 million baht, with a net profit of 16 million baht. This marks a decrease of 9 million baht compared to the same period of the previous year. Meanwhile, the Digital Communications business segment under Samart Digital Company Limited (SDC), total revenue amounted to 191 million baht, with a gross profit of 31 million baht. This is a turnaround from an initial loss of 25 million baht in the previous quarter. Additionally, the net loss decreased significantly by 88% to 18 million baht. This improvement is attributed to increased revenue from airtime services, although revenue from handset delivery decreased as the company had nearly achieved its handsets delivery amount under the contractual obligations to customers.
Furthermore, SDC did not have any expenses reserved for network infrastructure and equipment since the fourth quarter last year. It is anticipated that as the number of network service users increases this year, and operations profitability will improve accordingly. Moreover, within the SAMART group of companies, expenses for sales, management, and other expenses decreased by approximately 20% compared to the same period of the previous year. Additionally, financial expenses decreased by 34% compared to the previous year. As of March 31, 2024, the company’s total assets amounted to 17.663 billion baht, representing an 8% decrease, while total liabilities amounted to 11.152 billion baht, representing a 13% decrease compared to the end of fiscal year 2566. Shareholders’ equity amounted to 6.511 billion baht.
“At present, the group of companies has a significant volume of contracted backlog of 15.412 billion baht to realize revenue. Meanwhile, Samart Aviation Solutions Company Limited (SAV) anticipates approximately 25% growth in flight volume this year and expects continuous operational growth. The company is confident that the aviation business will grow continuousily, supported by the investment expansion plan for the aviation radio broadcasting business in Laos,progressing well according to the company’s business plan.”
“In addition, the company also plans to participate in bidding for several projects worth a total of 15,000-20,000 million baht, along with expanding strategic partnerships to enhance competitiveness and business opportunities. This expansion includes the enhancement of technology services to serve both domestic and international customers. This year, the company plans to allocate capital expenditure of approximately 4,000 – 5,000 million baht for new projects. This investment will contribute to sustainable growth for the company and deliver good returns to all shareholders equally,” concluded Mr. Watchai.