Performance Highlights

Financial Performance in FY23

Overall operating revenue
THB mn
(Flat YoY)
Gross profit
THB mn
representing 45.2% of operating revenue
SG&A expenses
THB mn
representing 26.7% of operating revenue
Adjusted net profit
THB mn
(up by 1.6% YoY)
Reported net profit
THB mn
(down by 11.0% YoY)

Financial Highlights

Total Operating Revenue
(Unit: THB mn)
Total Assets
(Unit: THB mn)
Total Profits
(Unit: THB mn)
Adjusted Total Profits
(Unit: THB mn)
Figures in THB mn
Consolidated Income Statement
2019 2020 2021 2022 2023
Operating Revenue 11,130 12,589 14,136 15,686 15,681
Gross profit 4,578 4,986 5,911 7,040 7,095
Selling and Admin. exp (SGA) 3,176 3,299 3,769 4,359 4,191
SGA (% to revenue) 28.5% 26.2% 26.7% 27.8% 26.7%
Net Profit (Adjusted) of core business1 1,293 1,462 1,882 2,290 2,327
(% to revenue) 11.6% 11.6% 13.3% 14.6% 14.8%
Net foreign exchange gain/(loss)2 (78) 18 119 2 (325)
Long term employee benefit charge (41) - - - -
Normalizing tax expense - - - - 31
Net losses from new businesses (36) (91) (60) (52) (41)
Net profits-Reported 1,139 1,388 1,941 2,240 1,993
Operating cash inflow 1,495 1,629 2,727 1,997 1,926
% to net profits 131.3% 117.4% 140.5% 89.1% 96.7%
Cash cycle (days) 129 126 124 119 132
Revenue by segments
Mega We Care  business 5,476 5,848 6,909 8,053 8,005
Maxxcare business 5,414 6,502 6,906 7,319 7,397
OEM 239 239 320 314 279
Figures in THB mn
Consolidated Balance Sheet
2019 2020 2021 2022 2023
Cash and bank balances3 1,455 1,218 2,531 2,789 2,712
Trade accounts receivable 2,539 2,507 2,557 3,107 3,314
Inventories 2,856 3,489 3,823 4,109 3,377
Property, plant and equipment4 1,802 1,985 1,874 1,936 2,010
Intangible assets5 992 1,312 1,353 1,329 1,319
Other assets 889 1,046 1,134 1,376 1,383
Total Assets 10,533 11,557 13,272 14,646 14,115
Bank overdrafts & short-term Loans 888 499 168 229 76
Trade Payables 2,020 2,048 2,527 2,793 1,925
Other Liabilities 1,450 2,031 2,552 2,847 2,812
Total Outside Liabilities 4,358 4,578 5,247 5,870 4,813
Shareholder Equity 6,175 6,979 8,025 8,777 9,302
Total Liabilities and Equity 10,533 11,557 13,272 14,646 14,115
Key Balance Sheet elements
Net cash/(debt) 567 718 2,363 2,560 2,636
Net investment capex6 540 646 142 279 290
Net debt/Equity (times) (0.10) (0.11) (0.32) (0.30) (0.29)

Remark:

  1. Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non-recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance.
  2. Excluding Dual currency rate effect in Myanmar impact, based on best estimates, is due to difference between bank rate of exchange by Central bank of Myanmar adopted for financial reporting per International Financial Reporting Standards vs Actual transacted market rates, resulting in inflated sales, gross margins, SG&A and forex losses, not materially impacting the overall profitability.
  3. Cash and bank balances as at balance sheet dates include non-restricted term deposits with banks
  4. Includes asset classified as investment property
  5. Includes goodwill
  6. Net investment capex includes investment in property plant and equipments, business acquisitions and investment in joint ventures and associates.