Performance Highlights

Financial Performance in 9M24

Overall operating revenue
THB mn
(Flat YoY)
Gross profit
THB mn
representing 49.6% of operating revenue
SG&A expenses
THB mn
representing 28.3% of operating revenue
Adjusted net profit
THB mn
(down by 6.5% YoY)
Reported net profit
THB mn
(down by 9.6% 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 9M23 9M24
Operating Revenue 11,130 12,589 14,136 15,686 15,681 11,523 11,687
Gross profit 4,578 4,986 5,911 7,040 7,095 5,190 5,799
Selling and Admin. exp (SGA) 3,176 3,299 3,769 4,359 4,191 3,087 3,306
SGA (% to revenue) 28.5% 26.2% 26.7% 27.8% 26.7% 26.8% 28.3%
Net Profit (Adjusted) of core business1 1,293 1,462 1,882 2,290 2,327 1,706 1,595
(% to revenue) 11.6% 11.6% 13.3% 14.6% 14.8% 14.8% 13.6%
Net foreign exchange gain/(loss)2 (78) 18 119 2 (325) (187) (201)
Long term employee benefit charge (41) - - - - - -
Normalizing tax expense - - - - 31 31 -
Net losses from new businesses (36) (91) (60) (52) (41) (30) (20)
Net profits-Reported 1,139 1,388 1,941 2,240 1,993 1,519 1,373
Operating cash inflow 1,495 1,629 2,727 1,997 1,926 1,561 1,600
% to net profits 131.3% 117.4% 140.5% 89.1% 96.7% 103.0% 117.0%
Cash cycle (days) 129 126 124 119 132 133 132
Revenue by segments
Mega We Care  business 5,476 5,848 6,909 8,053 8,005 5,879 6,103
Maxxcare business 5,414 6,502 6,906 7,319 7,397 5,417 5,348
OEM 239 239 320 314 279 227 237
Figures in THB mn
Consolidated Balance Sheet
2019 2020 2021 2022 2023 9M23 9M24
Cash and bank balances3 1,455 1,218 2,531 2,789 2,712 2,451 2,915
Trade accounts receivable 2,539 2,507 2,557 3,107 3,314 3,509 2,970
Inventories 2,856 3,489 3,823 4,109 3,377 3,937 3,118
Property, plant and equipment4 1,802 1,985 1,874 1,936 2,010 1,999 1,966
Intangible assets5 992 1,312 1,353 1,329 1,319 1,359 1,333
Other assets 889 1,046 1,134 1,376 1,383 1,484 1,230
Total Assets 10,533 11,557 13,272 14,646 14,115 14,739 13,533
Bank overdrafts & short-term Loans 888 499 168 229 76 81 169
Trade Payables 2,020 2,048 2,527 2,793 1,925 2,514 1,841
Other Liabilities 1,450 2,031 2,552 2,847 2,812 3,178 2,285
Total Outside Liabilities 4,358 4,578 5,247 5,870 4,813 5,774 4,295
Shareholder Equity 6,175 6,979 8,025 8,777 9,302 8,965 9,238
Total Liabilities and Equity 10,533 11,557 13,272 14,646 14,115 14,739 13,533
Key Balance Sheet elements
Net cash/(debt) 567 718 2,363 2,560 2,636 2,370 2,747
Net cash used in / (generated) from investing activities6 540 646 142 279 230 176 (44)
Net debt/Equity (times) (0.10) (0.11) (0.32) (0.30) (0.29) (0.27) (0.30)

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 cash used in / (generated) from investing activities includes investment in property plant and equipments, business acquisitions and investment / refund in joint ventures and associates.