Performance Highlights

Financial Performance in 1H24

Overall operating revenue
THB mn
(Flat YoY)
Gross profit
THB mn
representing 47.7% of operating revenue
SG&A expenses
THB mn
representing 28.7% of operating revenue
Adjusted net profit
THB mn
(down by 11.0% YoY)
Reported net profit
THB mn
(Flat 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 1H23 1H24
Operating Revenue 11,130 12,589 14,136 15,686 15,681 7,720 7,686
Gross profit 4,578 4,986 5,911 7,040 7,095 3,451 3,664
Selling and Admin. exp (SGA) 3,176 3,299 3,769 4,359 4,191 2,066 2,206
SGA (% to revenue) 28.5% 26.2% 26.7% 27.8% 26.7% 26.8% 28.7%
Net Profit (Adjusted) of core business1 1,293 1,462 1,882 2,290 2,327 1,180 1,051
(% to revenue) 11.6% 11.6% 13.3% 14.6% 14.8% 15.3% 13.7%
Net foreign exchange gain/(loss)2 (78) 18 119 2 (325) (225) (43)
Long term employee benefit charge (41) - - - - - -
Normalizing tax expense - - - - 31 48 -
Net losses from new businesses (36) (91) (60) (52) (41) (19) (17)
Net profits-Reported 1,139 1,388 1,941 2,240 1,993 984 990
Operating cash inflow 1,495 1,629 2,727 1,997 1,926 864 1,605
% to net profits 131.3% 117.4% 140.5% 89.1% 96.7% 87.8% 162.0%
Cash cycle (days) 129 126 124 119 132 126 122
Revenue by segments
Mega We Care  business 5,476 5,848 6,909 8,053 8,005 3,972 4,070
Maxxcare business 5,414 6,502 6,906 7,319 7,397 3,592 3,483
OEM 239 239 320 314 279 156 133
Figures in THB mn
Consolidated Balance Sheet
2019 2020 2021 2022 2023 1H23 1H24
Cash and bank balances3 1,455 1,218 2,531 2,789 2,712 2,751 3,694
Trade accounts receivable 2,539 2,507 2,557 3,107 3,314 3,304 3,061
Inventories 2,856 3,489 3,823 4,109 3,377 3,889 3,308
Property, plant and equipment4 1,802 1,985 1,874 1,936 2,010 1,978 2,027
Intangible assets5 992 1,312 1,353 1,329 1,319 1,339 1,347
Other assets 889 1,046 1,134 1,376 1,383 1,437 1,534
Total Assets 10,533 11,557 13,272 14,646 14,115 14,697 14,971
Bank overdrafts & short-term Loans 888 499 168 229 76 275 177
Trade Payables 2,020 2,048 2,527 2,793 1,925 2,670 2,359
Other Liabilities 1,450 2,031 2,552 2,847 2,812 2,657 2,640
Total Outside Liabilities 4,358 4,578 5,247 5,870 4,813 5,602 5,176
Shareholder Equity 6,175 6,979 8,025 8,777 9,302 9,095 9,795
Total Liabilities and Equity 10,533 11,557 13,272 14,646 14,115 14,697 14,971
Key Balance Sheet elements
Net cash/(debt) 567 718 2,363 2,560 2,636 2,476 3,517
Net investment capex6 540 646 142 279 230 106 56
Net debt/Equity (times) (0.10) (0.11) (0.32) (0.30) (0.29) (0.28) (0.37)

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 investing activities includes investment in property plant and equipments, business acquisitions and investment in joint ventures and associates.