Thaicom Public Company Limited (SET: THCOM) delivered a significant financial turnaround in 2025, reporting a net profit of THB 40 million, a stark reversal from the THB 22 million net loss recorded in 2024. This performance marks a year of successful strategic execution, characterized by robust revenue growth and streamlined operational costs.
The company’s total revenue reached THB 2.73 billion, representing a 13.1% increase over the THB 2.42 billion generated in 2024. Key drivers included THB 317 million from services rendered to a major counterparty and THB 153 million from a contract with the Geo-Informatics and Space Technology Development Agency (GISTDA) for THEOS satellite antenna systems. Furthermore, other income surged to THB 262 million, primarily due to a THB 235 million gain from the reversal of long-term accounts payable that were no longer required.
While the bottom-line profit was positive, THCOM’s core profit provides a clearer picture of its operating strength, jumping 267.6% to THB 401 million. The discrepancy between core and net figures was largely attributed to a THB 353 million unrealized loss on exchange rates caused by a volatile and appreciating Baht. Excluding these non-cash forex items, the satellite business alone generated a core profit of THB 432 million.
Efficiency gains also bolstered the profit and loss. SG&A expenses fell 15.9% to THB 749 million, while financial costs decreased by 22% to THB 71 million following significant loan repayments.
Looking ahead, THCOM continues to diversify through its Geospatial Intelligence (GEOINT) segment and the CarbonWatch initiative, which focuses on monitoring agricultural activities and carbon sequestration. With the construction of the THAICOM 9 and THAICOM 10 satellites underway—recorded as assets under construction totaling THB 3.89 billion—the company is positioning itself for sustained growth in the regional space technology sector.
