G-Able Public Company Limited (SET: GABLE) reported a complex set of second-quarter results for 2026, characterized by robust top-line growth offset by narrowing margins. Total revenue for the quarter reached Baht 1,624.99 million, marking an 11.32% increase year-over-year. However, net profit fell 25.22% to Baht 60.48 million as a shifting product mix weighed on the bottom line. While the results reflect a challenging global economic slowdown, G-Able’s first-half performance remains strong, with six-month net profits surging nearly 95% compared to 2025.
Key Financial Highlights
- Revenue: Baht 1,624.99M (+11.32% YoY)
- Net Profit: Baht 60.48M (-25.22% YoY)
- Debt-to-Equity Ratio: 0.0x
The Group’s core Enterprise Solution and Services business remains its primary engine, growing 13.05% to Baht 1,157.35 million. This growth was fueled by heavy demand for Cybersecurity and Cloud modernization. The specialized Software Platform segment was a standout performer, exploding 57.79% year-over-year.
Despite these gains, gross profit margins compressed to 17.29%, down from 20.41% a year ago. Management attributed this decline to a higher volume of hardware-heavy orders, which typically carry lower margins than software services. On the operational front, G-Able demonstrated strict cost discipline, slashing administrative expenses by over 7% through enhanced efficiency.
Financial Health and Outlook G-Able maintains a pristine balance sheet with zero interest-bearing debt and no bank borrowings. Its liquidity is anchored by Baht 2,772.61 million in unearned revenues, representing long-term service contracts that provide high visibility for future earnings.
Looking ahead, management is aggressive on its AI Security pivot. Through its “CyberGenics” subsidiary, G-Able is transitioning from a product-based model to a high-margin ecosystem focused on “Digital Trust” and AI governance.
