VGI Public Company Limited (SET: VGI) opened its 2026/27 fiscal year with a significant bottom-line recovery, reporting a net profit of THB 261 million, a staggering 484% increase year-over-year. While top-line revenue grew a modest 2.3% to THB 1,140 million, the company’s net profit margin expanded dramatically to 22.9% from just 4% in the same period last year.
Key Financial Highlights:
- Revenue: THB 1,140 million (+2.3% YoY)
- Net Profit: THB 261 million (+484% YoY)
- Net Profit Margin: 22.9% (vs. 4% YoY)
- Total Assets: THB 40,288 million
The company’s Digital Services unit emerged as a primary growth engine, with revenue rising 7.6% year-on-year to THB 433 million. This performance was underpinned by higher insurance commissions from Rabbit Care and a growing digital loan portfolio at Rabbit Cash.
Conversely, the Advertising business faced headwinds, with revenue dipping 2.3% to THB 444 million. Despite lower transit and office media utilization—which fell to 49.1%—the segment notably outperformed the broader out-of-home industry, which contracted by 5% during the quarter. The Distribution segment remained stable, posting a 2% increase to THB 263 million, driven by high-margin pet and beauty product sales.
The massive profit surge was significantly bolstered by non-recurring items and investment reclassifications. VGI recognized THB 173 million from joint ventures and associates, a 523% year-on-year jump largely due to reclassifying its investment in PlanB as an associate. Operational efficiency also improved as the SG&A-to-sales ratio fell to 41.9%, aided by a one-time THB 86 million reversal of credit loss allowances.
VGI maintains a fortress balance sheet with THB 20.8 billion in cash and current financial assets. The company is virtually debt-free, reporting a debt-to-equity ratio of 0x, providing ample liquidity for future strategic acquisitions.
Management has set a confident FY2026/27 revenue target of THB 5,000–5,500 million, representing 8–18% growth. Strategic focus remains on the ‘BTS & City Sync’ collaboration with PlanB and expanding the ‘Turtle’ retail footprint into Bangchak gas stations to capture traveling consumers.
As of 11:03 AM (Bangkok time) on Friday, the share price of VGI jumped by 4.12% or THB 0.04 to THB 1.01, with a trading value of THB 56.00 million.
