JMT Network Services reported a flat third-quarter net profit of THB 232 million, edging up 0.2% year-over-year despite macro economic headwinds. Total consolidated revenue contracted 7.2% year-over-year to THB 1,091 million, weighed down by weaker collections in its core distressed asset portfolio amid sluggish domestic purchasing power.
Key Financial Highlights
- Net Profit: THB 231.8 million, up 0.2% YoY.
- Total Revenue: THB 1,090.8 million, down 7.2% YoY.
- Expected Credit Loss (ECL): THB 188.6 million, down 31.4% YoY and 31.9% QoQ.
- Debt Collection Revenue: THB 64.2 million, up 28.0% YoY.
The distressed debt management division remained JMT’s revenue anchor, contributing THB 953 million or roughly 87% of total sales, though revenue declined 9.2% year-over-year. In contrast, debt collection service revenues surged 28.0% year-over-year to THB 64.2 million, propelled by expanding litigation assignments for joint venture partner JK Asset Management. Meanwhile, insurance revenue slipped 2.2% to THB 73.2 million as the company pruned high-loss motor policies to focus on profitable mobile device protection products.
Operational profitability faced top-line pressures, but bottom-line stability was shielded by a sharp reduction in non-cash expected credit losses (ECL). Quarterly ECL provisions fell 31.4% year-over-year and 31.9% sequentially to THB 188.6 million as collection deficits on unsecured portfolios narrowed significantly. Additionally, finance costs fell 15.8% year-over-year to THB 104.6 million due to disciplined debt paydowns, while share of profit from JK Asset Management rose 13.9% to THB 57.2 million.
JMT significantly fortified its financial standing, slashing its total debt-to-equity ratio to 0.31x from 0.49x a year earlier. Operating cash flow remained robust at THB 2,070 million for the first nine months. Management actively optimized its capital structure by redeeming THB 1,146.5 million in matured debentures in June and executing a THB 2,000 million debenture issuance at 5.10% in October.
Looking ahead, management anticipates elevated bank non-performing loan (NPL) sales starting in late 2026 through 2027. To enhance collection capacity, JMT is deploying AI-driven quality monitoring and expanding tele-collector headcount, aiming for a THB 1,800 million net profit target by 2028 under its JUMP+ enhancement plan.
