VGI Recorded a Net Loss of THB 76 Million in Third Quarter of Fiscal Year 2021

VGI Pcl. (SET: VGI)  has announced its third quarter 2021 fiscal year earnings on Monday through the Stock Exchange of Thailand as follows:

Quarterly 3Q 2021 3Q2020
Net Profit/ (Loss) in thousands



Earning Per Share (Baht)



% Change


Following a challenging first half of 2021 fiscal year from COVID-19 pandemic, which particularly impacted the company’s OOH Advertising business, the company was able to generate an increase revenue from the last quarter thanks to the easing of restrictions on public life due to the lower infection rates as well as the steady progress of vaccination program.

In 3Q 2021 fiscal year, the company’s revenue from services and sales increased by 110.2% YoY to THB 1,429mn. The increase was mainly from the full-quarter consolidation of Fanslink Communication Company Limited (“Fanslink”) and the growth of Rabbit Group, which recorded under Distribution business and Digital Services segment, respectively.

OOH Advertising revenue was decreased by 4.8% YoY to THB 436mn, mainly from a decrease in revenue from Office and Other media segment.

Transit media revenue was increased by 8.0% YoY to THB 412mn. The increase was mainly driven by the launch of media package promotion, which bundling media across BTS media network and Street Furniture media.

Other income was recorded at THB 87mn, a decrease of 7.5% YoY, mainly from the decrease in dividend income. Nevertheless, this was offset by the gain on sale of MACO-W3.

The consolidation of Fanslink also resulted in rising cost of services and sales, which came to THB 1,105mn, an increase of 208.0% YoY. Cost-to-revenue ratio increased to 77.3% (prior year: 52.8%), resulting in a decrease of gross profit margin to 22.7% (prior year: 47.2%). Meanwhile, selling, general and administrative expenses ( “ SG&A” ) increased to THB 367mn, an increase of 66.9% YoY. SG&A to revenue ratio decreased to 25.7% (prior year: 32.4%).

Consequently, the Company recorded a net loss of THB 76mn, decreasing by 110.6% YoY and a net loss margin of 5.3%.

Office and Others media revenue was THB 24mn, a decrease of 68.7% YoY. This segment was mainly impacted by the new normal lifestyle of workers due to an implementation of work-from-home/ remote working policy across government and private sectors.

Digital Services revenue increased by 40.5% YoY to THB 312mn from higher insurance commission fees and lead generation under Rabbit Group.

Distribution revenue was THB 681mn. In this quarter, the Company recorded full-quarter performance of Fanslink, which started since August 2021.

The company recorded a share of loss from investments in joint ventures and associates of THB 119mn. The loss was primarily from the operation of Kerry Express (Thailand) Public Company Limited, as a result from its aggressive pricing strategy to maintain market leadership.

Consequently, the company recorded a net loss of THB 76mn, decreasing by 110.6% YoY and a net loss margin of 5.3%.