BEC Posts Net Income of THB174 Million in 1Q22, Up 25% YoY

BEC World Public Company Limited (SET: BEC) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
173.80 138.83
Earning Per Share
0.09 0.07
% Change 25.2

BEC reported net profit in 1Q22 at THB173.8 million, increasing 25.2% YoY from 1Q21. Gross Profit margin increased to 29.5% from 25.6% in 1Q21.

BEC’s advertising income was at THB1,096.0 million, decreasing 6.7% YoY from 1Q21 at THB1,174.5 million and decreasing 20.3% QoQ from 4Q21 at THB1,374.4 million. The decline in advertising income was from lower advertising minutes due to the impact from the omicron variant pandemic in early 2022 and the impact from the conflict between Russia and Ukraine since the end of February 2022. Resultant higher inflation driven by higher energy and commodity prices led to decreased consumer’s purchasing power, which, in turn, caused advertisers to slow down use of television advertising budget for marketing campaigns and adopt a wait and see strategy to assess the situation.

Income from copyright and other services was at THB144.9million, increasing 8.4% YoY but decreased 34.3% QoQ. Revenue from Global Content Licensing was at THB54.3million, increasing THB20.4 million or increasing 60.4% YoY. Whereas the revenue from Digital Platform business was at THB87.4 million, decreasing THB4.9 million or reducing 5.3% YoY. The combined revenue from the two businesses was at THB141.7 million or increasing THB15.6 million.

In addition, cash and cash equivalents in the statement of financial position increased 9.9% YoY to THB5,183.4 million as of March 31, 2022. BEC had a net cash flow from operating activities of THB805.3 million in this quarter.