SABUY Announces Soaring 2Q Earnings by 650% as Business Acquisitions Bear Fruits

Sabuy Technology Public Company Limited (SET: SABUY) has announced its consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
356.27 47.09
Earning Per Share
0.2604 0.0459
% Change 656.56
6 Months 2022 2021
Net Profit (Loss)
Million Baht
463.55 80.77
Earning Per Share (Baht) 0.3581 0.0794
% Change 473.91

SABUY’s net profit for Q2 2022 (ending 30-Jun-2022) totaled THB 356.3 million, a significantly increase of THB 309.2 million or 656.6% from the same period last year and strongly increase of THB 249.0 million or 232.1% from the previous quarter. This is due mainly to the recognition of investment in TSR, the manufacturer and direct sale of water distillation system operators, Buzzebees, a platform and organizational management as the customer relationship management (CRM) and a loss from an investment recognition in AIT. Including, fully recognized the revenue from The Letter Post, M Point Express and Paypost in Drop-off business which are under SABUY Speed

Sales and services revenue of the company in Q2 2022 (ending 30-Jun-2022) was THB 756.0 million, representing an increase of THB 368.5 million or 95.1% from the same period last year and increased THB 21.0 million or 2.9% from previous quarter. Total revenue in this quarter increased due mainly to an increase in the number of product sales through vending machines and positively recognized revenue from Drop-off business which showed strong growth together with changing strategies with main partners; Kerry express, in terms of increasing overall revenue and revenue per branch.

Gross profit margin in Q2 2022 dropped from 46.5% to 28.4% from the same period last year due mainly to an extreme price competition in drop-off business, the company has changed price strategies in order to maintain the customer base and increase the number of parcels. Therefore, changes in strategies have affected dropped gross profit compared to Q1 2022. Nevertheless, the revenue from drop-off business still increased from the previous quarter.