THCOM Reports 70% Decrease in 2022 Earnings as Impairment and FX Loss Weigh on Performance

Thaicom Public Company Limited (SET: THCOM) has announced its 2022 yearly consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
42.21 143.64
Earning Per Share
0.0400 0.1300
% Change -70.61

THCOM reported a net profit of Baht 42 million in 2022, decreased 70.61% from a net profit of Baht 143 million in 2021.

The decrease in net profit was mainly due to;

1) In 3Q22, THCOM recognized the impairment of the satellite of Baht 259 million, resulting from the general downtrend of the broadcast industry, together with the delay in applying foreign landing right license due to changes in the regulatory process, which caused the shift of transponder sales to be later than the original plan.

2) The net foreign exchange gain for 2022 was Baht 120 million, decreased by 67.6% from Baht 369 million for 2021.

3) Share of profit (loss) of investment in subsidiaries and joint ventures for 2022 was Baht (306) million, the net loss increased 14.6% compared to the loss of Baht (267) million for 2021. 

THCOM’s revenue from sales and service for 2022 was Baht 2,927 million, decreased by 11.4% from Baht 3,303 million for 2021 due to the decrease of revenue from Thai broadcast customers, together with the decrease of International broadband clients. However, the cost of sales and services for 2022 was Baht 1,500 million, decreased by 36.1% compared to Baht 2,349 million for 2021 due to the decrease of satellite depreciation and concession fee after concession ended.