TRUEE Reports THB18 Billion of Net Loss with High D&A, Eyeing Amalgamation to Complete in 1Q23

True Corporation Public Company Limited (SET: TRUEE) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
-18,285.20 -1,428.41
Earning Per Share
-0.5500 -0.0400
% Change -1,180.11

TRUEE reported a net loss of Baht 18,285 million in 2022, plunging further from a net loss of Baht 1,428 million. The plunge was mainly due to higher network depreciation and spectrum amortization expenses following continued network and service expansion as well as foreign exchange loss of Baht 1.2 billion and non-recurring expenses of approximately Baht 8.5 billion in the fourth quarter such as write down of assets that might be redundant under the new amalgamated company, impairment of goodwill, and DIF’s annual asset appraisal. 

True Group’s total revenue was Baht 135,076 million in 2022, declining 6.0% YoY driven mainly by settlement on the 850MHz HSPA agreement to reflect actual network usage which lowered its related revenue and cost with positive net impact to EBITDA. Consolidated service revenue was Baht 103,845 million, softening 2.3% YoY along with ARPU decline as market remained competitive and macroeconomic challenges still put a pressure on consumers’ spending.


In addition, TRUEE stated that the upcoming amalgamation, expected to be completed by 1Q23, paves the way for transforming True to a genuine “technology company” that can meet the challenges of global and local market disruptions, enhances its ability to invest in next-generation networks to assure sustainable growth and enhance return on investments, as well as becomes a key player in Thailand’s digital developments. It will be a new starting point to accelerate the value creation through cross selling additional value-driven propositions to a larger customer base, enhancing operational efficiency and economies of scale, and optimizing network and asset utilization, of which redundancies can be eliminated. 

Customers will experience digitized journeys along with an improved service quality as well as personalization and lifestyles offerings while enterprises can unlock their potentiality by advantaging from the superior connectivity and the use of advanced technology. 

The company will put relentless efforts to ensure that its stakeholders will benefit from the amalgamation while maintaining financial discipline to enhance return for stakeholders. True will leverage all the capability to support Thailand into the digital paradigm and in accordance with Thailand 4.0 policy.