Higher Expenses from Business Expansion Pressure SAWAD’s 2022 Earnings to Drop 5%

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

Year 2022 2021
Net Profit (Loss)
Million Baht
4,476.16 4,722.14
Earning Per Share
3.2600 3.4400
% Change -5.21

SAWAD reported a net profit of 4,476 million baht in 2022, decreased 5.21% from a net profit of 4,722 million baht in 2021.

For the year ended 31 December 2022, interest income totaling 8,779.57 million baht, compared to the interest income from the prior year which totaling 6,855.33 million baht. This represents an increase of 1,924.24 million baht, or 28.07 percent. The increase was mainly due to the increase in the Accounts Receivable from 37,349.64 million baht in YE/2021 to 58,830.23 million baht in YE/2022 an increase of 57.51 percent.

Meanwhile, operating expenses was 5,442.50 million baht increased by 1,966.61 million baht or 56.58 percent from the prior year which totaling 3,475.89 million baht due to increase in marketing expenses of new business expanded rapidly and the expense related to branch expansion from 4,908 branches to 5,316 branches for support a rising number of customers.

In addition, the Board of Directors approved a THB1.80 dividend payout to be paid on 19 May 2023. The ex-dividend date is on 2 May 2023.