JPARK Books 50% Profit Growth in 6M23 as Parking Service Recovers from Pandemic

Jenkongklai Public Company Limited (mai: JPARK) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
17.28 12.88
Earning Per Share
0.0600 0.0600
% Change 34.15
6 Months 2023 2022
Net Profit (Loss)
Million Baht
27.82 18.85
Earning Per Share (Baht) 0.1100 0.0900
% Change 47.56

JPARK reported a net profit of 17.28 million baht in 2Q23, increased 34% from 12.88 million baht in 2Q22. Meanwhile, the company reported 27.82 million baht of net profit for the first half of 2023, a 47% increase when compared to 18.85 million baht of net profit in the first half of last year, representing a net profit margin of 9.81%.

The reasons for the increase in net profit and net profit margin are the recovery and the improvement of the revenue and profitability of the PS business after the COVID-19 situation was resolved and the government lifted the lockdown policy. However, if such an extraordinary expense on depreciation adjustment of Baht 3.91 million is excluded, the adjusted net profit margin for the 6-month period of 2023 would be 12.51%.


JPARK is Thailand’s upcoming listed companies in the secondary market, providing services related to parking space management, divided into 3 main businesses: (1) Parking Service Business (PS) (2) Parking Management Service Business (PMS) (3) Consultant and Installation Parking System Business (CIPS).


For the first 6 months of 2023 and 2022, the company had revenue from services rendered of Baht 253.58 million and Baht 192.24 million, respectively, representing an increasing in first six months of 2023 of Baht 61.34 million or 31.91%, which is contributed by the increase in all main business types. Especially the parking service business (PS), revenue increased by Baht 42.98 million or 35.14% because the company was still affected by the COVID-19 pandemic during the first six months of 2022. The number of parking users was then increased after the situation was resolved.

The revenue from consulting and installation of parking space management systems (CIPS) was also increased by Baht 24.14 million or 159.68% due to revenue from the MRT Orange Line and Blue Lines projects that the company be award winning in the mid of year 2022, which were gradually recognized according to the percentage of work completed (Percentage of Completion) following the financial reporting standards.