JMART Turns Around to Book Nearly THB300 Million of Profit in 3Q23 from Better Performance of SINGER and JMT

JMART Group Holdings Public Company Limited (SET: JMART) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

JMART reported a net profit of 293 million baht in 3Q23, a turnaround from a net loss of 611 million baht in the previous quarter.

In the past quarter 3/2023, operating performance for its distribution of mobile phones and accessories business was in a good direction. Sales increased 10.5 percent from the previous quarter 2/2023 to 2,251 million baht and net profit was 12 million baht. During the past quarter 3/2023, main mobile brands such as iPhone and Samsung launched new products at the end of the third quarter of 2023, with sales continuing to grow well into the beginning of the fourth quarter of 2023. 

Meanwhile, non-performing debt management company JMT Network Services Public Company Limited (SET: JMT) continues to be a profitable business. In the past third quarter of 2023, net profit was 466.3 million baht, growing 2.4 percent from the same period of the previous year.

More importantly, Singer Thailand Public Company Limited (SET: SINGER) made a huge turnaround from a net loss in the previous quarter to a net profit of 12.6 million baht. For the fourth quarter of 2023, JMART stated that it has a positive outlook of SINGER’s operating results that will gradually improve in the fourth quarter of 2023 by adjusting the sales strategy and lending in subsidiaries to be able to control the quality of loans better.