BE8 Shows Strong Financial Performance with Continuous Growth in 3Q23 as Net Profit Reaches THB210 Million in 9M23

BE8 shows strong financial performance in Q3/2023 with YTD Revenue of 1,814.62 Million Baht, a 284.90% growth, pushing profits to 212.86 Million Bath, a 139.38% increase. Q3/2023 shows strong revenue growth with a net profit growth at 122% with significant net profit margin improvement to 13.46%, driven by the company’s management efficiency and synergy created amongst subsidiary companies.

Mr. Apisek Tewinpagti, Chief Executive Officer of Beryl 8 Plus Public Company Limited (SET: BE8), shared that the company’s 9 month performance of 2023, the company and subsidiaries achieved a net profit of 212.86 Million Baht, an increase of +139.33% compared to the previous year with a net profit of 88.92 Million Baht.

The company’s total revenues increased to 1,814.62 Million Baht, a growth of +284.90% compared to previous year with a total revenues of 471.45 Million Baht. The company’s impressive growth was driven by the consolidation of subsidiary companies that the company has invested in, including Extend IT Resource Co.,Ltd., Bay Computing Co.Ltd., Vanilla and Friends Co.,Ltd., and Reconix Co.,Ltd. Additionally, the company also saw high demand growth from customers from both the Strategy & Technology Consulting service as well as the License and Subscription

The company has generated 794.60 Million Baht revenues from Strategy & Technology Consulting service, a +178.59% growth compared to previous year revenues of 285.22 Million Baht. The revenue from License and Subscription increased to 569.01 Million Baht, a 438.44% increase from previous year revenues of 105.68 Million Baht while Maintenance Agreement and Staff Augmentation revenues increased to 428.56 Million Baht, a 454.67% increase from previous year with 77.26 Million Baht.

The company’s Q3 Financial Performance for the period ending 30 September 2023 shows a net profit of 78.19 Million Baht, an increase of 122.61% from previous year with a net profit of 35.12 Million Baht, driven by the company’s expansion of services to have comprehensive offerings in end-to-end digital transformation as well as increasing the revenues per resource and increased efficiency in project management. The company’s total revenues for the period increased 175.22% to 580.91 Million Baht compared with the same period previous year with total revenues of 211.07 Million Baht.

“We have began working closely with our subsidiary companies to strategically increase efficiency of projects which is reflected in our continuous net profit growth to a net profit margin of 13.46% which is a result of the broadening our service offerings to be more end-to-end, strategic resource allocation to increase revenue per resource, and increase project management efficiency,” said Apisek.

For the company’s financial position at the period ending 30 September 2023, the company and its subsidiaries have a total assets of 4,047.41 Million Baht, an increase of 152.08 Million Baht or 3.90% from the period ending 31 December 2022 with a total assets of 3,895.33 Million Baht which is an increase of cash and cash equivalents as well as contractual assets.

The company has a total debt for the period ending 30 September 2023 of 1,273.35 Million baht, a decrease of 68.92 Million baht or a 5.13% decrease from the period ending 31 December 2022 at 1,342.27 Million Baht after the company has repaid its subsidiaries’ debt. The increase in assets and decrease in debts reflect the strength of the company’s financial position from the efficient management of executives.