GABLE Reports Strong 3Q23 Performance with 12% Profit Increase and 55% Revenue Growth

GABLE announced its Q3/2023 operating results, which continued to show a strong and growing trend. Its sales and service revenue totaled Baht 1,342 million, up 11% from the same quarter last year and up 10% from the previous quarter. Net profit reached Baht 67 million, up 12% from the same quarter last year and up 11% from the previous quarter.

Dr. Chaiyuth Chunnahacha, Chief Executive Officer at G-Able Public Company Limited or GABLE, revealed that despite uncertainty and market fluctuations, in Q3/2023, the Group posted satisfactory earnings, surpassing the previous quarter and the same period of the previous year. Revenue from its growth engine, the self-developed software business, surged 55% and 10%, from Q3/2022 and Q2/2023, respectively, with this trend continuing in line with the first nine months. Revenue for the first three quarters of 2023 increased 77% from the same period last year.

Ms. Raveeratana Satchavarodom, Chief Finance & Strategy Officer at GABLE, disclosed that the Group’s performance as of Q3/2023 was highlighted by its sales and service revenue of Baht 1,342 million, marking a 11% increase from Q3/2022. The gross profit saw a 11% climb from Q3/2022, reaching Baht 275 million, with a GP margin of 20.5%, closely aligned with the same period of the previous year. The Group recorded a net profit of Baht 67 million, showing a 12% increase from Q3/2022 and a 11% increase from Q2/2023. Its Q3/2023 NP margin reached 5.0%, surpassing its Q3/2022 NP margin of 4.9%.

For the first nine months of 2023, the Group’s recurring income ratio stayed at 51.5%, consistent with the same period last year. At the end of Q3/2023, the Group had a strong backlog of Baht 3,933 million, ensuring future income recognition.

Thanks to the Group’s sustained profitability and robust financial discipline, the Company recorded an IBD/E ratio at 0.01 times, a decrease from the end of Q2/2023 at 0.14 times and from the end of 2022 at 0.59 times. The Company’s reduced debt levels have facilitated ongoing investments in potential businesses, enhancing its competitiveness and corporate value.

GABLE is a provider of IT systems and digital solutions, focusing on enterprise solutions and services that encompass major technologies in the digital world. Its highlights include smart IT and digital solutions covering a wide range of industries, along with strong relationships with customers and product owners who are global tech leaders. Moreover, the Company continues to experience further growth in its high recurring income, thanks to the installation of new solutions and services each year.

”GABLE owns a variety of technologies and software platforms that have experienced significant growth. In the first nine months of 2023, revenue from the software platform business increased 77% compared to the same period last year, with a GP margin exceeding 50%. This business serves as a key driver for the Group’s competitiveness and sets it apart from its peers, acting as a growth engine for the Group’s sustainable advancement. The business portfolio covers Blendata’s big data management platform, InsightEra’s digital marketing platform, and Mverge’s rental space management platform, all of which have witnessed high market demand and substantial growth, thanks to the Group’s hands-on experience gained from projects with customers. In addition, there are ongoing developments of other software platforms, poised to generate revenue for the Group. Feasibility studies are also underway to explore further software opportunities, aiming to create a more comprehensive ecosystem for the Group,” concluded Dr. Chaiyuth.