JMT Records Another All-Time High of Net Profit in 2023 at THB2,010 Million

JMT Network Services Public Company Limited (SET: JMT) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
2,010.66 1,745.58
Earning Per Share
1.3800 1.2200
% Change 15.19

JMT reported a net profit of 2,010 million baht, increased 15.19% from 2022. This is also another record high for JMT. 

JMT had total income for 2023 amounting to 5,086.6 million baht, marking an increase of 677.1 million baht from the previous year, or a growth of 15.4%. 

Throughout the year 2023, JMT acquired the highest level of debt in its history. A total investment of 7,311 million baht of non-performing loans was purchased, with over 99% of the debt categorized as unsecured non-performing loans (Unsecured Debt). JMT will gradually initiate cash flow collection from the acquired debt, starting immediately upon purchase and continuing in the future.  

Total  cash flow collection amounted to 5,778 million baht in 2023. Including the cash flow from JK AMC, the total cash flow collection amounted to 8,710 million baht, marking a 37% increase compared to the previous year. JMT perceives the joint venture with Kasikorn Bank to establish AMC as highly beneficial for both parties involved.  

JMT incurred expenses related to expected credit losses (ECL), with ECL amounting to 462.4 million baht in 2023. This represents an increase of 318.1 million baht or 220.4% compared to the previous year. This was partly caused by a decrease in debt collection from the group of secured loans business, and part of this stems from JMT’s practice of estimating and reserving allowances for credit losses on loans acquired through purchasing secured loan receivables on a conservative basis. This practice ensures alignment between accrued interest and estimated reserve allowances for credit losses.