JMART Looks Ahead to 2024 Growth with JMT Leading the Helm despite Loss in 2023

Jaymart Group Holdings Public Company Limited (SET: JMART) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

JMART reported a net loss of 447 million baht in 2023, compared to a net profit of 1,794 million baht in 2022. JMT stated that this decline primarily stems from the share of losses from investments in associated companies, along with unrealized loss from other financial assets 843 million baht. Excluding unrealized losses from other financial assets, the company would achieve a net profit of 396 million baht. 

The company’s total revenue for the year of 2023 was 13,743.5 million baht, a decrease of 176.5 million baht from the previous year or a decrease of 1.3%. The decrease was mainly due to a decrease of 7.2% in revenue from contracts with customers in 2023 at 8,872.1 million baht. Meanwhile, interest income from purchases of receivables and gains on loans from purchases of receivables amounted to 4,186.9 million baht in 2023. This figure represents a notable increase of 395.5 million baht, reflecting a growth rate of 10.4%.  

JMT stated that in 2024, the company remains steadfast in its commitment to achieving improved operating results compared to the previous year, 2023. The business operations of the associate company, Singer, were notably affected by the COVID-19 situation in 2023, leading to a decline in debtors’ repayment capabilities. In response, operational adjustments were implemented within this business segment, emphasizing a more streamlined lending process, alongside the establishment of sufficient reserves to mitigate risks associated with lending activities. 

Regarding the main business segment of the group, particularly the management and tracking of non-performing debts under JMT’s management, the company anticipates continued growth in 2024, building upon the momentum of the previous year, 2023. In 2023, JMT achieved record levels of non-performing debt acquisition and auctioning, predominantly of unsecured debt. JMT remains poised to closely monitor cash inflows stemming from this portfolio throughout the entirety of the upcoming year. 

In addition, the Board of Directors approved to omit the dividend payment for the operation in 2023.