JPARK Reports 14% Profit Growth in 2023 as Car Parking Business Continues to Expand

Jenkongklai Public Company Limited (mai: JPARK) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
62.60 54.82
Earning Per Share
0.2100 0.2700
% Change 14.18

JPARK reported a net profit of Baht 62.60 million in 2023, an increase of 14.17% compared to that of the last year, with a net profit of Baht 54.82 million. The increase was mainly due to a revenue contribution of its car parking business.

For the years ended 31 December 2023 and 2022, the company had revenue from services rendered of Baht 573.06 million and Baht 452.30 million, respectively, representing an increase in 2023 of Baht 120.76 million or 26.70%, which contributed by the growth in all main business types.

Parking service business (PS), revenue increased by Baht 76.09 million or 27.31% because the company was still affected by the COVID-19 pandemic in 2022. The number of parking users was then increased after the situation was gradually resolved. In addition, the company was awarded an additional parking slot near the Lardkrabang Hospital area in late 2023.

Parking management service (PMS), revenue increased by Baht 2.18 million or 2.73%. This is mainly due to the company, in late 2022, being awarded the additional management area, i.e., Queen Sirikit National Convention Center (the “QSNCC”), and full-year revenue was recognized in 2023.  

Consulting and installation of parking space management systems (CIPS), revenue increased by Baht 51.46 million or 73.66% due to income from the MRT Orange Line and Blue Lines projects that the company was awarded in the middle of 2022, which were gradually recognized according to the percentage of work completed (Percentage of Completion) following the financial reporting standards and were completed in the third quarter 2023. In addition, two newly awarded projects, i.e., the Smart parking system project for 8 Park & Ride buildings with a revenue of Baht 64.02 million (VAT excluded) and project duration of 12 months and the guidance system installation inside the parking building for the MRT Chalermratchmongkol line, with a revenue of Baht 78.32 million (VAT excluded) and project duration of 12 months, were also started this quarter. 

Other services income decreased by Baht 8.97 million or 37.41% due to a non-recurring transaction that occurred in 2022; the company recorded a net gain from the difference between the head-lease and the sub-lease of Baht 12.38 million. If such a transaction is excluded, the company’s other service income will be Baht 15.01 million, increased by Baht 3.40 million or 29.31%. The contribution mainly comes from the additional electricity charge in the parking slot and the additional rental and space service revenue. 

Meanwhile, the company had costs of services rendered of Baht 443.53 million, which increased from 2022 by Baht 103.14 million or 30.30%.