THCOM Reports 220% Net Profit Increase in 1Q24 from FX Gains and Better Cost Management

Thaicom Public Company Limited (SET: THCOM) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

287.63 89.57
Earning Per Share


0.2600 0.0800
% Change 221.12


THCOM reported a net profit of Baht 288 million for Q1/2024, an increase of 220% YoY from Q1/2023, marking a significant turnaround from the Q4/2023 loss of Baht 306 million and primarily driven by substantial net foreign exchange gains of Baht 300 million, which outperformed both Q4/2023 (QoQ) and Q1/2023 (YoY). In addition, the company implemented more effective cost management and expense control measures.

The company recorded a total revenue of Baht 910 million, an increase of 33% YoY and 173% QoQ, as in 1Q/2024, the Thai baht had depreciated against the US dollar while THCOM is an exporter with a significant international customer base. The company’s revenue is largely denominated in US dollar-related contracts. Therefore, this depreciation favorably impacted the company’s total revenue and net profit.

THCOM is committed to leveraging the capabilities of its new satellite to establish an infrastructure that will support business growth as well as utilize its strong presence in Thailand, India, Indonesia, the Philippines, and other countries in South and Southeast Asia. The company will focus on signing long-term service agreements with existing customers to maintain a stable and sustainable customer base. Additionally, the company aims to strategically expand its broadband services to prepare for the ever-increasing demand for broadband connectivity and capitalize on opportunities presented by new satellites and major projects, such as government projects in Thailand and the Philippines, and to provide services in remote areas of India.