BE8 Reports THB31 Million Net Profit in 1Q24, Highlighting Gov’t Budget to Help Fuel Growth

BE8 is confident in the group’s performance with a strong second half revenue growth driven by government spending and demand in innovation investment from both government and private sectors are still in high growth. Currently, the group boasts a backlog of 1.8 Billion THB with Q1’24 net profit of 31.43 Million THB.

Mr. Apisek Tewinpagti, Chief Executive Officer of Beryl 8 Plus PCL. or “BE8” shared that he expected overall performance this year will be of continuous growth from Q1 onwards with an especially strong second half of the year driven by government 2024 fiscal budget spending that has had a delayed start.  Recently, the government fiscal budget has been approved and the company has seen government investments starting from around April onwards. In addition, the government 2025 fiscal budget will be approved in October of this year as well which will drive investment in the technology industry and contribute to the growth of the company significantly in the second half of this year.

At the same time, the private sector shows demand for new innovation to increase competitive advantage in both technology and digital marketing, heading into full Digital Transformation which is a global mega-trend as well as Cybersecurity. Presently, the company shows a backlog of 1,863 Million THB which will support the growth of BE8.

In the previous year, BE8 achieved 1,098 Million THB revenue from Strategy and Technology Consulting, 740 Million Baht from Licensing and Subscription, and 570.37 Million Baht from Maintenance and Staff Augmentation services.

For the first quarter of this year, the company achieved total revenues 570.33 Million THB, a decrease of 2.67% from previous year due the delay from government fiscal budget approval and resulting in net profit of 31.43 Million THB.

“The government fiscal budget approval has been delayed since the end of last year but from now onwards, we expect to see accelerated investment and we are confident that we will see continuous growth this year from the growing demand in innovation and technology to increase competitive advantage from both the private and government sector.”