PLANB Reports 37% Net Profit Growth in 1Q24 despite Seasonality Challenges

  • Total revenue i n 1Q 2024 was T HB 1,972mn, up 12.5% YoY, driven by the growth of the OOH business with the utilization rate of 69.7%
  • Net profit in 1Q 2024 was T HB 181mn, showing a stable and sustainable growth of 37.1% YoY due to improved performance in the OOH business and a solid ability to achieve a higher gross profit margin at 29.2%
  • Continuing to expand OOH media as our growth strategy to build competitive capability and drive sustainable and stable company growth


Dr. Pinijsorn Luechaikajohnpan, Managing Director, added The 1Q 2024 performance demonstrates Plan B’s strong growth capability YoY despite it being a low season. Plan B achieved a total revenue of THB 1,972 mn a 12.5% increase YoY This was driven by the OOH business, which generated THB 1,635 mn growing 16.3% YoY This growth was attributed to increased media and spending the recovery of various brands returning to advertising investments, and increased marketing campaigns across various industries. Significant growth was seen in sectors such as the automotive industry, particularly electric vehicles, which increased advertising spending to boost sales during the 45 th Bangkok International Motor Show held from March 27 to April 7, 2024. Other contributing sectors included the food and beverage and consumer goods sectors The engagement marketing business, especially in boxing, also experienced exponential revenue growth. It received continued positive feedback from domestic and international audiences and ticket price increases, resulting in boxing generating THB 121 mn a 122% increase YoY Overall, Plan B delivered an outstanding net profit of THB 181 mn in 1Q 2024, a 37.1% YoY growth, driven by improved performance and a strong gross profit margin of 29.2%.

“In 1Q 2024, the company repaid THB 550 mn in short term bank debt, reducing its current short term debt to THB 265 mn This results in a D/E Ratio of 0.62x and an IBD/E Ratio of 0.16x. Additionally, the company has a positive free cash flow of over THB 1,290 mn reflecting its strong financial position, ready to invest further and expand its business The company is also committed to turning around its loss making operations, such as the Artist Management business, domestic OOH businesses like advertising in convenience stores, and international OOH businesses, including the recent investment in Singapore made late last year. The focus is on improving profitability in these areas to ensure stable and sustainable growth for the co mpany in the future. Dr. Pinijsorn Luechaikajohnpan said.

Dr. Pinijsorn Luechaikajohnpan stated, “Plan B remains committed to following its mission and vision by continuing to build a comprehensive OOH media network nationwide as part of its operational strategy to enhance competitive capabilities and drive sustainable company growth. In 1Q 2024, we expanded advertising media in mass transit systems by launching mobile advertisements on electric tuk-tuks under the name ‘MuvAds’. These 100% electric tuk-tuks provide a modern mobile advertising platform that helps reduce pollution, reflecting the company’s commitment to conducting business responsibly towards the economy, society, and the environment. We also provide advertising services on ‘Nakhonchai Air’ buses and at their stations, covering areas from the entrance and ticketing points to waiting areas. This advertising medium has a high visibility rate and helps increase brand recognition among passengers. Additionally, we introduced a new media platform, ‘Digital Gateway X’ (Tollbooth), which features digital screens installed on expressways. These screens are strategically placed on three main expressway routes, covering 23 toll booths with over 76 screens, effectively reaching target audiences throughout Bangkok and its surrounding areas.”