SIRI Reports Lower Net Profit in 1Q24 of THB1.3 Billion as SG&A Increases

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

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

1,314.98 1,581.78
Earning Per Share


0.0740 0.0970


SIRI reported a net profit in 1Q24 of 1,315 million baht, declined by 16.9 percent from 1,582 million baht in the same period last year.

In this regard, net profit margin was at 12.9 percent, decreasing from 18.6 percent in 1Q23, chiefly due to higher selling and administrative expenses, as well as the absence of a one-time gain on sale of assets from the disposal of Satit Pattana School amounted to 623 million baht, which was recorded in 1Q23. In addition, an effective corporate income tax in 1Q24 was at 21.6 percent of earnings before corporate income tax.

The company recorded a total revenue of 10,170 million baht, increasing 19.6 percent from 8,505 million baht in 1Q23. The growth was attributed to higher revenue from sales of real estate.

Selling and administrative expenses in 1Q24 were 2,122 million baht, accounting for 20.9 percent of total revenue, decreasing when compared to 1Q23 of 16.2 percent of total revenue. The selling expenses were 743 million baht or 7.3 percent of total revenue, an increase from 6.3 percent of total revenue in 1Q23. The administrative expenses (including management benefit expenses) amounted to 1,379 million baht or 13.6 percent of total revenue, up from 9.9 percent of total revenue in 1Q23, mainly due to higher provision for employee benefits.