JMT Records THB418 Million of Profit in 1Q24 with 18% Revenue Growth

JMT Network Services Public Company Limited (SET: JMT) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
418.26 453.07
Earning Per Share
0.2900 0.3100
% Change -7.68

JMT reported a net profit of 418 million baht in 1Q24, decreased 7.68% from a net profit of 453 million baht.

The company reported total revenue of 1,356 million baht, representing an 18% growth. Revenue from non-performing loans management continues to grow and is expected to gradually increase alongside cash flow collections. The debt management segment accounts for 88% of the company’s total revenue.

The company’s total cash collection, including collections from JK AMC, amounted to 2,106 million baht, marking an 8% increase from Q1 2023. However, this represents a 15% decrease compared to Q4 2023, primarily due to the seasonal effect, as Q4 typically experiences the highest collection rates of the year. The company’s own cash collection totaled 1,449 million baht, reflecting a 6% growth from the same period last year, aligning with the company’s cash collection targets.

In Q1 2024, the company incurred total expenses amounting to 393.6 million baht, an increase of 93.3 million baht or 31.1%. This increase was primarily due to anticipated Expected credit losses (ECL), stemming from loans acquired from debt purchases, as the collection of non-performing loans has not met expectations. The company has undertaken measures to closely monitor non-performing loans, including legal processes to ensure debt recovery within this fiscal year. Additionally, there were increased employee expenses resulting from business expansion.