BTS Group Holdings Public Company Limited (SET: BTS) has announced its FY2024/25 consolidated financial statement through the Stock Exchange of Thailand as follows:
BTS reported a net profit of THB 2,117 million for its FY2024/25, compared to the net loss of THB 5,241 million in FY 2023/24. The turnaround was primarily driven by the improved Recurring EBITDA and the previously mentioned one-time gain from the changes in the status of RABBIT and ROCTEC, resulting in a Net Profit Margin of 7.3%.
BTS recorded Total Reported (consolidated) Revenue of THB 28,998 million, increasing by 18.9% or THB 4,615 million YoY. The growth was primarily attributed to:
- The consolidation of revenue from Rabbit Holdings PCL (SET: RABBIT) and Roctec Global PCL (SET: ROCTEC) since early November 2024, totalling THB 3,423 million following a Voluntary Tender Offer (VTO).
- An increase in other income, mainly from a one-time gain of THB 3,368 million from the changes in status of RABBIT and ROCTEC from associates to subsidiaries, along with a gain on sales of investments, amounting to THB 252 million.
However, the increase in revenue was partially offset by lower revenues from contracting works of THB 2,753 million, mainly following the completion of the Yellow and Pink Main Lines.
Total Reported (consolidated) Expenses was THB 19,106 million, decreasing by 12.5% YoY, largely from an absence of one-time recognition of an impairment loss on investment in Kerry Express (Thailand) PCL (KEX) (which was recorded under loss on sales of investment) and lower cost of contracting works of THB 2,811 million, largely following the completion of the Yellow and Pink Main Lines.
Recurring EBITDA of THB 9,185 million, an increase of 12.2% or THB 999 million YoY. This growth was driven by stronger recurring EBITDA from MIX and MATCH businesses, including a turnaround to a share of profit from investments in associates and JVs amounting to THB 454 million (compared to a loss of THB 206 million in the previous year).
Looking ahead to FY 2025/26 guidance, BTS Group anticipates total operating revenue of THB 28.5 billion in FY 2025/26, driven by higher revenue across all business segments. Recurring EBITDA is projected to grow to THB 12.0 billion from THB 9.2 billion. If the above-said debt settlement occurs by 31 March 2026, this will result in a projected positive cash flow from operations of THB 39.0 billion and an improvement in the leverage ratio to 1.0x.
