SISB Public Company Limited (SET: SISB) delivered robust financial results for the third quarter ended 30 September 2025 (3Q25), demonstrating significant growth in both revenue and net profit compared to the same period in 2024 (3Q24).
Total revenues for 3Q25 reached THB 663.08 million, marking a 9.42% increase from THB 606.02 million in 3Q24. This growth was underpinned by core operations, where revenue from sales and services rose by 5.32% to THB 627.30 million.
The key driver was tuition income: tuition fees and services income increased by 5.32% (THB 31.37 million) to THB 621.07 million. This improvement was primarily attributed to a higher average number of students (both Thai and foreign) and an increase in the tuition fee for Academic Year 2024/2025. The average tuition fee income per student grew by 2.90%, from THB 0.56 million to THB 0.58 million.
Net profit saw a significant leap, rising 27.24% (THB 59.44 million) to THB 277.67 million in 3Q25, pushing the net profit margin to 41.88%. This substantial increase was fueled by core revenue growth and several non-operational factors.
Crucially, 3Q25 total revenue benefited from a gain on fair value adjustments of financial assets totaling THB 25.86 million, stemming from securities issued by a public listed company. Excluding this gain, the net income was THB 254.85 million, representing a 16.78% increase from 3Q24. Furthermore, total costs and expenses decreased slightly, partly due to a reversal of impairment loss on non-financial assets amounting to THB 15.25 million in 3Q25, compared to a THB 1.00 million impairment loss in 3Q24. EBITDA grew by 23.93% to THB 344.04 million.
SISB maintains six international school campuses. However, the company revised its total student target for December 2025 to 4,700 students, a decrease from the original target of 5,000 due to the global economic slowdown and international trade uncertainties.
In terms of expansion, the construction of the third phase of Singapore International School Bangkok is expected to open in Q1 2026. The launch of the seventh Singapore International School in Pathum Thani Province has been postponed from Q3 2026 to Q3 2027 due to delays in the design and construction permit process.
