Jaymart Group Holdings Public Company Limited (SET: JMART) has released its 2025 annual results, revealing a year of robust top-line growth that was ultimately overshadowed by significant non-cash accounting adjustments.
Total revenue for the fiscal year reached THB 15,402.6 million, marking a 9% increase from THB 14,130.9 million in 2024. This growth was primarily driven by the mobile phone distribution business, where revenue from contracts with customers surged 19% to THB 10,651.4 million, fueled by the “AI Upgrade Cycle” and successful expansion of the Jaymart Network.
Despite the strong sales performance, the group’s bottom line faced intense pressure. Net loss attributable to shareholders for 2025 was THB 161.8 million, a sharp reversal from the net profit of THB 1,140.8 million in the previous year.
Management attributed this decline to several non-cash items that impacted the profit and loss statement without affecting actual cash flow. These included a THB 569.3 million loss from the fair value adjustment of investment properties—a 338.6% drop compared to the gains recognized in 2024—and THB 114.1 million in asset impairment losses.
Furthermore, selling and administrative expenses rose 14.2% to THB 3,467.8 million, largely due to higher expected credit loss (ECL) provisions within JMT Network Services Public Company Limited (SET: JMT) as cash collection slowed amidst economic uncertainty.
Performance across subsidiaries was mixed. While Jaymart Mobile saw its net profit jump 66% to THB 136 million, JMT’s profit fell 36% to THB 1,030 million. JAS Asset Public Company Limited (SET: J) reported a net loss of THB 785 million, primarily due to the aforementioned property valuation revisions. Looking ahead, the group remains focused on “The Power of Synergy,” prioritizing liquidity management and disciplined cost control to strengthen its financial position for 2026.
