JMT Network Services Public Company Limited (SET: JMT) has released its full-year 2025 financial results with a net profit of THB 1.03 billion, marking a 36.3% decrease from the THB 1.61 billion recorded in 2024.
Total revenue for 2025 fell from THB 5.47 billion to THB 4.8 billion, a 12.3% YoY decline. The downturn was primarily driven by a drop in interest income and profit from purchased receivables—the company’s core engine—which decreased by 8.9% to THB 4.27 billion. Management cited Thailand’s modest 2.4%–2.6% GDP growth and a high household debt-to-GDP ratio of 87.2% as factors that weakened retail borrowers’ repayment capacity
Furthermore, revenue from debt collection contracts plummeted 28.3% to THB 225.5 million as financial institutions shifted toward internal debt restructuring. Insurance underwriting income also saw a 35.4% reduction to THB 309.5 million as the company moved toward lower-risk products with better loss ratios.
The most significant drag on the 2025 profit and loss statement was a 45.4% surge in Expected Credit Loss (ECL), which reached THB 891.4 million. This non-cash item reflected increased provisioning for debt portfolios where collection performance lagged behind estimates due to the unfavorable economic climate. Additionally, profit sharing from the JK Asset Management joint venture fell by 56.1% to THB 203.3 million.
To mitigate these pressures, JMT implemented aggressive cost-optimization. Administrative expenses were slashed by 13.3% to THB 752.7 million through stricter controls on marketing and personnel. Service costs also fell by 9.3%, aided by a workforce reduction and the integration of AI technology to enhance collection efficiency. Remarkably, despite lower revenues, JMT managed to improve its gross profit margin from 61.9% slightly to 63.3%.
Despite the profit dip, JMT maintains a robust liquidity position, having repaid THB 6.38 billion in debentures during 2025. For 2026, the company faces THB 2.41 billion in maturing debt but anticipates sufficient cash flow to meet these obligations while maintaining a dividend payout of THB 0.43 per share with the Ex-Dividend (XD) date on March 2, 2026. The dividend payment is scheduled for May 6, 2026.
