SISB Public Company Limited (SET: SISB) reported a 9.28% year-over-year decline in net profit for the first quarter of 2026, totaling THB 215.69 million. While total revenue saw a marginal 0.36% uptick to THB 637.17 million, the bottom line was pressured by rising operational expenses linked to the company’s aggressive campus expansion strategy.
Key Financial Highlights:
- Net Profit: THB 215.69 million (Down 9.28% YoY).
- Total Revenue: THB 637.17 million (Up 0.36% YoY).
- Net Profit Margin: 33.85% (Compared to 37.45% in 1Q25).
- Tuition Yield: Average tuition fee per student increased 1.51% to THB 0.59 million.
The company’s core “star performer” remains its tuition fee income, which rose 0.57% to THB 606 million. This growth was driven primarily by a more favourable mix of primary and secondary students and a general tuition hike for the 2025/2026 academic year. However, overall enrollment showed slight friction; the total student body stood at 4,599, a minor decrease from 4,607 in the prior year. Laggards included application and enrolment fees, which dropped 6.68% due to a lower intake of new students during the period.
Earnings quality remains tied to core operations, though Q1 results included a small THB 1.73 million non-recurring gain from the sale of financial assets. The primary drag on profitability was a 7.94% surge in tuition and service costs, which climbed to THB 304.78 million. This spike was fueled by a 4.49% reduction in the student-to-teacher ratio and increased staff remunerations, alongside higher building management costs following the January 2026 completion of SISB Bangkok Phase 3.
SISB maintains a robust balance sheet with THB 1.70 billion in cash and fixed deposits, representing 27% of total assets. Liquidity remains strong even after a significant THB 443.03 million investment in land acquisition for the Suvarnabhumi school expansion.
Management remains focused on scale, having recently broken ground on a seventh campus in Pathum Thani, scheduled for a Q3 2027 opening. For the immediate term, the company has reaffirmed its target to reach 4,800 students across its six existing campuses by December 2026.
