SISB Public Company Limited (SET: SISB) reported a steady top-line increase for the second quarter of 2026, with total revenues reaching THB 638.16 million, a 2.41% increase year-over-year. Net profit for the period was THB 200.31 million, representing a 10.48% decrease from the THB 223.76 million recorded in the same period last year.
While revenue growth remains consistent, profitability was temporarily pressured by rising operational costs associated with the company’s ongoing campus expansions.
Key Financial Highlights
- Total Revenue: THB 638.16 million (+2.41% YoY)
- Net Profit: THB 200.31 million (-10.48% YoY)
- Tuition Income Per Student: THB 0.58 million (+3.58% YoY)
- Total Cash & Deposits: THB 1,842.19 million
The company’s core engine, tuition and service income, accounted for 97.29% of total revenue, generating THB 620.89 million. This performance was bolstered by a more favorable student mix, particularly with an increase in higher-margin secondary students, and an upward adjustment in tuition fees for the 2025/2026 academic year. A key industry metric, average tuition income per student, rose 3.58% to THB 0.58 million.
Operational costs served as the primary headwind this quarter. Tuition and service costs climbed 8.83% to THB 301.83 million, driven by competitive adjustments in academic staff remuneration and a 5.93% strategic reduction in the student-to-teacher ratio. Furthermore, administrative expenses rose 8.85% to THB 139.09 million as headcount increased to support new facilities. Outside of core operations, SISB realized a THB 4.70 million gain from the sale and fair value adjustment of financial assets.
SISB maintains a robust liquidity position with THB 1,842.19 million in cash and fixed deposits, representing nearly 28% of total assets. While cash levels dipped following land acquisitions for the Suvarnabhumi school expansion, the group remains well-capitalized, with total assets growing 7.06% to THB 6.6 billion.
As of June 30, 2026, the current student headcount for the SISB Group is 4,587 students across its six international school campuses.
The breakdown of the student body by nationality is as follows:
- Thai students: 3,265 (71.2% of total enrollment).
- Foreign students: 1,322 (28.8% of total enrollment).
This total represents a slight decrease from the 4,653 students recorded on June 30, 2025. Due to the global economic slowdown, the company has revised its year-end target to 4,600 students by December 2026, down from the original target of 4,800. However, strategic growth continues: the third phase of SISB Bangkok was completed in January 2026, and construction has commenced on a seventh campus, Marina Singapore International School, which is slated to open in Q3 2027.
