SISB Public Company Limited (SET: SISB) reported a 31% year-over-year decline in third-quarter net profit to THB 191.39 million, driven by rising employee compensation and a slight drop in student enrollment. Total revenue for the quarter ending September 30, 2026, slipped 5.97% to THB 623.50 million, down from THB 663.08 million in the prior-year period. Revenues from sales and services dipped 2.05% to THB 614.45 million.
Key Financial Highlights
- Net Profit: THB 191.39 million, down 31.07% YoY (Adjusted net profit down 24.17% to THB 193.26 million).
- Total Revenue: THB 623.50 million, down 5.97% YoY.
- Tuition & Service Revenue: THB 608.99 million, down 1.95% YoY.
- Total Student Count: 4,374 students across 6 campuses, down from 4,571 YoY.
Core tuition fee income fell 1.93% YoY to THB 591.78 million as total student enrollment decreased from 4,571 to 4,374 across its six campuses. Thai students accounted for 71.7% of the student body, while foreign students comprised 28.3%. Tuition rate increases for the new academic year and a higher proportion of secondary students helped raise the average tuition fee per student by 1.56% to THB 0.59 million, partially offsetting lower student volume. Education equipment income dropped 12.36% to THB 5.46 million.
Profitability faced pressure from rising cost structures and challenging prior-year comparisons. Tuition and service costs rose 5.37% YoY to THB 314.40 million, reflecting academic staff pay increases, additional hiring, and elevated facility costs following the opening of the Bangkok Phase 3 expansion. Administrative expenses jumped 11.49% to THB 117.49 million on higher payroll expenses. Additionally, Q3 2026 recorded a THB 5.58 million investment loss, whereas Q3 2025 featured a THB 25.86 million gain alongside a THB 15.25 million tax impairment reversal.
SISB maintains a stable balance sheet with THB 1,663.82 million in cash and fixed deposits. Shareholders’ equity increased 3.13% from year-end 2025 to THB 4,072.45 million, supported by strong operational cash flows of THB 844.73 million over the first nine months.
Management expects enrollment to reach 4,400 students by December 2026, citing headwinds from a global economic slowdown and intensifying sector competition. Expansion plans remain on track, including construction of its seventh campus, Marina Singapore International School in Pathum Thani, scheduled to open in Q3 2027.
