VGI Public Company Limited (SET: VGI) delivered a strong financial performance for the second quarter of FY26/27 (ended September 30, 2026), posting a net profit of THB 128 million, representing a 62.3% year-on-year surge. Consolidated revenue from services and sales grew 8.5% YoY to THB 1,219 million, underpinned by rapid expansion in digital financial services and improved operating margins.
Key Financial Highlights
- Net Profit: THB 128 million (+62.3% YoY; 10.5% net profit margin)
- Consolidated Revenue: THB 1,219 million (+8.5% YoY)
- Gross Profit Margin: 36.5% (up from 33.8% in 2Q 2025/26)
- Digital Services Revenue: THB 478 million (+31.4% YoY)
VGI’s quarterly performance highlighted a strategic shift toward Digital Services, which overtook out-of-home advertising as the company’s largest revenue stream at 39.2% of total sales. Digital Services revenue jumped 31.4% YoY to THB 478 million, driven by strong lead generation and insurance commission growth at Rabbit Care, alongside a 30.3% YoY expansion in Rabbit Cash’s loan portfolio to THB 1,621 million.
Conversely, Advertising revenue declined 8.5% YoY to THB 450 million (37.0% of revenue) due to softer corporate ad spending on transit media, leaving overall blended media utilization at 50.1%. Meanwhile, Distribution revenue rose 8.6% YoY to THB 290 million, buoyed by RBytes’ sales of high-margin tech gadgets and pet products, which helped absorb a 12% same-store sales decline at Super Turtle retail outlets.
Cost efficiency provided significant operating leverage. VGI’s cost-to-sales ratio fell to 63.5% from 66.2% YoY, driving gross margin up to 36.5%. SG&A discipline lowered the SG&A-to-sales ratio to 45.5% from 48.9% YoY. Bottom-line results were further supported by THB 117 million in other income (from associate equity sales, management fees, and dividends) and a THB 10 million tax credit, offsetting a 22.7% YoY decrease in JV profit contributions to THB 85 million.
VGI maintains an exceptionally strong balance sheet with negligible financial risk. The company closed the quarter with a Debt-to-Equity ratio of zero times and a Liability-to-Equity ratio of 0.1x. Cash, bank deposits, and current financial assets totaled THB 17,059 million, maintaining high liquidity alongside a Current Ratio of 9.2x.
Management reaffirmed its full-year FY26/27 revenue guidance of THB 5 billion to THB 5.5 billion. Looking forward, VGI expects Bangkok’s upcoming government common rail fare policy (capped at THB 45 starting January 2027) and expanding contactless EMV and Samsung Wallet payment rollouts to boost mass transit ridership, driving consumer engagement across its station media and retail network.
