Thaicom Reports 2023 Results
- Net profit Baht 354 million, growth 738% YoY
- Declare dividend of Baht 0.13 per share
- The 1st in Thailand to launch “Thaicom-Globalstar LEO (Low Earth Orbit) Constellation Satellite Gateway”
Bangkok, Thailand, 8 February 2024 – Thaicom Public Company Limited (the “Company” or “THCOM”), satellite operator, announced its financial results 2023.
Thaicom Public Company Limited reported a net profit for the year 2023 of Baht 354 million, equivalent to earnings per share of Baht 0.32, marking a substantial increase of 737.8% compared to the net profit in 2022 of Baht 42 million. The Board of Directors’ meeting No. 2/2024, held on 8 February 2024, approved to propose to the shareholders’ meeting the consideration and approval of dividend payment for the fiscal year 2023 at the rate of Baht 0.13 per share. The amount of dividend payable is approximately in total of Baht 142 million, equivalent to 40% payout ratio.
THCOM has managed to maintain profitability for 2023 with a net profit of Baht 354 million, as a result of (1) the recognition of other income of Baht 301 million as compensation for a dispute with a business partner over certain contractual terms, and (2) the decrease in share of losses from investments by Baht 122 million compared with the previous year, primarily resulted from the improvement of Lao Telecommunications Public Company (LTC)’s performance and a decrease in foreign exchange losses due to the KIP currency’s depreciation relative to the US Dollar being less pronounced compared to that of 2022.
During 2023, since the Thaicom 4 satellite was approaching its end of useful life, the Company adjusted its satellite broadband customer portfolio to be in line with the future satellite fleet at 119.5 degrees East. The portfolio was shifted to focus on high growth markets, i.e., India, the Philippines, Indonesia, while capturing Thai demand as the homebase. This resulted in the expected short-term decline of the Company’s sales and service income in 2023. With the revenue recognition of Baht 2,627 million, it decreased 10.7% YoY due to the Thaicom 4’s portfolio adjustment.
On the other hand, the revenue from conventional satellite services, the Thaicom 6, Thaicom 7, Thaicom 8 satellites, including leased foreign satellites, remained relatively stable compared with the previous year.
In 2023, the New Space Technology business experienced significant growth and marked an important milestone in expanding into new business areas. This year, the Company utilized satellite technology to assist Thai agriculture in mitigating natural risks, as well as deploying drones for surveying telecommunications towers of mobile phone service providers. This initiative resulted in Thai Advance Innovation Company Limited, a subsidiary of THCOM, generating revenue of 53 million baht, representing a 65.6% increase compared to the previous year.
THCOM inaugurated the Thaicom-Globalstar Satellite Gateway, marking the first ground station in Thailand to provide services for Low Earth Orbit (LEO) Satellite Constellation. This gateway is located at the Company’s ground service station in Lat Lum Kaeo District, Pathum Thani Province, and is established through collaboration with Globalstar, Inc., a renowned provider of satellite communications and IoT solutions based in the United States. The partnership aims to expand Globalstar’s satellite communications network to cover more areas, focusing particularly on delivering commercial services from the LEO satellite system within Thailand and the broader regional context.
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