• The Company generated a core profit of Baht 109 million even while undergoing a transitional period in preparation for future growth.
• Thaicom obtains authorization to provide satellite services in India from the Indian National Space Promotion and Authorization Centre (“IN-SPACe”).
• Thaicom has signed an agreement with Hughes Communications India, a leading provider of broadband satellite and managed network services, to provide satellite capacity over India using Thaicom’s satellite fleet.
• Thaicom unveils ‘CarbonWatch’, Thailand and ASEAN’s first carbon credit platform, utilizing satellite technology and AI, certified by the Thailand Greenhouse Gas Management Organization (“TGO”).

Bangkok, Thailand, 7 February 2025 – Thaicom Public Company Limited (the “Company” or “THCOM”), a satellite operator, announced its financial results for 2024.

In 2024, despite a challenging macroeconomic environment, the Company generated a core profit¹ of Baht 109 million. Nevertheless, the Company’s satellite business generated Baht 175 million in core profit excluding non-satellite business and share of loss from the telecommunications business, surpassing normal core profit by Baht 66 million, which underscores the core business’s robust profitability.

However, in 2024, the Company recorded a net loss of Baht 23 million, primarily due to temporary foreign exchange fluctuations caused by the significant appreciation of the Thai Baht in 2024. This surge in the Baht’s value has adversely impacted Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally. Recognizing the inherent volatility of exchange rates, the Company has proactively implemented various mitigation measures, including foreign exchange risk management, business diversification, and the exploration of new business opportunities. Additionally, in 2023, the Company recognized other income of Baht 310 million, which was the compensation with a business partner arising from a dispute settlement.

The Company reported revenue from sales and services of Baht 2,413 million for 2024, which decreased from Baht 2,627 million in 2023. This was mainly attributed to reduced usage in areas not covered by the follow-on satellites, particularly in Malaysia and Indonesia. Nevertheless, the Company remains committed to expanding its services in other high-potential regions. In addition, revenue from sales and services decreased due to the transitional period of the Universal Service Obligation (“USO”) contracts with the National Broadcasting and Telecommunications Commission (“NBTC”). This transition marks the shift from USO Phase 2 to USO Phase 3, which is set to operate under an expanded budget framework of Baht 5.8 billion. USO Phase 2 is expected to resume operations in Q1/2025, while the bidding process for USO Phase 3 is scheduled to take place within the same quarter.
The upcoming phase will also include satellite services as part of the project scope. In anticipation of this transition, the Company has proactively strategized and implemented measures to accommodate the expected increase in demand from 2025 onward, ensuring seamless service delivery and operational readiness.

In 2024, the Company successfully obtained authorization to provide satellite services in India from IN-SPACe, an autonomous nodal agency under the Department of Space. This milestone marks a significant step in the Company’s strategic expansion into one of the world’s most high-potential satellite markets, addressing the surging demand for broadband connectivity in a country with a population of 1.4 billion. The Company remains steadfast in executing its long-term strategic roadmap and delivering results in line with its commitments. Furthermore, the Company has optimized its long-term satellite utilization through a strategic partnership with Hughes Communications India, India’s leading satellite service provider with an approximate 70% market share. Under this collaboration, the Company will commence satellite capacity services on THAICOM 8 in Q1/2025, with plans to expand operations to its upcoming satellite, which is scheduled for future deployment.

Additionally, Thaicom has strengthened its engagement with government agencies by collaborating with the Royal Thai Air Force and the Geo-Informatics and Space Technology Development Agency (“GISTDA”). These partnerships aim to enhance national satellite technology capabilities and reinforce Thailand’s telecommunications infrastructure, underscoring the Company’s commitment to driving innovation and sustainable growth in the space and satellite communications industry.

Regarding telephone business abroad, the Company’s share of loss of investment in the joint venture has significantly improved, driven by the continued growth in revenue and net profit of Lao Telecommunications Public Company (“LTC”), which reaped significant benefits from the tariff restructuring for telecom services implemented by The Ministry of Telecommunication and Communication of the Lao PDR. However, the Company continued to incur foreign exchange losses due to the depreciation of the Lao Kip (LAK) against the US Dollar in 2024, resulting in the recognition of a share of losses from joint ventures.

The Company has reinforced its accomplishment in leveraging its satellite expertise into the space technology sector by utilizing Earth observation satellite data, such as satellite imagery, in conjunction with Artificial Intelligence (AI) and Machine Learning (ML) technologies. This has led to the development of the “CarbonWatch” platform, a tool for assessing carbon sequestration in forests, which has been certified by the Thailand Greenhouse Gas Management Organization, a pioneer in Thailand and ASEAN.

[1] Core profit means profit attributable to owner of the Company before unrealized gain (loss) on exchange rate of the Company and joint ventures, and before extra items.