Thaicom Reports Q2/2023 Results
(1) Net Profit and Total Revenue increased 410% and 64% QoQ, respectively
(2) Thaicom has successfully sold 50% of its capacity on the new satellite throughout its 16 years lifetime
Bangkok, Thailand, 8 August 2023 – Thaicom Public Company Limited (the “Company” or “THCOM”), satellite operator, announced its financial results Q2/2023.
Thaicom Public Company Limited (“the Company”) reported the net profit attributable to the owner of the Company for Q2/2023 of Baht 457 million, marking a 409.8% increase from Q1/2023’s (QoQ) net profit of Baht 90 million. Additionally, there was a 47.8% increase compared to the net profit in Q2/2022 (YoY) of Baht 309 million. The main reason was the recognition of the compensation with a business partner as other income of Baht 301 million arising from a dispute in the agreement. The Company obtained an award in its favor in the arbitration overseas and this ruling was upheld by the highest court in June 2023. The Company thus recognized the compensation as other income.
The total revenue for Q2/2023 was Baht 1,124 million. It increased by 64% compared with Baht 687 million in Q1/2023 (QoQ) because of the recognition of the compensation with a business partner as other income, gain in net foreign exchange, as the Thai baht depreciated against the US dollar and in Q1/2023, the Company had recognized an income from ground station (Gateway) management fees and other consulting fees. When compared with Q2/2022 (YoY) of Baht 974 million, it increased by 15% due to the recognition of the compensation with a business partner as other income.
In August 2023, Thaicom Public Company Limited, a leading Asian satellite operator, announced the signing of a partnership agreement between Space Tech Innovation Limited (STI), a Thaicom’s subsidiary, and Eutelsat Asia PTE. LTD. (Eutelsat Asia), a subsidiary of Eutelsat SA, one of the world’s leading satellite operators. This partnership relates to the new satellite to be launched at the orbital slot of 119.5E. Under the agreement, Eutelsat is committed to lease and operate the service for 50% of the satellite capacity during its lifetime of 16 years. Thaicom is currently finalizing the procurement process of the satellite.
Thaicom’s new satellite is a new generation of broadband software-defined high-throughput satellites (HTS). It will allow flexibility and instant reconfiguration to adapt dynamically the service areas and will provide a significant confidence boost for the Company’s valued customers and partners throughout Asia Pacific. The Software Defined HTS’s performance will assure an unparalleled quality of service to enable end-to-end service solutions.
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