• Revenue from sales and services reached Baht 638 million, up QoQ and YoY.
• 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).
• Thaicom and Royal Thai Air Force forge strategic partnership to advance aerospace technology, promoting sustainable self-reliance in the defense industry.

Bangkok, Thailand, 7 August 2024 – Thaicom Public Company Limited (the “Company” or “THCOM”), satellite operator, announced its financial results Q2/2024.

Thaicom Public Company Limited reported a revenue from sales and services of Baht 638 million for Q2/2024, which increased from Baht 609 million in Q1/2024 (QoQ) and Baht 636 million in Q2/2023 (YoY). This was mainly attributed to the revenue from satellite and related services that increased due to domestic clients. In addition, the utilization rate for the Company’s conventional satellites providing services under telecommunication licenses via THAICOM-7 and THAICOM-8, reached 62%, demonstrating a consistent upward trend for four consecutive quarters.

Even though the Company reported a net profit of Baht 63 million in Q2/2024, a decrease compared to Q1/2024 and Q2/2023 due to the net foreign exchange gains in Q1/2024 and the recognition of compensation with a business partner arising from a dispute settlement in Q2/2023, core profit¹, which reflects the core business performance excluding these non-recurring items, showed significant growth, reaching Baht 49 million, a 308% increase from Q1/2024 (QoQ). This growth was driven by increased revenue from sales and services, demonstrating the Company’s agility in addressing market demand and expand its customer base.

In Q2/2024, the Company’s satellite business generated Baht 69 million in core profit excluding share of profit/(loss) from telecommunications business, exceeding normal core profit by Baht 20 million. This underscores the core business’s robust profitability, exhibiting a 30% (QoQ) growth from Baht 53 million in Q1/2024.

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.

CarbonWatch will enable more efficient, accurate, fast, verifiable, and cost-effective carbon assessments in large forest areas, surpassing traditional methods. This platform is part of the Company’s space technology services under Earth Insights, catering to various customer needs. The Company is committed to prioritizing sustainability and environmental, social, and governance (ESG) principles, which has resulted in the company receiving the Commended Sustainability Awards as well as the SET ESG Ratings AAA in 2023. This underscores the Company’s role in fostering genuine national sustainable development. Following the certification of our CarbonWatch platform, it will be deployed in the community forests of the Mae Fah Luang Foundation and other relevant organizations to drive the nation towards carbon neutrality and net-zero greenhouse gas emissions.

The Royal Thai Air Force (RTAF) has partnered with the company in a Memorandum of Understanding (MoU) for collaboration in aerospace technology development. This partnership aims to research and develop aerospace and related technologies, to enhance the RTAF’s mission capabilities and safeguard Thai airspace and space as well as to promote and drive the development of the defense industry towards sustainable self-reliance. The agreement focuses on R&D in three key areas: 1) Unmanned aerial vehicle systems integrated with space technology to expand aviation capabilities across the RTAF’s operational areas, 2) Cutting-edge small satellite technology to enhance the RTAF’s military operations through space utilization, and 3) Rocket launch vehicle technology, paving the way for future military spaceports and enhancing national security.

Regarding telephone business abroad in Q2/2024, revenue of Lao Telecommunications Public Company (LTC) increased both QoQ and YoY, reaped significant benefits from the tariff restructuring for telecom services implemented by The Ministry of Telecommunication and Communication of the Lao PDR. Nevertheless, a greater foreign exchange loss was incurred due to a depreciation of the Kip against the US Dollar compared to Q1/2024 (QoQ).

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Media Contact:

Corporate Communications

Tel: +66 2-596-5060

Email: [email protected] / [email protected]

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