Thaicom Public Company Limited (SET: THCOM) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
62.83 | 456.61 |
| Earning Per Share (Baht) |
0.0600 | 0.4200 |
| % Change | -86.24 | |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
350.47 | 546.18 |
| Earning Per Share (Baht) | 0.3200 | 0.5000 |
| % Change | -35.83 | |
THCOM reported a net profit of Baht 62.83 million in 2Q24, decreased 86.24% from the same period of last year. The decrease was mainly due to a one-time item that the company realilzed from a dispute settlement in 2Q23.
However, core profit, 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 expanding its customer base.
THCOM 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.
One of the notable developments in 2Q24 for THCOM is the ‘CarbonWatch’. Thaicom, the developer of the ‘CarbonWatch’ platform, received certification for its forest carbon sequestration assessment tool utilizing remote sensing technology and artificial intelligence. This certification was granted by the Greenhouse Gas Management Organization, making it the first in Thailand and ASEAN under the Thailand Voluntary Emission Reduction Program (T-VER). The platform is one of Thaicom’s space technology services under Earth Insights, and it is prepared to provide carbon credit services to customers in Thailand. The Company is also moving forward with expanding its collaboration with the Mae Fah Luang Foundation under Royal Patronage to drive Thailand towards its Carbon Neutrality and Net Zero GHG Emission goals.
The ‘CarbonWatch’ platform can be used to assess carbon in two forest types: dry dipterocarp and mixed deciduous forests in the northern and central regions of Thailand. It is a crucial tool that will help stimulate and incentivize the planting, restoration, and maintenance of forests by private businesses seeking to utilize carbon credits to offset their greenhouse gas emissions. This will contribute to Thailand’s broader goal of achieving Carbon Neutrality by 2050 and Net Zero GHG Emission by 2065, based on sustainable development.
