JMT Network Services Public Company Limited (SET: JMT) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
366.88 | 551.00 |
| Earning Per Share (Baht) |
0.2500 | 0.3800 |
| % Change | -33.42 | |
| 6 Months | 6M24 | 6M23 |
| Net Profit (Loss) Million Baht |
785.14 | 1,004.07 |
| Earning Per Share (Baht) | 0.54 | 0.69 |
| % Change | -21.80 | |
Net profit attributable to shareholders for Q2/2024 was 367 million baht, representing a 33.4% decrease from the same period last year. JMT added that this quarter is expected to be the lowest-performing quarter of the year.
The company’s total revenue for Q2/2024 was 1,306.3 million baht, an increase of 56.8 million baht or 4.5% compared to the same period last year.
Revenue from interest, dividends, and profit from debt purchase financing, which comes from managing nonperforming loans and interest income from loans to joint ventures, amounted to 1,161.7 million baht in Q2/2024. This represents an increase of 72.6 million baht or 6.7% compared to the same period last year.
Revenue from contracts with clients in the debt collection service for financial institutions was 78.5 million baht in Q2/2024, a decrease of 5.7 million baht or 6.8% compared to the same period last year. For the 6-month period of 2024, the revenue was 160.1 million baht, a decrease of 17.9 million baht or 10.1% compared to the same period last year. This decline is due to a reduction in the debt collection portfolio. Revenue from debt collection services accounts for only 6% of the Company’s total revenue.
For Q2/2024, the company’s Expected Credit Loss (ECL) was 236 million baht, an increase of 180.3 million baht or 323.7% compared to the same period last year This increase is due to the underperformance in collecting non-performing loans. The company is addressing this by intensifying efforts in monitoring non-performing loans and employing legal processes to recover debts within the year. Additionally, there has been an increase in employee expenses due to business expansion.
In addition, JMT approved an interim dividend payment of THB0.38 per share to be paid on 5 September 2024. The ex-dividend date is 22 August 2024.
