JenKongKlai Public Company Limited (SET: JPARK) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
91.50 | 22.20 |
| Earning Per Share (Baht) |
0.2300 | 0.0800 |
| % Change | 312.17 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
142.20 | 50.02 |
| Earning Per Share (Baht) | 0.3600 | 0.1900 |
| % Change | 184.30 | |
JPARK has submitted its financial statements for the third quarter of 2024 for the 3-month period ended 30 September 2024, which have been reviewed by a certified public accountant to the Stock Exchange of Thailand, in which the Company had a net profit of THB 91.50 million for the third quarter of 2024, representing a net profit margin of 74.88%, an increase of THB 69.30 million YoY, or an increase of 312.16% when compared to the same period of the previous year, which had a net profit of THB 22.20 million, representing a net profit margin of 13.07%.
This is because the Company has subleased a particular area of the parking building to a company to develop it into a commercial area, resulting in the Company having a gain from the subleasing of the area above, which is a non-recurring item.
Gross Profit
For the 3 months ended 30 September 2024, the Company had a gross profit of THB 27.33 million, representing a gross profit margin of 22.37%, which was lower than the gross profit in the same period of the previous year, which had a gross profit of THB 42.34 million, representing a gross profit margin of 24.92%. The decrease in gross profit was mainly due to the gross profit of the CIPS business, which had a decline in the project’s completion rate towards the end of the project.
The decrease in revenue from the consulting and installation of the parking management system (CIPS) business of THB 45.93 million, or 90.93%, due to the Smart Parking Management System and Guidance System electric train projects for which the Company was contracted in mid-2023, which will gradually recognize revenue based on the percentage of completion following Thai Financial Reporting Standards. The progress of the project’s completion in Q3 2024 showed a lower completion rate than the same project’s completion rate recognized in the same period of 2023, which is typical for the completion rate at the end of the project (the end of the S-Curve).
Administrative Expenses
Administrative expenses include employee expenses, professional and consulting fees, depreciation and amortization expenses, and other administrative expenses. For the 3 months ended 30 September 2024, the Company had administrative expenses of THB 14.25 million, representing 11.66% of service revenue. Administrative expenses increased YoY by THB 1.25 million, representing an increase of 9.62% from the same period of the previous year.
Finance costs
For the 3 months ended September 30, 2024, the Company had financial costs of THB 1.40 million, accounting for 1.15% of service revenue. Financial costs increased YoY by THB 0.05 million from the same period in 2023 due to increased interest expenses under the lease agreement, net of decreased interest expenses from discontinued lease agreements, which expired in 2024.
