Dr. Sunhavut Thamchuanviriya, CEO of Millennium Group Corporation Asia PCL (SET: MGC), revealed that Alpha X Co. Ltd. has reported a stellar performance in the third quarter. Currently, Alpha X has loan portfolio value according to the plan, and the company is performing well after 1Q24, which saw an adjustment to the target group portfolio and new product.
Alpha X is a joint venture between MGC and The Siam Commercial Bank (SCB) holding 50% of the company’s share each. The operations include managing rental, leasing, and refinancing for luxury cars, big bikes, yacht, and riverboat.
Adjustments to Alpha X portfolio have also been made for operating cost, reducing low-margin services, and financing, resulting in continuous growth in 3Q24 and 4Q24, and by the end of 2024 the total portfolio value could reach THB 10 billion. The company can now forecast its gross profit margin and net profit margin while also predicting 1Q2025 with continuous growth and positive profit.
MGC’s performance for 4Q24 is expected to grow much higher than 3Q24 and the same period previous year, which follows the company expansion. Mobility retail has delivered more than 1,000 electric vehicles (EV) from two brands “ZEEKR” and “XPENG” while also having pending orders for both combustion vehicles and EVs and yachts with a totaled value of THB 400 million, with the delivery scheduled for 4Q24, additionally, the company also receiving a pre-order for 400-500 ZEEKR cars.
MGC expected its overall performance in 2024 to see a single-digit revenue growth, but the company is confident in its ability to earn the most profit in the industry. This is in line with the strength potential of four business groups under the MGC-ASIA ecosystem, which aims to invest in both existing and new businesses within Thailand and abroad.
Additionally, MGC is planning a hybrid transformation to create continuous growth with new businesses and products, while also strengthening and pushing the company’s limits in business and competitiveness. The plan is anticipated to be revealed in December 2024, and the company is confident that 2025 will see even better performance, especially since EV sales saw massive growth in the first half of the year.
