Mr. Santipol Jenwattanaphaisarn, the board’s vice chairman and the CEO of Jenkongklai Public Company Limited (mai: JPARK), revealed that in the 2024 performance, the company generated a net profit of THB 164.93 million, a 163.51% increased compared to previous year. This surge was mainly due to the expansion of new parking areas, such as the JPark Kanchanasuk Parking Building, an area near Bangkok Noi Market, and the Kanchanaphisek Medical Center Parking Building, and the increased profit from commercial lease service.
However, the service revenue decreased 2.31% YoY to THB 559.85 million. This decrease was mainly attributed to the drop of revenue in the Consultant and Installation Parking System (CIPS) due to the majority of those projects having been launched in 2023. Nevertheless, the parking service business (PS) and the parking slot management service (PMS) continue to grow in 2024.
As for the parking slots, JPARK secured the management of over 40,000 slots by the end of 2024, due to the expansion of new service areas, such as Khon Kaen Airport, the Bangkok Noi Market, the One Bangkok project, and The Market project.
As for the gross profit margin, the company generated approximately 27.57%, an increase from 22.15% in 2023, which was due to the decrease in service cost that dropped by 9.10%. As for the net profit margin, JPARK managed to increase its rate to 29.46%, a significant leap from 10.92% in 2023. The increase was mainly due to a slight expansion in management expenses that was more than offset by increasing revenue from renting service. The service cost that decreased by 9.10% YoY, or THB 40.59 million, was due to the decrease of CIPS expense and the depreciation expense of the expired lease contracts. The administrative expenses, however, increased THB 9.94 million, or a 21.76% increase YoY, due to the increase in employee expenses and investment on IT systems.
Moreover, the board meeting, on 20 February, 2025, approved the use of cash as a dividend payment to the shareholder at the rate of 0.05 baht per share. The excluding dividend date will be on 6 March, 2025, while the record date will be on 7 March, 2025. The board sets the dividend payment date to be on April 28, 2025.
Nevertheless, JPARK estimated there are several factors that will affect the company and its sustainable growth. These factors are as follows:
- The economy and government policy. The company speculated that the Thai economy in 2025 will continue recovering, but must constantly monitor the minimum wage policy and the inflation. This monitor also includes the policy promoting the EV, which pushes JPARK to invest more on the parking with EV charging.
- The competition in the parking slot market. This market still has a high competition rate due to ride-hailing and EV car sharing. Still, the company began using AI-Parking and mobile apps to increase efficiency.
- The growth rate and investment. JPARK plans to increase parking slots, especially at Kanchanaphisek Medical Center by 1000 slots, and invest in smart parking systems.
- The Environmental, Social, and Governance (ESG). JPARK intends to set solar panels on the roof of parking slots to decrease the use of energy and expand the EV charger area. Furthermore, the company will use AI and IoT to assist the customer in finding parking space and decrease the greenhouse gases release.
