Eastern Commercial Leasing PCL (SET: EAST) announces its 2024 performance, reporting total revenue of 709.40 million baht, an 8.47% increase, driven by the continued expansion of its loan portfolio, and a net profit of 62.03 million baht. The Company is also proceeding with changing its securities trading symbol to EAST, reflecting its business cooperation with partners GMT and PREMIUM, and accelerating the expansion of its Loan portfolio to 10 billion within 3 years and 20 billion baht within 5 years.
Mr. Danucha Veerapong, CEO of Eastern Commercial Leasing PCL (EAST), shared that 2024 was a challenging year for the used vehicle financing business in Thailand. Despite these challenges, the Company achieved satisfactory growth in its operational results, reporting total revenue of 709.40 million baht, an 8.47% increase compared to the same period last year. This success was driven by the continued expansion of the overall loan portfolio, resulting in interest income from hire purchase agreements of 530.82 million baht, a 13.36% increase. This growth was achieved even while assisting debtors through debt restructuring to ease payment pressures, which somewhat limited the growth of hire purchase income. Net profit for the year was 62.03 million baht.
The Company is set to change its securities trading symbol from ECL to EAST to align with its strategy in the vehicle financing business this year. It has also formed business partnerships with GMT, a part of ITOCHU Corporation from Japan, and Premium Corporation Group (PREMIUM). By leveraging their combined knowledge, business expertise, and strong capital bases, the partners aim to manage loan portfolios effectively and enhance the efficiency of their rigorous credit approval process. These efforts support the Company’s expansion plans for the used vehicle financing and Car 4 Cash business in Thailand. The Company has set a target to grow its overall loan portfolio to 10 billion baht within 3 years and 20 billion baht within the next 5 years.
