DITTO (Thailand) PCL (SET: DITTO) reported its Q3 financial result on 13 November with the details as follows.
| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss)
Million THB |
96.58 | 70.54 |
| Earning Per Share
(THB) |
0.1462 | 0.1113 |
| % Change | 36.92 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss)
Million THB |
269.97 | 192.17 |
| Earning Per Share (THB) | 0.42 | 0.30 |
| % Change | 40.48 | |
In Q3/2023, DITTO had a net profit of 96.58 million THB, an increase of 26.04 million THB from the previous year, which is a 37% YoY increase. Cost of sales and services was THB 396.23 million or 129% YoY increase. The total revenue from sales and services at 552.06 million THB, an increase of 262.73 million THB, which is an increase of 91% YoY with detail as follows.
1) Revenue from Distribution and provision of Data & Document Management and Cyber Security business has grown to THB 210.25 million, a 139% YoY increase due to,
1.1) Expand software development services (Software Development) to facilitate online work processes and organizational data management via the customized system designed by Ditto for government and private sector customers, such as Software for Debt Quality Management Project.
1.2) Cyber Security system services (Cyber Security) for organization’s data protection; and
1.3) the expansion of the customer base for Business Process Outsourcing (BPO).
2) Revenue from Technology Engineering Projects increased to THB 213.33 million, a 34% YoY increase due to the expansion of the technology engineering business. The Company’ s subsidiary has implemented technology and world- class innovation for the Youth Learning Center project.
Other significant projects include the Construction of the Underwater Sea Life in Phuket Province, Construction and Development of Ranong Mangrove Forest Learning Center, Development of Koh Man Nai for Eco-tourism, and Early Warning Projects.
3) Revenue from Rental, sales, and provision of services for photocopiers, printers and other technology products increased to THB 128.49 million or 204% YoY increase from selling of technology products, scanner machines, server equipment, and other products.
As of 30 September 2023, the Company and its subsidiary had received purchase orders or had signed contracts with customers but haven’t delivered (Backlog) as follows.
1) Signed project yet to realize revenue valued at THB 5,305.03 million (exclude provision of printers and sales of goods).
2) Mangroves reforestation for carbon credit project at 110,948.47 Rai.
DITTO still has strong net profit growth although the company has expanded its capacity to take on larger project investments. Additional costs incurred for advisory fees and independent financial and legal advisors from investing in other companies, but still the amount of net profit is in good result due to the control of administrative costs by hiring only a small number of employees compared to the increased workload due to the company’s systems that allows online process and increase employees’ efficiencies. Gross profit margin is 28% decrease from the previous year mainly from,
1) In Q3/2023, the company had revenue from the sales of technology products which the gross profit was lower than other the business which caused the overall gross profit to decrease.
2) The company has started working on a new zoo project in Q3/2023, therefore management costs has already occurred for the project while the revenue will start to flow in from the end of 2023.
