LEO Global Logistics Public Company Limited (mai: LEO) has has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q24 | 1Q23 |
| Net Profit (Loss)
Million Baht |
10.42 | 18.96 |
| Earning Per Share
(Baht) |
0.0330 | 0.0600 |
LEO reported a net profit in 1Q24 of THB 10.42 million, a decrease of THB 8.6 million or 45% compared to the same period last year. The decrease was mainly due to the fact that the company had to reserve for doubtful bad debts according to Thai Financial Reporting Standards of THB 4.0 million. Additionally, there was a loss incurred from YJCD Company which operates the Container Depot still has sales and operating results that are not as targeted. The company needs to recognize the operating loss of YJCD in the amount of THB 5.1 million in 1Q24. If these two items are excluded, the company’s normal operating results in 1Q24 would be comparable to those of 1Q23, with a net profit (Owners of the parent) of THB 19.0 million.
The company recorded a total revenue of THB 348.2 million, an increase of 5% compared to 1Q23. By Sea Freight Service in 1Q24, the income increased by 6% compared to 1Q23, as clients, transportation volume, and freight rates increased due to the critical situation in the Red Sea.
LEO still has significant income growth from the Integrated Logistics Service business such as land transportation, loading and unloading of goods, which increased 24% when compared to 1Q23. The customs clearance and other services grew by 36% compared to 1Q23 due to the new providing rental services of temperature-controlled containers (Reefer Containers) including income from Self-storage service grew up 46% compared to 1Q23 because of after Covid-19 situation, the customers in the SME segment who use the facility to store their stock and the customers who bring their personal items to store for home repairs or decoration back to use the service more.
The company has also fully operated both 2 branches, on Rama 3 Road and in Chinatown. As a result, revenue has been consistently increasing. The company is confident that in 2024, with the F.A.S.T.24 strategic plan, it will achieve continuous and robust growth in both gross profits and operating results during the Q2-Q4/2024. The company will recognize revenue from several new business units, including rail transportation to Laos and China as well as domestically, the Bonded Cold Chain Logistics Center at Saha Thai Port, and Self-Storage Project #3 at Rama 4 Road, which will commence operations in Q2/2024. Furthermore, there will be additionaI revenue recognition from other JV projects initiated in 2023, such as Leo Sourcing & Supply Chain, LaneXang Express, Logicam-Leo (Camillionodia) and Sritrang Leo Multimodal Logistics. There will be significant revenue growth starting from Q2/2024 onwards and this is in line with the company’s strategic plan to increase revenue from Non-Freight and Non-Logistics businesses to grow continuously over the next 1-2 years.
