VGI Public Company Limited (SET: VGI) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q24/25 | 1Q23/24 |
| Net Profit (Loss)
Million Baht |
62.76 | -366.45 |
| Earning Per Share
(Baht) |
0.006 | -0.033 |
| % Change | 117.13 | |
VGI reported a net profit in 1Q 2024/25 (ending 30 June 2024) of THB 63 million, an increase of 117% or THB 429 million, and representing a net profit margin of 5.2%.
In 1Q 2024/25, the company reported revenue from services and sales of THB 1,204 million, an increase of 7.2% YoY, mainly from the recovery of the Advertising segment and from the growth of revenue from retail business under TURTLE in the Distribution segment. In terms of revenue contribution, Advertising, Digital Services and Distribution revenue contributed 45.4%, 30.7% and 23.9%, respectively.
Advertising revenue was THB 547 million, an increase of 12.6% YoY, mainly driven by an increase in the utilization rate of all media channels to 47% from 45% in the same period last year.
Digital Services revenue was THB 369 million, a slight increase of 0.7% YoY. The increase was mainly driven by interest income that grew along with the increase in outstanding loans from the digital lending business by RCash. However, the growth was offset by the decrease in revenue from lead generation under RCare.
Distribution revenue was THB 288 million, an increase of 6.3% YoY. The increase was mainly driven by revenue from the retail business under TURTLE. As of 30 June 2024, there were 23 TURTLE stores, markedly increased from 6 stores from the same period last year. However, the increase was partly offset by the decrease in revenue of Fanslink because Fanslink has changed its strategy to develop and sell its own-branded products, which have a higher profit margin, rather than selling other brands, which provide higher revenue but a lower profit margin.
Other income was THB 70 million, an increase of 76.7% YoY thanks to higher interest income.
In this quarter, the company recorded a share of profit from investments in joint ventures and associates of THB 55 million, an increase of 119.9% YoY, from improvement in operating performance of joint ventures and associates. Moreover, the company has not recognized the share of loss from Kerry Express (Thailand) Public Company Limited since the company has divested such investment in the last quarter.
