MGC is expected to report an excellent performance in 3Q24, benefiting from car delivery ramping up, after having over 1,000 units in backlog. The company anticipated a positive outlook for its 4Q24 operations, with MGC closing a deal with its Vietnamese ally to support growth, and Neo Mobility aiming to ship 2,000 cars from ZEEKR and XPENG within this year.
Miss Jerdnapang Thamchuanviriya, Chief Financial and Accounting Officer of Millennium Group Corporation (Asia) Public Company Limited (SET: MGC) revealed to “Kaohoon” that operations in Q3/2024 (July-September) are expected to perform well, due to a stream of the promotion campaign and launching of new combustion and electric vehicle (EV), and a positive 4Q24 growth outlook, may lead the second half of this year to have a better performance than the first, which have a total revenue of THB 9,826.80 million and a net profit at THB 40.79 million.
The company tried to push 2024 performance to top 2023, which saw a total revenue of THB 25,132.69 million and net profit of THB 269.84 million from four main businesses: 1. Cars dealership, 2. Aftermarket services, 3. Car rental business for various distances and rental chauffeur, 4. Other companies. Meanwhile, backlog as of August 2024 reached over a thousand orders, not including EV orders from both XPENG and ZEEKR that have increased after a launch during the middle of last year.
Additionally, MGC has signed a Memorandum of understanding (MOU) with City Auto Group, a leader in the car dealership business from Vietnam, with 4Q24 or early 2025 may potentially see a new business strategy or a continued cooperation, which shows that MGC is planning for a sustaining growth within both Thai and ASEAN region markets.
