KCE Electronics Public Company Limited (SET: KCE) has announced 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
216.32 | 519.53 |
| Earning Per Share
(Baht) |
0.1800 | 0.4400 |
| % Change | -58.36 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
1,366.77 | 1,241.18 |
| Earning Per Share (Baht) | 1.1600 | 1.0500 |
| % Change | 10.12 | |
KCE reported a net profit in 3Q24 of Baht 216.32 million, a decrease of Baht 303.21 million or 58.36% compared to the same period of the previous year. The decrease was due to the impact of lower revenue recognition from sales, which resulted from the appreciation of the Thai baht, and a slowdown in customer orders due to the global economic situation.
The total consolidated revenue of 3Q24 was reported at Bt3,852.1 million, decreasing 9.3% and 12.8% Qo-Q and Y-o-Y respectively. This total revenue includes Baht 3,802.3 million from product sales and Baht 49.8 million from other income. The other income in 3Q24 decreased from Baht 234.2 million in 2Q24 and from Baht 91.2 million in 3Q23. When comparing 3Q24 to 3Q23, the major decrease in other income was due to the impact of exchange rate fluctuations, the recognition of foreign exchange gains has decreased. In the 2Q24, the company recorded a gain of Baht 136.9 million from the sale of assets, including the sale of a subsidiary’s old factory.
Consolidated product sales revenue of 3Q24 in Baht terms was reported at Bt3,802.3 million, decreasing 5.22% Q-o-Q and 12.12% Y-o-Y. In USD terms, sales revenue slightly increased by 0.11% Q-o-Q but decreased by 11.15% Y-o-Y. The change in the FX rate of THB against the USD and Euro during the period resulted in a decreasing in revenue recognition in Thai Baht terms of Bt150.5 million Q-o-Q and Bt25.8 million Y-o-Y.
The total volume of PCB shipments for sales in 3Q24 decreased by 6.44% Q-o-Q and 10.55% Y-o-Y. Shipments for special grade PCB (HDI) decreased by 15.81% compared to 2Q24, but significantly increased by 9.98% compared to the same period last year.
The main reason for the decrease in the export volume of HDI PCBs compared to the previous quarter is due to the machinery changing activity in the production process to new technology in this quarter. This involved removing old machinery, installing and testing the new machine, which resulted in a temporary reduction in production volume during the transition.
KCE disclosed that the company is working with the machinery manufacturer to plan a gradual delivery plan of the new machines in order to minimize the impact on customer orders. The plan is to complete the upgrades within this year, which will enable the company to produce more specialized (HDI) products to serve customer demand.
As of the end of September 2024, the company still has a backlog of orders totaling approximately 6 million USD. Additionally, some products, valued at around 2.4 million USD, were delayed in delivery due to customer shipment authorization issues; these will contribute to revenue in 4Q24. The company remains focused on clearing all backlog orders, most of which are special-grade PCBs, by increasing manufacturing efficiency to boost HDI capacity.
