Thaicom Public Company Limited (SET: THCOM) has announced its 2024 consolidated financial statement with a net loss of Baht 23 million, which was mainly attributable to an FX loss due to the appreciation of Thai baht.
In 2024, despite a challenging macroeconomic environment, the Company generated a core profit of Baht 109 million. Nevertheless, the Company’s satellite business generated Baht 175 million in a core profit excluding non-satellite business and share of loss from the telecommunications business, surpassing normal core profit by Baht 66 million, which underscores the core business’s robust profitability.
However, in 2024, the Company recorded a net loss of Baht 23 million, primarily due to temporary foreign exchange fluctuations caused by the significant appreciation of the Thai Baht in 2024. This surge in the Baht’s value has adversely impacted Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally. Recognizing the inherent volatility of exchange rates, the Company has proactively implemented various mitigation measures, including foreign exchange risk management, business diversification, and the exploration of new business opportunities. Additionally, in 2023, the Company recognized other income of Baht 310 million, which was the compensation with a business partner arising from a dispute settlement.
The Company reported revenue from sales and services of Baht2,413 million for 2024, which decreased from Baht 2,627 million in 2023. This was mainly attributed to reduced usage in areas not covered by the follow-on satellites, particularly in Malaysia and Indonesia.
Nevertheless, the Company remains committed to expanding its services in other high-potential regions. In addition, revenue from sales and services decreased due to the transitional period of the Universal Service Obligation (“USO”) contracts with the National Broadcasting and Telecommunications Commission (“NBTC”).This transition marks the shift from USO Phase 2 to USO Phase 3, which is set to operate under an expanded budget framework of THB 5.8 billion. USO Phase 2 is expected to resume operations in Q1/2025, while the bidding process for USO Phase 3 is scheduled to take place within the same quarter. The upcoming phase will also include satellite services as part of the project scope. In anticipation of this transition, the Company has proactively strategized and implemented measures to accommodate the expected increase in demand from 2025 onward, ensuring seamless service delivery and operational readiness.
Additionally, THCOM has announced an omission of dividend payment for the operation in 2024.
