BTS Group Holdings Public Company Limited (SET: BTS) has announced its FY3Q24 ended 31 December 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
3,041.98 | -4,761.71 |
| Earning Per Share
(Baht) |
0.200 | -0.360 |
| % Change | 163.88 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
2,203.87 | -5,277.09 |
| Earning Per Share
(Baht) |
0.16 | -0.40 |
| % Change | 141.76 | |
In FY3Q24 ended 31 December 2024, BTS reported a net profit attributable to the company of THB 3,042mn, compared to a loss of THB 4,762mn in FY3Q23. The turnaround was primarily driven by the improved recurring EBITDA and the one-time gain from the changes in the status of RABBIT and ROCTEC, resulting in a Net Profit Margin of 55.0%.
During the period, the company reported a total revenue of THB 11,037mn, increasing by 60.6% or THB 4,165mn YoY. The growth was primarily attributed to (i) the consolidation of revenue from Rabbit Holdings PCL (RABBIT) and Roctec Global PCL (ROCTEC) since early November 2024, totalling THB 1,480mn following a Voluntary Tender Offer (VTO) and (ii) an increase in other income, mainly from a one-time gain of THB 3,442mn from the changes in status of RABBIT and ROCTEC from associates to subsidiaries, along with RABBIT’s gain on sale of TST Tower building of THB 268mn. However, the increase was partially offset by (iii) lower construction revenue of THB 1,176mn following the completion of the Pink Main Line
Total expenses decreased by 41.0% YoY to THB 5,969mn, largely from an absence of one-time recognition of an impairment loss on investment in Kerry Express (Thailand) PCL (KEX) (which was recorded in the same period last year).
BTS reported recurring EBITDA of THB 2,592mn, an increase of 12.9% or THB 297mn YoY. This growth was driven by stronger recurring EBITDA from MIX business. In MIX business, the increase was largely attributed to a return to a share of profit from investment following the disposal of the investment in KEX in March 2024, the recovery in Jaymart Group Holdings PCL (JMART) performance and the continued recovery in VGI’s overall operational performances.
In this quarter, the company recognised a share of profit from its investments in the BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) amounting to THB 122mn, a decrease of 36.6% or THB 70mn compared to FY3Q23, mainly due to higher maintenance costs for rolling stock used in the Core Network. Nevertheless, BTSGIF’s farebox revenue on the Core Line Network increased by 4.2% YoY, supported by a 6.2% growth in ridership, reaching 53mn trips YoY. However, the average fare fell by 1.9%, to THB 33.4 per trip YoY, chiefly from the launch of monthly promotion packages.
In addition, the Board of Directors came to a resolution that the company will omit its interim dividend payout for the operating period from April 1 to September 30, 2024.
