G-Able Public Company Limited (SET: GABLE) has announced its 2024 consolidated financial statement through the Stock Exchange of Thailand.
GABLE reported a net profit of THB 245.53 million, a decrease of 2.93% from last year, representing a net profit margin of 3.96%. However, excluding the deferred tax items that GABLE could not utilize, which were recognized as an income tax expense of THB 29.48 million in the second quarter of the year, GABLE’s net profit would increase from last year.
In 2024, GABLE reported all-time high total revenues of THB 6.2 billion, an increase of 15.70% from last year, mainly due to the growth in revenue from Enterprise Solution and Services.
In the year 2024, GABLE reported all-time high sales and service income of THB 6.172 billion, an increase of 15.64% from last year, which resulted from growth in revenue from Enterprise Solution and Services Business and GABLE has started to recognize revenue from Business Application Business on 1 August 2024 from acquisition of Round 2 Solutions Co., Ltd. GABLE’s sales and service income can be divided into 4 main categories, consisting of Revenue from Enterprise Solution and Services Business, Revenue from Value-added Distribution Business, Revenue from Software Platform Business, and Revenue from Business Application Business.
In 2024, Revenue from Enterprise Solution and Services was considered the main income of GABLE, accounting for 76.36% of total sales and service income. GABLE’s revenue from Enterprise Solution and Services amounted to THB 4.713 billion representing a growth rate of 18.75%, which resulted in growth from major solutions especially Cloud and Data Center Modernization. Customers use technology to enhance system connectivity and data speed, which can increase competitiveness. In addition, the backlog from Enterprise Solution and Services at the end of 2024 was THB 4.657 billion, an increase of 23.64% from the end of 2023.
GABLE ‘s costs and expenses consist of cost of sales and services, selling and distribution expenses, administrative expenses, financial cost and other expenses. In 2024, GABLE reported total expenses of THB 5.862 billion, representing 94.56% of total revenue.
Cost of sales and services is considered the main expense of GABLE. In 2024, GABLE reported the cost of sales and services amounting to THB 5.028 billion. Major cost of sales consisted of developing and installing solutions such as software and equipment costs and related service fees, etc.
When comparing the cost of sales and services to the revenue from sales and services in 2024, GABLE’s cost of sales and services accounted for 81.47% of total sales and service income, resulting in a gross profit margin of 18.53%, a decrease from the gross profit margin of 20.60% in 2023. The main reason for the decrease was the recognition of revenue from a large-scale hardware project in the second quarter of 2024.
Additionally, the Board of Directors approved a dividend payment of THB0.2703 per share to be paid on 21 May 2025. The ex-dividend date is 30 April 2025.
