AAPICO Hitech Public Company (AH) H1 2025 earnings summary

Executive summary

• Total revenue for 2Q 2025 increased 2.1% year-over-year to THB 6,629.5 million, while 1H 2025 revenue declined 4.4% year-over-year to THB 13,458.6 million.

• Net profit for 2Q 2025 rose 5.3% year-over-year to THB 108.1 million, and 1H 2025 net profit decreased 1.9% year-over-year to THB 414.3 million.

• Interim financials for the three- and six-month periods ended 30 June 2025 were reviewed with no material misstatements found.

• Total consolidated assets increased to THB 23,529 million as of 30 June 2025, up from THB 23,076 million at year-end 2024.

• The company maintains a strong balance sheet with cash and fixed deposits over THB 2,200 million and a low interest-bearing debt to equity ratio of 0.5x.

Financial highlights

• 2Q 2025 gross profit was THB 481.0 million, down 13.5% year-over-year; 1H 2025 gross profit was THB 1,146.6 million, down 9.3%.

• SG&A expenses decreased 6.5% in 2Q 2025 and 9.9% in 1H 2025 year-over-year.

• Adjusted EBIT for 1H 2025 was THB 570 million, down 4.1% year-over-year.

• Net profit margin for 2Q 2025 was 1.6%, unchanged year-over-year; 1H 2025 net profit margin was 3.1%, up 0.1 percentage points.

• Dividend of THB 0.48 per share (THB 161 million) paid in April 2025; interim dividend of THB 0.31 per share (THB 104 million) approved post-period.

Outlook and guidance

• Revenue for 2025 is expected to be close to 2024 levels, with a solid pipeline of secured projects supporting medium- to long-term growth.

• Core profit margin is anticipated to improve compared to 2024.

• Strategic focus remains on global expansion, joint ventures in EV components, automation, and cost efficiency.

• Interim dividend of THB 0.31 per share to be paid in September 2025.

• Additional investments planned in US and Malaysian subsidiaries to support expansion.