AAPICO Hitech Public Company (AH) H2 2024 earnings summary

Executive summary

• Total revenue for Q4 2024 was THB 6,320.2 mn, down 12.5% year-over-year; gross profit margin declined to 7.7% from 11.5%.

• Net profit for Q4 2024 was THB 119.9 mn, a 12.9% decrease compared to Q4 2023; adjusted net profit margin dropped to 2.4%.

• Full-year 2024 revenue fell 11.1% to THB 27,002 mn; net profit for the year decreased 30% to THB 570 mn.

• Automotive parts manufacturing remains the core business, with stable EV revenue at 5% of segment sales.

• Dividend policy revised to pay not less than 30% of net profit after taxes, up from 10%.

Financial highlights

• Q4 2024 gross profit was THB 473.7 mn, down 42.1% year-over-year; SG&A expenses reduced by 11.7%.

• Adjusted EBIT margin for 2024 was 4.1%, down from 7.9% in 2023; adjusted EBITDA margin was 9.1%.

• Finance costs decreased 25.2% year-over-year in Q4 2024.

• Net profit margin for 2024 was 2.1%, compared to 3.1% in 2023.

• Cash and fixed deposits exceeded THB 2,000 mn at year-end; interest-bearing debt stood at THB 5,432 mn.

Outlook and guidance

• 2025 revenue expected to remain stable; gradual recovery anticipated in Thailand's automotive sector.

• Medium- to long-term growth supported by a strong pipeline of secured projects.

• Thailand's role as a key investment hub under China Plus One strategy seen as a growth driver.

• Company actively seeking joint ventures and partnerships to enhance global competitiveness.

• Ongoing focus on cost control and incremental revenue opportunities in a weak economy.