AAPICO Hitech Public Company (AH) Q1 2025 earnings summary

Executive summary

• Total revenue for Q1 2025 was THB 6,830.6 million, down 9.9% year-over-year, with net profit at THB 306.2 million, a decrease of 4.2%, and net profit margin of 4.5%.

• Gross profit margin improved slightly to 9.9% from 9.5% year-over-year, despite lower sales.

• Cash flow from operations improved to THB 539 million, up from THB 182 million in Q1 2024.

• The company maintains a strong balance sheet with low interest-bearing debt to equity of 0.5 times.

• Board approved a dividend of THB 0.48/share for 2024 results, to be paid in May 2025.

Financial highlights

• Gross profit for Q1 2025 was THB 665.6 million, down 5.9% year-over-year.

• SG&A expenses decreased by 13.2% year-over-year, supporting profitability.

• Adjusted EBIT margin was 5.3% in Q1 2025, up from 3.1% in Q4 2024.

• Profit sharing from associates and JVs increased 37.2% year-over-year.

• Basic EPS was THB 0.91 in Q1 2025, slightly up from THB 0.90 last year due to lower share count.

Outlook and guidance

• Revenue for 2025 is expected to remain stable compared to 2024, with a strong pipeline of secured projects.

• Core profit margin is anticipated to improve versus 2024.

• U.S. import tariffs are expected to have negligible impact, as exports to the U.S. are less than 1% of total revenue.

• Recent investments in Europe and the US signal continued international expansion.

• Dividend payout for 2024 signals confidence in cash flow and future prospects.