AAPICO Hitech Public Company (AH) Q4 2024 earnings summary

Executive summary

• Total revenue for 2024 ranged from THB 26,600 mn to THB 27,002 mn, down 11.1–11.5% year-over-year; net profit fell 30–54% to between THB 570 mn and THB 747 mn.

• Gross profit margin declined to 7.7–8.7%; EPS dropped to Baht 2.15 from Baht 4.54.

• Major one-time items in 2023, including SACL disposal, impacted comparability of results.

• Dividend policy revised to pay not less than 30% of net profit after taxes, with a proposed Baht 0.48 per share for H2 2024.

• Treasury share repurchase of 5.3% of shares, totaling Baht 377 million, completed in 2024.

Financial highlights

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

• EBITDA for 2024 was Baht 2.28 billion, down from Baht 3.34 billion in 2023.

• 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.

• Debt-to-equity ratio improved to 1.08; interest coverage ratio at 6.5x in Q4 2024.

Outlook and guidance

• 2025 revenue expected to remain stable; productivity improvements and new projects to drive better results.

• Three-year forecast shows recovery by 2027 and a strong performance in 2028.

• Management is assessing the impact of Pillar Two global tax rules and reviewing tax privileges.

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

• No significant impact expected from new financial reporting standards effective 2025.