Advanced Info Service Public Company (ADVANC) Q2 2024 earnings summary

Executive summary

• Achieved 19% year-on-year growth in core service revenue and EBITDA for Q2 2024, driven by growth across all business segments and the consolidation of Triple T Broadband (TTTBB).

• Net profit for Q2 2024 was ฿8,577 million, up from ฿7,181 million year-over-year; H1 2024 net profit reached ฿17,029 million, up from ฿13,939 million.

• Focus on quality, profitability, and digital transformation supported performance despite cautious Thai economic recovery.

• Interim dividend of ฿4.87 per share (85% payout ratio), totaling ฿14,484 million, approved for September 2024.

• Major legal disputes resolved favorably, including a final court ruling in July 2024 and conclusion of all optical fiber cases.

Financial highlights

• Q2 2024 core service revenue rose 19% year-on-year and 2% quarter-on-quarter to ฿40.2 billion; H1 2024 up 18% year-on-year to ฿79.7 billion.

• Q2 2024 EBITDA increased 19% year-on-year to ฿27.6 billion; H1 2024 EBITDA up 21% year-on-year to ฿55.4 billion.

• Q2 2024 net profit was ฿8,577 million; H1 2024 net profit was ฿17,029 million.

• Gross profit for Q2 2024 was ฿19,032 million, up from ฿15,070 million year-on-year.

• Mobile revenue up 4.3% year-on-year; fixed broadband revenue up 155% year-on-year; enterprise and other revenues up 40% year-on-year in Q2 2024.

Outlook and guidance

• FY24 guidance maintained: core service revenue growth of 13–15%, EBITDA growth of 14–16%.

• Cautious view for 2H24 due to low seasonality, revised Thai GDP, rising household debt, and weak consumer sentiment.

• Interim dividend of ฿4.87 per share, totaling ฿14,484 million, to be paid in September 2024.

• Management expects no material impact from ongoing legal disputes.