Advanced Info Service Public Company (ADVANC) Q4 2024 earnings summary

Executive summary

• FY24 saw strong core business growth, with 17% YoY increase in core service revenue and 21% YoY growth in net profit, driven by economic recovery, tourism, and successful TTTBB integration.

• Revenue reached THB 213.6 billion for 2024, up 13% year-over-year, driven by growth in mobile, broadband, and equipment sales.

• Achieved steady expansion by leveraging digital demand and prioritizing profitability to maximize shareholder returns.

• Exceeded upper bound guidance for both core service revenue and EBITDA, driven by strong business performance and operational efficiencies.

• The Board proposed a total dividend of THB 10.61 per share for 2024, including an interim dividend of THB 4.87 per share.

Financial highlights

• FY24 total revenue reached Bt213.6bn, up 13% YoY; EBITDA Bt113.2bn (+20% YoY); NPAT Bt35.1bn (+21% YoY).

• Mobile revenue grew 4.8% YoY to Bt123.8bn; fixed broadband revenue surged 116% YoY to Bt29.4bn.

• Sales margin improved from 1.8% in 2023 to 5.6% in 2024 due to optimized handset subsidies.

• Gross profit rose to THB 78.2 billion, up from THB 63.5 billion year-over-year.

• Basic and diluted EPS were THB 11.79, up from THB 9.78 in 2023.

Outlook and guidance

• FY25 guidance targets 3–5% growth in both core service revenue and EBITDA, with CAPEX (excluding spectrum) of Bt26–27bn.

• 2025 guidance excludes spectrum auction scenario and assumes NT2100 deal remains through year-end.

• Focus remains on high-quality connectivity, enhanced customer value, and innovative content and products.

• International Business Centre status, effective for 15 years, provides tax incentives for qualifying income.

• Management expects continued growth in broadband and mobile segments, leveraging recent acquisitions.