Asefa Public Company (ASEFA) SET Opportunity Day Quarter 4/FY 2024 summary

Financial performance

• Revenues from sales and services declined by 8.27% to 3,149 MB in 2024, mainly due to decreases in manufacturing and supplied products, partially offset by growth in services.

• Gross profit increased by 3.85% to 662 MB, with margin rising to 21.01% due to efficient cost management.

• SG&A expenses rose sharply by 35.06%, mainly from a 180.26 MB provision for credit losses related to a debtor's liquidity issues.

• Net profit dropped by 58.20% to 70 MB, with net margin falling to 2.20%, primarily due to higher expenses.

• Total assets grew by 3.39% to 3,444 MB, driven by increases in fixed assets, while liabilities fell by 10.62% to 1,566 MB.

Business overview and customer/market segments

• Revenue mix in 2024: manufacturing 49%, supplied/distributed products 14%, services 37%.

• Main customer segments: M&E contractors (40%), end users (38%), general contractors (18%), system integrators (4%).

• Key market segments: industry (26%), government/education (24%), commercial buildings (20%), infrastructure/power plants (14%), healthcare/hospitals (11%), others (5%).

• Notable 2024 projects include work for Analog Devices, Lumentum, Royal Irrigation Department, Lotus Bakeries, and PEA EV charging stations.

• Product and service offerings span manufacturing, systems integration, sourcing/supply, and after-sales services.

Strategic initiatives and outlook

• Business expansion includes new buildings, capacity increases, and new products such as smart home solutions and EV business.

• Subsidiaries and associates focus on power solutions, electrical maintenance, and green water treatment technology.

• Backlog as of December 31, 2024, stands at 2,595 MB, with 80% of the remainder expected to be realized as revenue next year.

• Dividend payout for 2024 is proposed at 0.14 Baht/share (92.25% payout ratio), pending AGM approval in April 2025.

• Awards in 2024 include Schneider Electric Sustainability Impact Award and multiple safety/environmental recognitions.