Performance Highlights • Revenue jumped 249.3% year-on-year to THB 381.06 million, driven by new IT integration and banking system contracts. • Net loss narrowed to THB 106.34 million from THB 286.09 million in FY 2024. • Gross profit climbed to THB 85.64 million, with gross margin edging up to 22.5% (FY 2024: 22.0%). • No dividend declared for the year.
Earnings Drivers The revenue increase stemmed mainly from: 1. A Provincial Electricity Authority (PEA) project contributing THB 178.90 million. 2. New banking-system projects adding THB 91.20 million. 3. Equipment sales rising THB 53.23 million.
Cost and Expense Dynamics • Cost of sales rose to THB 295.43 million, consistent with the expanded project scale. • Administrative expenses more than doubled to THB 110.18 million, reflecting higher professional fees, depreciation, FX losses and staff costs. • Impairment losses fell to THB 63.26 million (FY 2024: THB 223.90 million), mainly after fully writing down Hong Kong office right-of-use assets and leasehold improvements. • Finance costs decreased 16.4% to THB 34.92 million on lower loan interest.
Balance-Sheet Overview (31 Dec 2025) • Total assets: THB 1.10 billion; equity: THB 333.81 million. • Net current assets improved to THB 202.19 million. • Cash & cash equivalents stood at THB 117.76 million; pledged deposits at THB 84.14 million. • Interest-bearing borrowings totalled THB 243.0 million, with THB 137.67 million due within 12 months. • Gearing ratio rose slightly to 72.8%. • Outstanding bank guarantees amounted to THB 155.36 million.
Capital Actions in FY 2025 1. March placing: 120 million new shares raised net proceeds of approximately HK$ 9.25 million for working capital. 2. August subscription: 160 million new shares raised net proceeds of about HK$ 16.98 million, earmarked 50% for POS-device expansion and 50% for general working capital and loan repayment. 3. December 5-for-1 share consolidation reduced issued shares to 192 million. 4. Disposal of Globe Wealth (HK) Limited for HK$ 12.80 million; HK$ 8.80 million balance payable by 30 June 2026.
Liquidity and Going-Concern Note Auditors highlighted material uncertainty over going concern due to continued losses and THB 138 million of borrowings maturing within 12 months; management is pursuing refinancing, cost controls and additional project wins.
Outlook Management signalled cautious optimism, citing delayed customer projects expected to commence in FY 2026 and ongoing tender activity in Thailand’s IT integration market. No material post-balance-sheet events were reported up to the 31 March 2026 announcement date.
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