BOL : BUSINESS ONLINE PUBLIC COMPANY LIMITED
9M/2024 (Jan - Sep 2024)
Business Overview

BOL is a leader in business information and aims to assist customers in capturing opportunities and anticipating risks in the business world. BOL's services include providing actionable insights through modern softwares and applications, designing and developing solutions for corporations and financial institutions, as well as acting as business advisor both nationally and in the ASEAN region.

Financial Statement
9M24 9M23 2023 2022
Income Statement (MB)
Revenues 579.26 639.68 789.35 699.17
Expenses 308.20 331.65 432.50 381.14
Net Profit (Loss) 230.50 251.89 290.31 270.69
Balance Sheet (MB)
Assets 1,376.40 1,267.04 1,388.24 1,208.17
Liabilities 379.13 377.15 358.82 326.24
Shareholders' Equity 997.27 889.90 1,029.42 881.93
Cash Flow (MB)
Operating 145.75 181.83 225.33 272.79
Investing 121.22 49.99 72.50 103.35
Financing -266.02 -257.74 -259.05 -230.24
Financial Ratio
EPS (Baht) 0.28 0.31 0.35 0.33
GP Margin (%) 65.69 63.18 63.15 67.05
NP Margin (%) 39.79 39.38 36.78 38.72
D/E Ratio (x) 0.38 0.42 0.35 0.37
ROE (%) 28.50 35.65 30.38 33.01
ROA (%) 24.06 30.07 27.32 28.03
Business Plan

BOL is striving to be the leading provider of business information and analytics tools to enable our customers in a fast and effective decision making process. The Company continuously develops and updates its existing business registry and financial database while searching for new information sources. Moveover, leading innovations from around the world are harnessed to offer new dimensions in analyzing, interpreting, and presenting business risks and opportunities. In the meantime, as the security of our database and network is at heart of business, we have continued to develop our computer systems and networks to be fast, effective and secure, ensuring a smooth running of customer experience. Additionally, to expand the reach of our services, the Company has also initiated ventures abroad.

Sustainable Development Plan

In addition to conducting business to drive the economy, the Company adheres to Good Corporate Governance policies and ethical principles along with having a strong sense of social responsibility while considering the interests of all internal and external stakeholders. The Company also takes part in creating benefits to Thai society both directly and indirectly in order to contribute to sustainable development. 

Business Highlight

In 2023, the Company worked with global partners to deliver risk management solutions and provided complex data management services to government institutions.

In 2023, the Company revealed its Credit Risk Rating, a new feature which identifies and quantifies potential cybersecurity vulnerabilities and provides potential solutions to assist customers with effective cyber risk management.

Performance and Analysis
Business Performance Summary
  • The Company and its subsidiaries presented total revenues of Baht 579.3 million, decreased by Baht 60.4 million or -9.4%, compared with the total revenues in 9M/2023. The main reasons were a decrease in data and risk management services of Baht 65.1 million, while information services increased by Baht 9.1 million.
  • The Company and its subsidiaries had a net profit of Baht 230.5 million which decreased by Baht 21.4 million, or -8.5% compared to the net profit in 9M/2023.


Key Milestones
  • 1995 Established Business Online Co., Ltd. (BOL).
  • 2003 The Company converted its status to a public company.
  • 2004 Listed on the "Market for Alternative Investment (mai)", the Stock Exchange of Thailand. 
  • 2006 Established the subsidiary D&B (Thailand) Company Limited
  • 2017 Established the subsidiary BOL Digital Company Limited
Risk Management Policy

Risk management is an important tool to ensure that the external and internal risks affecting the Company’s goals will be addressed and mitigated for effective and efficient operations. The Company’s risk management policies, in addition to being comprehensive and implemented company-wide, also focus on control activities and monitoring company operations to ensure that the risk management policies are appropriate and can be adopted throughout the Company with oversight by the accountable management team. Information and communication about risks is also available to everyone in the Company to enhance responsiveness in handling the risks effectively. The risk management policy is developed based on the Good Corporate Governance practice.

Recent Awards and Recognitions
  • 2020 BOL received the 200 Best Under A Billion Award from Forbes Asia Magazine for listed companies with revenues of less than one billion US Dollars and outstanding performances.
  • 2022 BOL, D&B Thailand and BOL Digital were certified for the Privacy Information Management System according to ISO/IEC 27701:2019, which is an extension to the ISO/IEC 27001, to reinforce credibility and best practices in managing personal data.
  • 2023 D&B Thailand received the award for “Data Excellence” from Dun & Bradstreet International Ltd. 
Revenue Structure
Information services 73.42% Data and risk management 18.38% Other services 8.2%
Stock Information
mai / SERVICE
Closing price BOL mai index 11.00 7.50 4.00 458.00 394.67 331.33 268.00 2-10-23 4-1-24 29-3-24 3-7-24 30-9-24
as of 30/09/24 BOL SERVICE mai
P/E (X) 18.10 135.73 38.03
P/BV (X) 4.97 2.16 1.79
Dividend yield (%) 5.12 2.26 2.10
30/09/24 28/12/23 30/12/22
Market Cap (MB) 5,128.16 7,384.55 9,107.61
Price (B/Share) 6.25 9.00 11.10
P/E (X) 18.10 25.10 34.37
P/BV (X) 4.97 8.30 11.97
CG Report:
Company Rating:
Major Shareholders
as of 22/08/2024
CTOS DIGITAL BERHAD (24.83%)
Advanced Research Group (16.42%)
DUN & BRADSTREET INTERNATIONAL LTD. (8.68%)
MR. VISNU SKULPICHETRAT (7.95%)
MR. Min Intanate (5.98%)
Others (36.14%)
Company Information and Contact
http://www.BOL.co.th
IR@bol.co.th
0-2657-3999
No. 1023 MS Siam Tower, 28 Floor, Rama III Road, Chong Nonsi, Yannawa Bangkok 10120
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