The company operates in two business segments as follows:
- Financial Business – This segment includes hire-purchase loan services for motorcycles, used cars, gold, and agricultural machinery, as well as secured retail lending services in the Lao PDR.
- Energy Business – This segment involves the production and distribution of electricity from renewable energy sources
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 508.46 | 211.81 | 355.36 | 508.40 |
| Expenses | 203.84 | 281.83 | 273.30 | 466.99 |
| Net Profit (Loss) | 331.11 | -106.57 | 36.68 | -1.63 |
| Assets | 6,126.85 | 5,943.29 | 1,807.42 | 937.24 |
| Liabilities | 433.85 | 250.60 | 259.81 | 266.44 |
| Shareholders' Equity | 5,651.69 | 5,500.07 | 1,358.73 | 528.75 |
| Operating | 320.86 | -338.04 | -293.72 | 54.43 |
| Investing | -430.42 | 16.77 | -6.64 | 1.06 |
| Financing | -245.28 | 4,270.46 | 575.88 | 22.07 |
| EPS (Baht) | 0.04 | -0.04 | 0.02 | - |
| GP Margin (%) | 79.49 | 48.90 | 53.01 | 27.89 |
| NP Margin (%) | 65.18 | -53.60 | 10.40 | 5.12 |
| D/E Ratio (x) | 0.08 | 0.04 | 0.17 | 0.40 |
| ROE (%) | 5.94 | -3.11 | 3.89 | -0.31 |
| ROA (%) | 6.51 | -2.92 | 4.29 | 4.25 |
Over the past one to two years, the company has pursued an aggressive growth strategy through capital increases via private placements (PP) and rights offerings (RO) to fund the expansion of its energy business. Most recently, its subsidiaries have invested in Nam Hung 1 Hydropower and Nam Ngieb 2C Hydropower in the Lao PDR, with additional budget reserves allocated for further investment expansion.
Furthermore, the company plans to explore and develop solar power plant projects, with a feasibility study framework targeting a generation capacity of 500 megawatts.
The company places great emphasis on investment governance, both domestically and internationally, ensuring that all projects progress under a transparent investment policy aligned with international capital market standards, ultimately creating sustainable value for shareholders.
The company is committed to becoming a leading enterprise in the energy and financial services sectors within the region. Its strategy focuses on the sustainable development and investment in renewable energy infrastructure to enhance energy security across ASEAN. Additionally, the company aims to expand access to financial services by offering tailored and easily accessible loan solutions for both entrepreneurs and individuals, thereby fostering economic growth and improving community livelihoods.
Furthermore, the company conducts its business with a strong commitment to economic, social, and environmental responsibility, creating shared value for all stakeholders. It is dedicated to promoting sustainable development, with directors, executives, and employees prioritizing these principles as the foundation of their operations.
- The company focuses on the energy business to establish a stable revenue base by acquiring high-potential power plants, resulting in a total electricity generation capacity of 29.51 megawatts by the end of 2024.
- The financial services business has achieved record-high performance, generating revenue of 92.73 million baht in 2024.
- Additionally, the company has discontinued loss-making businesses by divesting its real estate development operations and cannabis-related production and distribution businesses. This move aims to enhance liquidity and allocate funds toward expanding its core energy and financial services businesses.
The total revenue from the group's core businesses, based on continuing operations, amounted to 508.46 million baht in 2024, representing an increase of 406.69 million baht, or 400%, compared to the previous year. The primary drivers of this growth were higher revenues from the energy business, hire-purchase loan services, and secured retail lending.
The net profit attributable to the parent company reached 331.11 million baht in 2024, reflecting an increase of 437.68 million baht, or 411%, from the prior year. This substantial growth was primarily due to:
- An increase in revenue from the energy business, hire-purchase loan services, and secured retail lending totaling 111.37 million baht,
- A gain from bargain purchase of 169.60 million baht,
- A gain from the disposal of investments amounting to 23.78 million baht,
- A foreign exchange gain of 130.75 million baht, and
- An increase in interest income of 69.43 million baht.
The rise in interest income was a result of the company receiving capital from private placements (PP) and rights offerings (RO) in Q3 and Q4 of 2023, totaling over 4 billion baht. While awaiting allocation for business expansion under the investment plan, the company deposited these funds with financial institutions, leading to higher interest returns.
- In March 2024, the company invested in Nam Hung 1 Hydropower Co., Ltd. ("NH1"), a hydropower project located in the Lao PDR, with a generation capacity of 15 megawatts.
- In December 2024, the company invested in Nam Ngieb 2C Hydropower Co., Ltd. ("NN2C"), another hydropower project in the Lao PDR, with a generation capacity of 14.51 megawatts.
The company fosters a risk management culture that promotes shared understanding and responsibility by implementing appropriate processes, guidelines, and measures. It conducts both qualitative and quantitative risk assessments, establishes risk limits indicators to mitigate potential damages, and sets out clear, written operational procedures that are effectively communicated across the organization.
A dedicated risk management committee has been appointed to evaluate risks and continuously develop risk management plans, ensuring the company remains proactive in identifying and addressing risks in a timely manner. These efforts align with the company’s business strategy, legal requirements, and the regulations of the Securities and Exchange Commission (SEC). To enhance the effectiveness of its risk management processes, the company adheres to the COSO 2017 internal control framework.
| as of 30/12/24 | ALPHAX | CONSUMP | mai |
|---|---|---|---|
| P/E (X) | 19.67 | 31.82 | 41.84 |
| P/BV (X) | 0.93 | 1.30 | 1.55 |
| Dividend yield (%) | - | 1.58 | 2.47 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 5,110.81 | 5,854.20 | 2,545.60 |
| Price (B/Share) | 0.55 | 0.63 | 1.33 |
| P/E (X) | 19.67 | - | 137.85 |
| P/BV (X) | 0.93 | 1.04 | 1.85 |