The Company operates businesses related to water systems, water treatment systems, water recycling systems, clean energy systems, and medical services, specifically in dialysis centers, divided into 3 business segments: Industrial and OEM (B1/INNO), Commercial and Residential (B2/FVC), and Medical Services (B3/KTMS group).
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 1,052.51 | 970.78 | 776.09 | 650.91 |
| Expenses | 1,004.53 | 872.84 | 716.51 | 595.31 |
| Net Profit (Loss) | 26.64 | 96.22 | 39.10 | 42.79 |
| Assets | 1,249.07 | 1,166.13 | 1,139.70 | 843.82 |
| Liabilities | 453.02 | 361.71 | 428.66 | 407.28 |
| Shareholders' Equity | 796.05 | 804.42 | 711.04 | 436.54 |
| Operating | 142.63 | 18.47 | 54.38 | -8.67 |
| Investing | -50.78 | -187.34 | -94.61 | -42.21 |
| Financing | -42.00 | -45.82 | 236.74 | 67.21 |
| EPS (Baht) | 0.03 | 0.16 | 0.06 | 0.07 |
| GP Margin (%) | 21.31 | 22.73 | 25.80 | 27.77 |
| NP Margin (%) | 2.53 | 9.91 | 5.04 | 6.57 |
| D/E Ratio (x) | 0.57 | 0.45 | 0.60 | 0.93 |
| ROE (%) | 3.33 | 12.70 | 6.81 | 11.41 |
| ROA (%) | 2.21 | 8.35 | 3.94 | 5.41 |
- Industrial and OEM (B1) continues to focus on maintaining the existing customer base while expanding its reach outside of Bangkok and its surrounding areas, specifically targeting provinces with high populations and large customer bases. Additionally, the Company is increasing its sales team to directly engage with industrial factory clients. There are plans to curate or develop specific products to meet the needs of new customer groups. Although large-scale projects in 2024 may experience delays, impacting the annual performance, the Company has successfully completed projects for both the public and private sectors, building credibility. This success can be leveraged as a strength to expand the market in 2025.
- Commercial and Residential (B2) continues to focus on the restaurant and beverage sector, actively participating in the design and selection of products that support the production of high-quality food and beverages. There are plans to launch specially designed products to meet the specific filtration needs of customers seeking high-quality water solutions. Additionally, the Company remains committed to maintaining its after-sales service standards as a Total Solutions Provider, ensuring seamless customer operations and a stable revenue base.
- Medical services (B3) operated by KTMS Group. The business plan of KTMS can be studied from the Listed Company Snapshot or the 2024 Annual Report (56-1 ONE REPORT) on the website SET.or.th.
The Company is committed to conducting business and achieving sustainable growth with a focus on ESG principles. Currently, Solar Rooftop installations have been completed at the headquarters building (FVC1) and the office and warehouse building (FVC2) on March 29, 2023, and April 1, 2024, respectively. Additionally, the company has prepared a carbon footprint report to assess the organization's greenhouse gas emissions and develop plans for future reduction of these emissions.
The Company operates in the water treatment system business, distributing products and equipment that utilize advanced technology and comply with international standards such as NSF, FDA, and AAMI. It provides design and development services for water treatment systems, supported by a team of engineering experts with extensive knowledge and experience. Additionally, the subsidiary (INNO) offers comprehensive solutions for water treatment systems, water recycling systems, and clean energy systems, supporting ESG principles. Furthermore, the subsidiary (KTMS) offers hemodialysis services with dialysis machines in both clinics and hemodialysis units in hospitals. Currently, there are 36 hemodialysis centers and 495 hemodialysis machines.
- Industrial and OEM (B1) The revenue decreased by Baht 15.47 million or 12.08% compared to the previous year. The primary cause is the delay in large-scale projects, which has impacted workforce management for new projects. Additionally, major clients have changed their procurement systems, leading to a slowdown in project contracting, resulting in a decrease in project revenue.
- Commercial and Residential (B2) The revenue increased by Baht 19.47 million or 6.14% compared to the previous year. This is due to the continuous expansion of key customers, including convenience stores, restaurants, and beverage establishments. This growth is attributed to increased domestic consumption and a steady rise in international tourists. As a result, revenue in the trading segment has increased, with higher sales of water purifiers and related equipment in line with the expansion of the customer base. This has also led to an increase in after-sales service income.
- Medical services (B3) can be studied from the Listed Company Snapshot of KTMS on the website SET.or.th.
On April 17, 2024, the Company registered the establishment of Innovatek (Asia) Company Limited (a subsidiary) with a registered capital of Baht 5 million. The subsidiary's objective is to provide consultation, design, distribution, installation and maintenance of solutions for clean water and clean energy production systems, focusing on ESG (Environmental, Social, and Governance) aspects. These services are offered to both governmental and private sector entities interested in ESG or affected by environmental policies.
From the third quarter of 2024, Innovatek (Asia) Co., Ltd. officially commenced operations and generated revenue, with the majority derived from trading activities.
The Board of Directors recognizes the importance of risks that may affect the business operations and prevent the Company from achieving its objectives and goals. Therefore, the Board has appointed the Risk Management Committee to oversee the management and ensure the implementation of risk management throughout the organization through training, communication from executives to employees, and knowledge exchange between departments to enable the effective application of risk management guidelines. The Company has specified risk factors in the 2024 Annual Report (Form 56-1 ONE REPORT) and upholds good corporate governance by adhering to COSO’s risk management framework. This ensures all executives and employees understand their responsibilities, keeping risks at an acceptable level and enabling efficient business operations.
The Company, as a service provider, takes great pride in earning the continued trust of global brands in designing and developing new products and providing after-sales services for over 10 years.
| as of 30/12/24 | FVC | SERVICE | mai |
|---|---|---|---|
| P/E (X) | 2.61 | 82.27 | 41.84 |
| P/BV (X) | 0.41 | 1.84 | 1.55 |
| Dividend yield (%) | 2.33 | 2.77 | 2.47 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 248.66 | 469.07 | 700.78 |
| Price (B/Share) | 0.44 | 0.83 | 1.24 |
| P/E (X) | 2.61 | 21.40 | 16.67 |
| P/BV (X) | 0.41 | 0.92 | 2.00 |
