The transformer manufacturer that provides repair and maintenance service, design and buildup the substation, installation for equipment and industrial electric system.Including manufacturer and distributor of Solar Cell and Solar Module, design and installation of Solar Power System.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 996.81 | 984.36 | 2,587.26 | 2,300.96 |
| Expenses | 846.83 | 869.99 | 2,216.35 | 1,991.19 |
| Net Profit (Loss) | 110.76 | 77.44 | 279.98 | 220.51 |
| Assets | 2,106.95 | 2,383.66 | 2,381.59 | 2,247.13 |
| Liabilities | 462.49 | 905.26 | 700.67 | 751.87 |
| Shareholders' Equity | 1,643.06 | 1,476.94 | 1,679.48 | 1,494.78 |
| Operating | 218.02 | -85.09 | 285.48 | 387.74 |
| Investing | 59.37 | -31.19 | -64.39 | -118.79 |
| Financing | -283.35 | -47.69 | -225.41 | -96.66 |
| EPS (Baht) | 0.08 | 0.05 | 0.19 | 0.15 |
| GP Margin (%) | 30.82 | 25.85 | 28.52 | 25.21 |
| NP Margin (%) | 11.11 | 7.97 | 10.86 | 9.59 |
| D/E Ratio (x) | 0.28 | 0.61 | 0.42 | 0.50 |
| ROE (%) | 20.08 | 15.85 | 17.64 | 15.37 |
| ROA (%) | 18.74 | 13.75 | 16.54 | 13.90 |
AKR advances transformer development, embracing the growth trend of solar energy.
The demand for electricity continues to grow, especially for renewable energy sources like solar power, which is rapidly gaining popularity from both government and private sectors. AKR ready to move forward in accordance with the national Power Development Plan PDP 2018 (Rev.1), which focuses on promoting clean energy, especially self-consumption electricity generation from solar power, leading to a corresponding expansion in the transformer market. AKR as a leader in transformers in Thailand, it continuously develops in terms of product innovation and production process By focusing on adopting modern technology to increase production speed, while controlling quality to exceed standards with a Zero Defect goal, minimizing waste in the production process.
In addition, it emphasizes providing services that meet all customer needs, including building strong collaborative networks with designers and contractors, while promoting knowledge on proper transformer maintenance to extend their lifespan.
AKR's Operations Regarding Various Standards
In Q2/2025 AKR actions have been taken to promote sustainability and social responsibility, summarized as follows:
- “Organizational Carbon Footprint Calculation” AKR organized
training to educate executives and the working group on carbon footprint and the preparation of greenhouse gas emission calculation reports, to foster understanding and awareness of the importance of greenhouse gas emissions within the organization.
- Assessment of Compliance with Environmental Management
System Standards ISO 14001 and ISO 45001 for the year 2025, to ensure that the company fully complies with the requirements of various standards.
- Environmental Quality Monitoring at the Solar Power Plant,
Nonthaburi. The electricity generation process does not affect the environment in terms of water, noise, and light.
Dry-Type Transformer (Made in Thailand)
AKR proudly introduces its new “Special Model Dry-Type Transformer,” featuring locally manufactured coils to replace imported components. This innovation significantly reduces production costs and shortens lead time from 6–8 months to only 2–3 months, enabling faster delivery to customers. AKR, quality is our top priority. We utilize high-grade aluminum and premium insulation materials to ensure superior safety and durability. Every production stage is supervised by specialists and incorporates advanced techniques from European engineers. For more details, please visit: https://ekarat.co.th
Overview of Operating Performance for 6M/2025
Net profit for 6M/2025 period increased by 32.3 million baht or 41% compared to the same period last year, despite a decrease in operating performance in Q2/2025, summarized as follows:
Operating Revenue Decreased by 4% from the same period last year. This was mainly due to a decrease in revenue from solar power system installation projects by 32%, as many projects are nearing completion and revenue has largely been recognized based on project success. Revenue from product sales decreased by 1% due to the slowdown in the transformer business in line with economic deceleration. Revenue from electricity sales decreased by 28% due to higher rainfall. Meanwhile, service revenue increased by 4%, driven by general services and transformer repair services.
Cost Management Cost of sales decreased by 9%, and cost of solar cell installation decreased by 32%, consistent with the decrease in revenue. Service and maintenance costs increased by 2%.
Distribution Costs increased by 52% due to expenses related to product sales and promotional expenses, such as participation in various trade shows.
Administrative Expenses increased by 16%, mainly due to personnel expenses and payment of taxes from the sale of factory land in Rayong Province.
Foreign exchange gains increased by 168% from close monitoring of currency fluctuations.
AKR continues to reduce production costs, control expenses, and adjust strategies in response to the economic slowdown and volatility in 2H2025.
Renovating the Chachoengsao Service and Sales Center
AKR Construction is underway for a new Chachoengsao Service and Sales Center, aiming to establish a modern, aesthetically pleasing, and comprehensive prototype service center that can meet all customer needs, encompassing both sales and full-service transformer maintenance in accordance with the standards of AKR which customers have trusted for 44 years. It is expected to be completed within 2025.
The slowdown of the Thai economy, political uncertainty, and cross-border tensions with Cambodia pose key risks to Thailand’s economic and investment policies, particularly in infrastructure and energy. AKR has strengthened its risk management by diversifying customers and partners, and investing in new technologies to reduce dependency on government and private sector projects, ensuring long-term business resilience.
AKR to be included in the "ESG100 for 2025" list.
Thaipat Institute has selected AKR included in the "Sustainable Investment Company" or ESG Emerging List and is a security in the ESG100 securities universe for the year 2025, as an organization with outstanding performance in ESG aspects, based on the evaluation of listed securities in 2025.
| as of 30/06/25 | AKR | IMM | SET |
|---|---|---|---|
| P/E (X) | 4.06 | 11.47 | 14.76 |
| P/BV (X) | 0.76 | 0.73 | 1.03 |
| Dividend yield (%) | 10.87 | 4.56 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 1,354.15 | 1,501.34 | 1,221.37 |
| Price (B/Share) | 0.92 | 1.02 | 0.83 |
| P/E (X) | 4.06 | 6.00 | 6.06 |
| P/BV (X) | 0.76 | 0.96 | 0.86 |
