In the first half of the year, we delivered robust growth in revenue, gross profit, and net profit. Despite external headwinds like trade wars and currency volatility, our operations were not materially impacted. We continue to monitor the global situation closely and stand ready to adapt to any changes. The strong performance of our subsidiaries and associates was a key driver of this growth. The hire-purchase business successfully expanded its customer base to include personal and those using Android smartphones. Concurrently, the insurance business broadened its service offerings, from health and auto insurance to specialized products. The EV business also contributed significantly by diversifying our portfolio. Furthermore, subsidiaries and associates that previously incurred losses have begun to recover, with losses narrowing this half. This positive trend is a direct result of strategic adjustments and confirming our stable and sustainable long-term growth.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 41,729.61 | 37,709.92 | 79,233.19 | 69,641.67 |
| Expenses | 39,255.82 | 35,719.51 | 74,975.31 | 65,954.83 |
| Net Profit (Loss) | 1,983.81 | 1,574.04 | 3,307.16 | 2,857.17 |
| Assets | 25,344.13 | 22,802.76 | 26,636.57 | 22,976.25 |
| Liabilities | 16,516.32 | 15,099.59 | 17,813.29 | 14,788.64 |
| Shareholders' Equity | 8,732.33 | 7,638.66 | 8,750.76 | 8,046.76 |
| Operating | 4,002.06 | 3,541.74 | 2,153.00 | 909.90 |
| Investing | -1,893.16 | -492.95 | -744.54 | -1,352.40 |
| Financing | -3,244.86 | -3,297.64 | -1,121.49 | 854.64 |
| EPS (Baht) | 0.84 | 0.66 | 1.39 | 1.19 |
| GP Margin (%) | 13.74 | 13.12 | 13.25 | 13.23 |
| NP Margin (%) | 4.76 | 4.19 | 4.19 | 4.21 |
| D/E Ratio (x) | 1.87 | 1.96 | 2.02 | 1.81 |
| ROE (%) | 45.41 | 39.10 | 39.38 | 37.59 |
| ROA (%) | 20.01 | 17.32 | 17.34 | 17.82 |
For the latter half of the year, the company is focused on sustainable growth by investing in megatrend businesses like clean energy, cloud services, and electric vehicle rentals. We will also restructure by discontinuing unprofitable operations. To drive our core business, we will launch new technology products, including the latest iPhones and devices with AI. We plan to support customers with financial and insurance programs while expanding our branch network to a total of 1,400 locations by year-end. This strategy will ensure strong and continuous performance for the remainder of the year.
The company conducts its business in line with ESG principles, dedicated to developing and operating under good corporate governance throughout its entire value chain. It prioritizes the impact on stakeholders, society, and the environment, all of which are crucial for stable and continuous growth. The company operates across these three dimensions.
- Environmental (Environmental): Operations are in line with the Sustainable Development Goals (SDGs) and a 470kW Solar Roof Top has been installed at the head office.
- Social (Social): There are ongoing social projects focused on youth education and development.
- Governance (Governance): The company is committed to conducting business with transparency and ethical principles.
The company demonstrated strong and continuous growth in the first half of 2025, successfully maintaining revenue growth across all product categories. This includes revenue from subsidiaries and associates, which significantly contributed to overall robust growth, particularly from high-potential new businesses. The company remains committed to future growth by investing in megatrend businesses, such as solar energy solutions and electric taxi rental services, alongside the launch of new products featuring AI technology. Furthermore, operational efficiency was improved by expanding key branches and closing unprofitable ones. The company prioritizes sustainable business practices in ESG aspects.
Revenue amounted to 41,729.6 million Baht, an increase of 4,019.7 million Baht (+10.7%) compared to the corresponding period last year. This performance stems from sustained revenue growth across all product categories, as evidenced by our strong Same-Store Sales Growth (SSSG%) rate. Our ability to quickly adapt to changing consumer behavior also contributed to this result. Furthermore, the strong performance of our subsidiaries and associates was a significant contributor to the revenue.
Gross profit amounted to 5,715.8 million Baht, an increase of 674.9 million Baht (+13.4%). The gross profit margin was 13.7%, an increase over the corresponding period last year. This performance is a direct result of effective management of product promotions that align with consumer and market demands.
Selling and administrative expenses amounted to 3,276.2 million Baht, an increase of 163.3 million Baht (+5.2%) compared to the same period last year, which is consistent with the overall operational growth. The company continued to manage costs efficiently.
Net profit amounted to 1,983.8 million Baht, an increase of 409.8 million Baht (+26.0%) compared to the same period last year.
The company's branch network expanded to 1,320 locations in Q2 2025, a net increase of nine since the end of 2024. This growth reflects a strategic consolidation of underperforming locations and the simultaneous launch of new flagship stores for our Studio7 and BaNANA. This approach strengthens our core brand presence and extends our market reach to a broader customer base.
The company prioritizes systematic and continuous enterprise-level risk management to enhance operational stability and sustainability. By adhering to international risk management principles, we cultivate a risk-aware culture among all employees, implement effective control processes, and set clear risk limits to manage risk at an acceptable level. This approach is a crucial mechanism that enables the company to cope with uncertainties and maintain long-term business stability.
- Carbon Footprint Certification from the Thailand Greenhouse Gas Management Organization.
- "Excellent" (5-star) rating in the Corporate Governance Report (CGR) for the fourth consecutive year.
- Recertified as a member of the Private Sector Collective Action Against Corruption (CAC) for the second time.
- Awarded an “AA” level in the Stock Exchange of Thailand's 2024 SET ESG Ratings.
- Achieved a perfect score of 100 on the AGM Checklist for the eighth consecutive year.
- S&P Global ESG scores of 38 (total) and 32 (CSA), demonstrating alignment with international standards.
- Sustainalytics ESG Risk Rating of 19.1, classified as "low risk" compared to our industry.
| as of 30/06/25 | COM7 | COMM | SET |
|---|---|---|---|
| P/E (X) | 12.57 | 15.25 | 14.76 |
| P/BV (X) | 4.47 | 1.23 | 1.03 |
| Dividend yield (%) | 4.65 | 3.55 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 44,399.97 | 62,999.95 | 57,119.96 |
| Price (B/Share) | 18.50 | 26.25 | 23.80 |
| P/E (X) | 12.57 | 20.95 | 18.32 |
| P/BV (X) | 4.47 | 8.01 | 7.58 |
