Major Cineplex Group Public Company Limited was established in 1995, operates the business mainly as service provider for movie shows and provides services on entertainments. Operation of the business group comprises 5 core businesses as follows, theater business, media and advertisement service provision, bowling and karaoke service provision, space rental and service business and movie contents. The Company was listed as public limited company in Stock Exchange of Thailand in May 2002. The Company currently having over 70 per cent of market shares.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 3,430.38 | 3,827.98 | 7,983.94 | 8,734.15 |
| Expenses | 3,213.11 | 3,515.65 | 7,306.11 | 7,883.39 |
| Net Profit (Loss) | 157.70 | 372.54 | 744.28 | 1,041.81 |
| Assets | 13,404.78 | 14,404.01 | 14,039.03 | 14,425.95 |
| Liabilities | 8,586.27 | 8,053.19 | 8,683.67 | 8,313.80 |
| Shareholders' Equity | 4,710.61 | 6,206.36 | 5,209.31 | 5,990.88 |
| Operating | 299.36 | 365.10 | 1,094.60 | 1,952.41 |
| Investing | -203.19 | -438.13 | -703.28 | -348.09 |
| Financing | -284.14 | 19.33 | -620.22 | -1,957.24 |
| EPS (Baht) | 0.21 | 0.45 | 0.92 | 1.18 |
| GP Margin (%) | 33.29 | 33.56 | 35.03 | 33.53 |
| NP Margin (%) | 4.95 | 10.10 | 9.66 | 12.18 |
| D/E Ratio (x) | 1.78 | 1.27 | 1.62 | 1.36 |
| ROE (%) | 9.70 | 12.08 | 13.29 | 15.93 |
| ROA (%) | 6.16 | 6.64 | 6.69 | 9.17 |
The company has prepared an annual operation plan and regularly reviews and monitors results from the management team every month, allowing for adjustments or setting plans to accommodate events that may occur promptly. Additionally, a risk management plan has been developed, specifying the level of acceptable risk. There is also a focus on sourcing new content or new distribution channels that are of interest to meet customer demands. Upgrading both the facilities and products to be modern, high-quality in terms of design and price, and efficiently managing costs and expenses to increase profitability. Furthermore, there is a commitment to expanding branches cautiously. The Company aims to expand to 1,200 screens within 2030.
MAJOR - Sustainability Strategy
M - Mitigate Environmental Impact : Implement strategies to reduce carbon emissions, promote renewable energy, and minimize waste production.
A - Advanced Social Responsibility : Prioritize diversity, equity, and inclusion, ensure fair labor practices, and support community engagement initiatives.
๋J - Judicious Governance Practices : Strengthen board independence, enhance transparency in decision-making processes, and enforce ethical standards throughout the organization.
O - Optimize Resource Efficiency : Promote sustainable resource management, encourage eco-friendly practices, and invest in technologies that minimize environmental impact.
R - Responsible Investment Decisions : Incorporate ESG criteria into investment strategies, prioritize long-term sustainability, and engage with stakeholders to ensure alignment with societal values.
For Q2/2025, the Company recorded total revenue of THB 1,940 million and net profit of THB 124 million. Compared to the same period of the previous year, total revenue decreased by THB 93 million or 5%, and net profit declined by THB 108 million or 46% (Q2/2024: total revenue of THB 2,033 million and net profit of THB 232 million).
Revenue
Total revenue from sales and services for Q2/2025 was THB 1,940 million, compared to THB 2,033 million in Q2/2024, representing a decrease of THB 93 million or 5%. The decline was primarily due to the following factors:
1.) Cinema Business: Revenue declined as in Q2/2024 featured highly popular Thai films such as “Lahn Mah” and “Anong”, resulting in strong admissions during that period. However, in Q2/2025, the number of admissions decreased compared to the previous year, leading to a decline in revenue from both ticket sales and popcorn sales.
2.) Bowling and Karaoke Business: Revenue increased following strategic repositioning and renovations that enhanced the business's appeal and better met customer demand.
3.) Rental and Service Business: Revenue increased as a result of additional retail tenants at the Sukhumvit branch, including new stores that aligned more closely with customer preferences.
4.) Movie Content Business: Revenue decreased, as in Q2/2025, the Company recorded income only from theatrical releases. In contrast, during the same period last year, the Company recognized additional revenue from Thai films “Death Whisperer” and “The Djinn's Curse” released via online platforms as well as in cinemas.
Cost of Sales and Services
The Company reported total cost of sales and services of THB 1,322 million, compared to THB 1,309 million in the same period last year, representing a slight increase of THB 13 million or 1%. Given the decline in revenue, the gross profit margin declined from 36% to 32%.
Selling and administrative expenses
Total selling and administrative expenses amounted to THB 509 million, down from THB 585 million in Q2/2024, reflecting a decrease of THB 76 million or 13%. The breakdown is as follows:
1.) Selling Expenses: Amounted to THB 124 million, a decrease of THB 3 million from THB 127 million in Q2/2024.
2.) Administrative and Other Expenses: Totaled THB 385 million, a decrease of THB 73 million or 16% compared to THB 458 million in the previous year. The reduction was primarily due to the Company’s effective cost management measures.
As of 30 June 2025, the Company operated a total of 863 screens across 187 branches. Moving forward, the Company will continue to adopt a cautious approach amid uncertain economic conditions and closely monitor key factors that may affect the domestic economy. In addition, the Company remains committed to supporting the Thai film industry, including through government-led initiatives and measures.
The Company greatly emphasized on Enterprise Risk Management whereby all processes were seriously carried out, starting from review of the risk management policy regularly every year consistent with good corporate governance and sustainable development and growth principles for executives and personnel at all levels to observe and comply with. The Risk Management Committee regularly organized meeting once a quarter to supervise and monitor management of significant risks of the Company and report on risk management at strategic and operational levels.
| as of 30/06/25 | MAJOR | MEDIA | SET |
|---|---|---|---|
| P/E (X) | 10.11 | - | 14.76 |
| P/BV (X) | 1.26 | 1.04 | 1.03 |
| Dividend yield (%) | 2.35 | 1.93 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 6,442.31 | 12,188.32 | 13,330.55 |
| Price (B/Share) | 8.50 | 14.70 | 14.90 |
| P/E (X) | 10.11 | 14.78 | 15.87 |
| P/BV (X) | 1.26 | 1.96 | 1.73 |
- MSCI ESG Rating AA
- ·Certification of Thailand’s Private Sector Collective Action Coalition Against Corruption (CAC)