Business operations of the group of companies
1) Utilities segment: Production and distribution of tap water and tap water system installation for managing tap water on Koh Samet and surrounding areas in Pluak Daeng District, Rayong Province, operated by subsidiaries: Samet Utilities Co., Ltd., Pluak Daeng Co., Ltd., and K Waterwork Engineering Co., Ltd.
2) Services segment: Human resource management.
3) Real estate development business, operated by the subsidiary More Property Development Co., Ltd. (PROP)
4) Entertainment business, operated by More Than Entertain Co., Ltd. (MDE), a subsidiary appointed by More Return Public Company Limited to act as an agent for concert management and to secure co-investors for the organization of the Rolling Loud concert.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 82.63 | 84.74 | 105.39 | 82.04 |
| Expenses | 76.51 | 162.63 | 389.27 | 314.10 |
| Net Profit (Loss) | 2.66 | -54.24 | -180.87 | -137.67 |
| Assets | 973.41 | 1,293.17 | 977.73 | 1,485.84 |
| Liabilities | 68.18 | 138.05 | 74.48 | 100.14 |
| Shareholders' Equity | 1,027.65 | 1,251.61 | 1,027.33 | 1,455.95 |
| Operating | -0.86 | -92.53 | -97.96 | -14.67 |
| Investing | -23.00 | -61.56 | -119.06 | -454.29 |
| Financing | -0.09 | -0.09 | -3.94 |
| EPS (Baht) | -0.01 | -0.03 | -0.02 | |
| GP Margin (%) | 17.09 | -58.91 | -42.53 | 34.76 |
| NP Margin (%) | 5.23 | -94.98 | -279.61 | -278.34 |
| D/E Ratio (x) | 0.08 | 0.12 | 0.08 | 0.07 |
| ROE (%) | -10.88 | -12.56 | -14.57 | -8.32 |
| ROA (%) | -18.31 | -18.98 | -23.67 | -12.90 |
The company plans to expand into the health and beauty business in the form of OEM* or Original Equipment Manufacturer/ ODM** or Original Design Manufacturer, which involves operating a business by manufacturing products in the health and beauty categories, including product design and marketing for the products.
The company plans to increase its capital to invest the proceeds in the aforementioned business, thereby increasing opportunities and creating another revenue stream, as well as building upon its current operations in the utility business group, real estate business, and entertainment business.
However, since the aforementioned fundraising plan did not proceed as planned, the company has postponed its investment in the health and beauty business group but continues to operate its existing businesses as usual.
The Company was sued by Thai NVDR Company Limited (“NVDR”) on charges of offense Violate, annul resolutions of the shareholders' meeting with details Important details as follows:
(1) Request the annulment of all resolutions passed at the defendant's Annual General Meeting of Shareholders on April 18, 2025.
(2) Request that the defendant's Annual General Meeting of Shareholders on April 18, 2025, be declared null and void.
(3) Prohibit the defendant from using the resolutions from Agenda Item 7, Agenda Item 8, and Agenda Item 9 of the defendant's Annual General Meeting of Shareholders on April 18, 2025, for registration with the Registrar of Public Companies, Bangkok, Department of Business Development, Ministry of Commerce.
(4) Request the defendant to compensate the plaintiff for damages totaling 76,870,665.22 Baht and to calculate default interest at a rate of 5% per annum from now until the defendant completes payment to the plaintiff.
Operating results for the three-month period ended September 30, 2025: The consolidated financial statements showed a net profit of 12.43 million baht, representing 34.33 percent of total revenue. Compared to the previous period, the company's net profit increased by 14.14 million baht, or an increase of 826.11 percent. This was due to an increase in the company's total revenue from (1) the reversal of the allowance for credit losses on film production investments, (2) increased revenue from water sales by a subsidiary, and (3) the company did not dispose of other current financial assets and did not recognize losses from the disposal of other current financial assets during the period. Consequently, the company's total expenses decreased, resulting in a net profit for the three-month period ended September 30, 2025.
Read details Management's Discussion and Analysis for the period ended September 30, 2025
| as of 30/09/25 | MORE | SERVICE | mai |
|---|---|---|---|
| P/E (X) | - | 51.02 | 72.21 |
| P/BV (X) | 0.28 | 1.72 | 1.27 |
| Dividend yield (%) | - | 3.07 | 3.64 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 287.07 | 143.53 | 717.67 |
| Price (B/Share) | 0.04 | 0.02 | 0.10 |
| P/E (X) | - | - | - |
| P/BV (X) | 0.28 | 0.11 | 0.88 |