Sahakol Equipment Co., Ltd. (“the Company”) is a company engaged in providing comprehensive mining services and operations. This encompasses mine planning, open-pit mining operations, mining consultancy, and the rental and maintenance of heavy machinery. The Company's business direction and strategic plan focus on building and maintaining competitiveness and achieving business growth. Competitive Landscape and Competitors: The Company faces few competitors in the business. Competition is largely price-driven. Factors affecting competitive pricing capabilities include the volatility of raw material prices, which impacts the industry.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 3,303.13 | 4,498.06 | 6,166.68 | 5,238.06 |
| Expenses | 3,917.21 | 4,223.51 | 5,732.76 | 4,685.24 |
| Net Profit (Loss) | -931.00 | -51.05 | 130.53 | 307.95 |
| Assets | 7,643.23 | 8,795.02 | 9,555.86 | 8,869.87 |
| Liabilities | 5,808.92 | 6,029.71 | 6,677.22 | 5,995.39 |
| Shareholders' Equity | 1,853.27 | 2,784.27 | 2,897.60 | 2,893.44 |
| Operating | 1,002.57 | 309.20 | 288.51 | 1,626.08 |
| Investing | -245.84 | -299.76 | -333.08 | -493.92 |
| Financing | -664.90 | -37.87 | -18.41 | -1,050.57 |
| EPS (Baht) | -0.81 | -0.04 | 0.11 | 0.27 |
| GP Margin (%) | -0.89 | 13.29 | 14.24 | 14.89 |
| NP Margin (%) | -28.19 | -1.13 | 2.12 | 5.88 |
| D/E Ratio (x) | 3.17 | 2.18 | 2.32 | 2.09 |
| ROE (%) | -40.15 | -1.80 | 4.51 | 11.06 |
| ROA (%) | -7.47 | 2.99 | 4.71 | 6.12 |
Production Plan According to Contract - Mae Moh 8 Project
-Earthmoving work, 45 million cubic meters per year
-Coal hauling work, 4.5 million tons per year
Production Plan According to Contract - Hongsa Mine Project
Hongsa D
-Earthmoving work, 22 million cubic meters per year
-Coal hauling work, 7.5 million tons per year
Hongsa O&M
-Earthmoving work, 33.7 million cubic meters per year
Production Plan According to Contract - North Pit Wall Expansion Project
-Earthmoving work, 4.7 million cubic meters per year
Production Plan According to Contract - Mae Moh 8/1 Project
-Earthmoving work, 70.0 million cubic meters
-Coal hauling work, 15.3 million tons
Mae Moh Mine Project 8 generated revenue of 127.6 million baht, a decrease of 65.8% from Q3 2025, due to a work stoppage since early November caused by soil movement and a landslide at the south-west dumping area of the Mae Moh mine. This was necessary to move machinery, assess damage, and clear the area for future operations. Additionally, the project incurred increased operating costs of 153.6 million baht resulting in a gross profit decrease of 396.8 million baht compared to Q3 2025.
Hongsa Mine Project D and Hongsa O&M generated revenue of 443.3 million baht, an increase of 132.1 million baht from Q3 2025. Gross profit increased by 150.3 million baht from Q3 2025. This was due to the fact that this quarter was the dry season, making the mine conditions suitable for work, and from the preparation of work areas and the replacement of conveyor belts that began in Q2 2025.
North Pit Wall Expansion Project generated revenue of 59 million baht, an increase of 35.8 million baht from Q3/2025. This was due to the dry season in Q4 allowing for continuous work, and the increased length of the haul road, resulting in a 11.9 baht in the cost per BCM. However, the project's operating costs were more than 100% higher than in Q3/2025 due to a 53.3 million baht provision for project losses for the project remaining. This resulted in an increased loss of 42.8 million baht in this quarter compared to Q3/2025.
Build Lease and Transfer Project generated revenue of 24.5 million baht from planned financial lease repayment installments and 0.7 million baht from machinery maintenance, resulting in a gross profit similar to that of Q3/2025.
Mae Moh Mine Project 8/1 generating revenue of 30.7 million baht, a decrease of 37.3% due to the impact of mass movement and landslides at the South west Dump (SW Dump) of the Mae Moh mine. This disrupted coal excavation operations as planned. However, costs decreased by 21.1 million baht, while gross profit increased by 2.8 million baht compared to Q3/2025
Significant events and developments in Q4 2025: Early in the quarter, there were Bondholders' Meetings for SQ25NA, SQ25NB, SQ256A, SQ266A, SQ275A, and SQ285A to restruct bond maturities, principal repayments, early redemption, and amendments to related terms and conditions, continuing from Q3 2025. On November 4, 2025, a mass movement and landslide occurred at the Southwest Dump area (SW Dump) of the Mae Moh mine, The company had to completely halt operations on the Mae Moh 8 project. This event also impacted on the Mae Moh 8/1 project, specifically the soil excavation and transportation job, which is the company's main revenue source, causing a delay of at least 4-5 months and requiring an extension of the project timeline. The company expects to restore the conveyor system and resume operations in Q2/2026.
In Q4/2025, the company's total service revenue was 690.4 million baht from Q3/2025. This was due to the suspension of remaining operations at the Mae Moh 8 mine project because of a landslide. However, in Q4, all projects achieved 72.2% of their planned revenue. This quarter recorded estimated project losses and project electricity costs totaling 309.4 million baht, and losses from bond restructuring and write-off of machinery damaged by landslides totaling 369.8 million baht, which was recognized as administrative expenses.
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| as of 30/12/25 | SQ | CONS | SET |
|---|---|---|---|
| P/E (X) | - | 26.13 | 15.44 |
| P/BV (X) | 0.17 | 0.62 | 1.19 |
| Dividend yield (%) | - | 1.79 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 459.66 | 884.85 | 1,310.04 |
| Price (B/Share) | 0.40 | 0.77 | 1.14 |
| P/E (X) | - | - | 8.44 |
| P/BV (X) | 0.17 | 0.32 | 0.46 |