SAMART Group has demonstrated robust growth in the first quarter of 2025, reporting a total revenue of THB 2.897 billion, a significant increase of over 38% compared to the same period last year. The company’s operating profit soared to THB 185 million, a remarkable 237% year-on-year surge. All business lines within the group are showing positive trends, and management is confident in achieving the 2025 targets despite acknowledging a provision for legal expenses. The company reaffirms its commitment to investing in high-potential businesses and preparing the organization for new challenges and opportunities.
SAMART Corporation Public Company Limited (SAMART) has announced its outstanding financial results for the first quarter of 2025, showcasing a period of substantial growth in both revenue and profitability. The company achieved a consolidated revenue of THB 2.897 billion, marking an impressive increase of over 38% from the first quarter of 2024. Even more striking is the operating profit, which reached THB 185 million. This represents a THB 130 million, or 237%, increase compared to the same quarter in the previous year, and a THB 14 million, or 8%, increase from the preceding quarter. These strong figures indicate a consistent upward trajectory for all business segments under the SAMART umbrella, heralding a positive start to 2025.
Mr. Watchai Vilailuck, Executive Vice Chairman – Corporate Strategy & New Business Development at SAMART Corporation Plc., stated, “The group’s total revenue in Q1 2025 reflects expanding business opportunities and a continued growth trend.” However, he also noted that during this quarter, the company had to account for a provision related to a legal dispute concerning a waste management contract at Suvarnabhumi Airport, following a judgment by the Central Administrative Court. Calculated according to the contract’s work proportion, SAMART is jointly liable for fines and damages. After deducting outstanding service fees and payments already made under the guarantee, the net amount is THB 4 million plus interest. This led to the recognition of a total accounting provision of THB 129 million related to the lawsuit, which consequently adjusted the operating profit to THB 56 million. It is important to note that the case is currently under appeal.
Despite this, Mr. Vilailuck expressed strong confidence, “Even though we have to recognize an accounting provision related to the legal case, SAMART Group will undoubtedly continue to achieve its targets set for 2025. This is because the performance of all business lines includes projects that contribute to increasing the company’s revenue.” This confidence is further bolstered by new project contracts signed in the first quarter alone, valued at over THB 1.36 billion. Additionally, on May 9, 2025, TRIS Rating upgraded the credit ratings of SAMART and SAMTEL from BBB (Positive Outlook) to BBB+ (Stable Outlook), signifying the company’s enhanced stability and credibility.
A closer look at the performance of each business segment reveals satisfactory growth across the board:
Digital ICT Solution Business: Operated by Samart Telcoms Plc. (SAMTEL), this segment generated a total revenue of THB 1.339 billion and a profit of THB 53 million, a remarkable 240% increase compared to the same period last year. This success stems from securing new projects and winning bids totaling over THB 4 billion in the first quarter, against a target of THB 9.5 billion for the entire year. Key projects include those with Airports of Thailand Plc., National Telecom Plc., and the Provincial Electricity Authority. As a result, SAMTEL currently has a backlog of approximately THB 7.9 billion.
Digital Communications Business: Managed by Samart Digital Plc. (SDC), this segment reported total revenue of THB 141 million and achieved a net profit of THB 19 million, a significant turnaround from a loss of THB 18 million in the same quarter of the previous year. This growth reflects the strengthening of the Digital Trunked Radio business, which has seen a continuous increase in the delivery of communication radio devices to enterprise users and a steady rise in recurring revenue from Air Time services. Currently, there are approximately 79,000 DTRS (Digital Trunked Radio System) users, with an expected increase of another 500 to 1,000 units in the second quarter. The accumulated backlog for this segment stands at THB 829 million.
Utilities & Transportations Business: This division generated a total revenue of THB 1.410 billion, an increase of over 29% compared to the same quarter last year. A standout performer within this segment is the aviation radio business under Samart Aviation Solutions Plc. (SAV). In the first quarter of 2025, SAV achieved revenues of THB 500 million and a substantial profit of THB 142 million. Even during the low season, SAV managed to set new records for revenue and net profit post-COVID-19, driven by a total of 30,819 flights serviced (all types), an increase of 6,685 flights or 28% year-on-year. The company anticipates that the opening of the new international airport in Phnom Penh, Techo International Airport, in mid-2025, will further boost tourism in Cambodia, with annual flight movements expected to reach approximately 130,000, nearing pre-COVID levels.
In addition to the aviation radio business, this segment benefits from continuous recurring revenue from the Direct Coding system for excise tax collection, a project with a 7-year contract term. Revenue from this project in Q1 2025 was THB 259 million, up 3% year-on-year. Furthermore, the turnkey construction business for high-voltage transmission lines and substations continues its expansion, with Q1 2025 revenue reaching THB 543 million, a significant 39% increase from the same period last year.
Concluding his remarks on the company’s outlook, Mr. Watchai Vilailuck stated, “Overall, the company will continue to grow steadily and consistently this year. We are actively seeking new investment opportunities in high-potential businesses and are continuously preparing the company in terms of both technology and personnel to handle new opportunities and challenges. This is all under our commitment to offering services that meet customer needs and providing the best after-sales service.”
SAMART Group’s strong performance in the first quarter of 2025, amidst a challenging economic landscape, underscores its resilience and effective management. The focus on developing all core business segments, coupled with the pursuit of new investment opportunities and a commitment to technological and human resource readiness, are key factors that will drive SAMART towards its business goals and ensure sustainable growth in the future. The recent credit rating upgrade by TRIS Rating further solidifies the company’s financial strength and investor confidence.
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