GABLE (the Group) announces operating results for the first quarter of 2023, still strong and growing continuously. Its net profit increased 18% to 25 million Baht from the same period last year. This was mainly due to the growth in revenue from the Enterprise Solutions Business (Digital Transformation) and revenue from the Software Platform Business. The number of the growth in profit and revenue clearly reflects the strength in line with the strategy of the Group that focuses on high margin businesses.
Dr. Chaiyuth Chunnahacha, Chief Executive Officer of G-Able Public Company Limited or GABLE, revealed that the company has a satisfactory performance. The performance of the company group in the first quarter of 2023 had revenue from sales and services of 1,135 million Baht, an increase of 7 percent from the same period last year. This was mainly due to the growth in revenue from the Enterprise Solutions Business (Digital Transformation) and revenue from the Software Platform Business. In addition, the gross profit was 220 million Baht, an increase of 26% from the same period last year. The gross profit margin was 19.4 percent, up from 16.5 percent in the first quarter of last year. This is in line with the business plan of the Group to focus on solutions with higher margins resulting in a net profit of 25 million Baht, an 18 percent increase from the first quarter of last year.
For the first quarter of 2023, the Group's recurring income ratio was 51.3%, close to the level of the previous year. The Group's backlog was over 3,700 million Baht to support revenue recognition in the future.
The Group successfully listed and traded on the Stock Exchange of Thailand (SET) in the category of information and communication technology business on May 9, 2023. The Group is an investment expansion plan to support growth opportunities to reach the goal to be the number 1 digital technology company in Thailand with the objective of raising funds this time. GABLE prepares to invest in related businesses with high growth potential in order to increase competitiveness and create added value for the Group in the long term, as well as to repay loans from financial institutions of Group to reduce financial costs and used as working capital."
From the ability to make continuous profits and financial discipline of the Group As a result, the Group's interest-bearing ratio to equity was 0.56 times, which was low. It supports the growth of the Group to invest in related businesses with high growth potential in order to increase competitiveness and create added value for the Group.
In this regard, GABLE is the leading company of information technology and digital solutions focusing on enterprise solution and services that cover key technologies in the digital world with strengths in offering comprehensive technology and digital solutions in a variety of industries, as well as good relationships with customers and product owners which is a leading technology company from around the world. In addition, the revenue from recurring services is high and tends to increase with new solutions installed each year.
"GABLE owns the technology and develop own software (Software Platform), which has a high growth achieved a compound annual revenue growth rate (CAGR) of as high as 32% (during 2020-2022) and is one of the key competitive differentiators of the Group, superior to competitors The platform software group is considered a growth engine that is ready for strong growth including Blendata's big data management platform, InsightEra's digital marketing platform, MVerge's rental property management platform is in the direction of market demand and has high growth. It comes from direct experience gained from executing projects for customers which makes our platform really meet the needs of customers and this is just the beginning of being a new growth engine that generates revenue for GABLE in the future," concluded Dr. Chaiyuth.