GABLE reports Q2/2024 results, with core business revenue up 58% from Q2/2023 and backlog increased 22% from Q2/2023, while continuing its business partnerships and recently acquiring a major stake in Round 2 Solutions.
GABLE announces its Q2/2024 performance, maintaining strength and growth. It reported sales and service revenue of Baht 1,938 million, marking an increase of 58% from Q2/2023 and 68% from Q1/2024. Operating profit was Baht 119 million, up 52% from Q2/2023 and 878% from Q1/2024. Net profit for the quarter was Baht 63 million, up 5% from the same quarter last year and 633% from the previous quarter.
Dr. Chaiyuth Chunnahacha, Chief Executive Officer of G-Able Public Company Limited (GABLE), revealed that in Q2/2024, GABLE continued to deliver satisfactory performance, with strong growth in revenue and operating profit compared to the same quarter last year. Additionally, on August 1, 2024, the Company acquired a 75% stake in Round 2 Solutions Co., Ltd., valued at Baht 330 million, using part of the funds raised from the IPO. This acquisition is expected to bolster GABLE?s strategic plan to become a leading smart business application provider in Thailand by incorporating world-class software technologies, including comprehensive ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) systems, to effectively address both public and private sector strategies. Round 2 Solutions Co., Ltd. is a leading Thai technology company with over 10 years of expertise in ERP and CRM platform integration. With a customer base of more than 40 large enterprises, Round 2 Solutions offers extensive experience and expertise that will enhance integration with various application systems, operating systems, and more. This acquisition will also strengthen GABLE's digital transformation capabilities, from providing strategic consulting and technology development to infrastructure IT services and world-class technology and software solutions, helping to enhance competitiveness in new projects
and increase revenue. In 2023, Round 2 Solutions Co., Ltd. reported sales and service revenue of Baht 236 million, an 18% increase from the previous year, with a gross profit margin of 29% and a net profit margin of 10%.
Ms. Raveeratana Satchavarodom, Chief Finance and Strategy Officer of G-Able Public Company Limited (GABLE), revealed that GABLE?s performance showed strong revenue growth. For Q2/2024, sales and service revenue was Baht 1,938 million, up 58% from the same quarter last year and up 68% from the previous quarter. Operating profit was Baht 119 million, an increase of 52% from the same quarter last year and 878% from the previous quarter. GABLE recorded its net profit for this quarter at Baht 63 million, up 5% from the same quarter last year and 633% from the previous quarter. Excluding deferred income tax items amounting to Baht 29 million that could not be utilized for tax benefits and therefore were recognized as income tax expense in this quarter, GABLE achieved a net profit of Baht 93 million, up 54% from the same quarter last year and 976% from the previous quarter. GABLE also reported strong backlog and sales. As of the end of Q2/2024, the backlog stood at Baht 5,009 million, up 22% from Q2/2023, supporting future revenue recognition. Additionally, the backlog ready to support revenue for 2024 amounted to over Baht 2,066 million, representing approximately 70% of the revenue target for the remainder of 2024.
With its consistent profitability and financial discipline, GABLE maintained a low debt-to-equity ratio of just 0.58 times and strong cash flow of over Baht 1.1 billion. This positions GABLE to support its growth, invest in promising related businesses, enhance its competitiveness, and create added value for the Company.
The acquisition of a major stake represents another success for GABLE and a significant milestone for the tech industry in Thailand. This investment will enable GABLE to offer comprehensive end-to-end services across all business sectors, a capability possessed by only a few in Thailand. With the expertise of over 100 personnel from Round 2 Solutions in business applications and GABLE?s extensive experience with more than 1,500 personnel in digital technology infrastructure, this will enhance the efficiency of various business processes for both government and private organizations, fostering sustainable growth under the equation of 'Sustainable Growth = Smart + Secure,' Dr. Chaiyuth concluded.