2025/26 Revenue Structure
Fiscal year ended 31 March
| Consolidated (THB mn) | 2022/23 | 2023/24 | 2024/25 | 2025/26 |
|---|---|---|---|---|
| Revenue from services and sales(1) | 4,873 | 4,813 | 5,219 | 4,646 |
| Cost of services and sales | (3,515) | (3,359) | (3,409) | (3,050) |
| Gross profit | 1,357 | 1,454 | 1,810 | 1,596 |
| EBITDA(2) | 731 | 587 | 887 | 533 |
| EBIT | (224) | (3,952) | 428 | (1,187) |
| Net profit (loss) (excl. non-controlling interests) | (65) | (3,489) | 501 | (1,064) |
| Total assets | 33,627 | 28,109 | 39,666 | 39,862 |
| Total liabilities | 2,976 | 2,975 | 2,912 | 3,206 |
| Total shareholders' equity | 30,651 | 25,134 | 36,754 | 36,656 |
| Key Financial Ratios | 2022/23 | 2023/24 | 2024/25 | 2025/26 |
| Profitability Ratios(3) | ||||
| Gross profit margin (%) | 27.9% | 30.2% | 34.7% | 34.4% |
| EBITDA margin (%) | 15.0% | 12.2% | 17.0% | 11.5% |
| EBIT margin (%) | -4.6% | -82.1% | 8.2% | -25.6% |
| Net profit (loss) margin (%) | -1.3% | -72.5% | 9.6% | -22.9% |
| ROE (%) | -0.2% | -13.6% | 1.7% | -3.0% |
| Liquidity Ratios | ||||
| Current ratio (times) | 4.9X | 4.3X | 11.0X | 10.7X |
| Efficiency Ratios | ||||
| ROA (%) | -0.2% | -11.3% | 1.5% | -2.7% |
| Asset turnover (times) | 0.2X | 0.2X | 0.2X | 0.1X |
| Leverage Ratios | ||||
| Liability to equity (times) | 0.1X | 0.1X | 0.1X | 0.1X |
| Debt to equity (times) | 0.0X | 0.0X | 0.0X | 0.0X |
Remark:
- Currently, VGI business comprised of Advertising, Digital Services and Distribution business. The categorisation of accounting for each of these platforms is different, with Advertising recorded under the Advertising segment; Digital Services under the Digital Services segment, and Distribution under Distribution segment and the equity method.
(1) Excludes other income
(2) Excludes share of profit (loss) from associates and joint ventures, provision for impairment of investments and assets, and loss on sale of investments in KEX Express (Thailand) Public Company Limited in 2023/24.
(3) Calculated using total revenue from services and sales
1Q 26/27 Revenue Structure
| Consolidated (THB mn) | 1Q 25/26 | 2Q 25/26 | 3Q 25/26 | 4Q 25/26 | 1Q 26/27 |
|---|---|---|---|---|---|
| Revenue from services and sales(1) | 1,115 | 1,123 | 1,284 | 1,123 | 1,140 |
| Cost of services and sales | (714) | (743) | (821) | (771) | (727) |
| Gross profit | 401 | 380 | 462 | 352 | 413 |
| EBITDA(2) | 206 | 237 | 276 | (1,192) | 421 |
| EBIT | 38 | 54 | 91 | (1,371) | 253 |
| Net profit (loss) (excl. NCI) | 45 | 79 | 83 | (1,270) | 261 |
| Total assets | 39,372 | 41,759 | 41,392 | 39,862 | 40,288 |
| Total liabilities | 3,014 | 3,491 | 3,309 | 3,206 | 3,307 |
| Total shareholders' equity | 36,358 | 38,268 | 38,083 | 36,656 | 36,980 |
| Key Financial Ratios | 1Q 25/26 | 2Q 25/26 | 3Q 25/26 | 4Q 25/26 | 1Q 26/27 |
| Profitability Ratios(3) | |||||
| Gross profit margin (%) | 35.9% | 33.8% | 36.0% | 31.4% | 36.3% |
| EBITDA margin (%) | 18.5% | 21.1% | 21.5% | -106.1% | 36.9% |
| EBIT margin (%) | 3.4% | 4.8% | 7.1% | -122.0% | 22.1% |
| Net profit (loss) margin (%) | 4.0% | 7.0% | 6.5% | -113.1% | 22.9% |
| ROE (%) | 1.7% | 1.6% | 0.7% | -3.0% | -2.4% |
| Liquidity Ratios | |||||
| Current ratio (times) | 10.0X | 9.7X | 10.5X | 10.7X | 10.3X |
| Efficiency Ratios | |||||
| ROA (%) | 1.4% | 1.4% | 0.6% | -2.7% | -2.1% |
| Asset turnover (times) | 0.2X | 0.2X | 0.1X | 0.1X | 0.1X |
| Leverage Ratios | |||||
| Liability to equity (times) | 0.1X | 0.1X | 0.1X | 0.1X | 0.1X |
| Debt to equity (times) | 0.0X | 0.0X | 0.0X | 0.0X | 0.0X |
Remark:
- Currently, VGI business comprised of Advertising, Digital Services and Distribution business. The categorisation of accounting for each of these platforms is different, with Advertising recorded under the Advertising segment; Digital Services under the Digital Services segment, and Distribution under Distribution segment and the equity method.
(1) Excludes other income
(2) Calculated using total revenue from services and sales
