Operations Results of Qualitech Public Company Limited and Subsidiary
Revenue From Operations | 2024 | 2023 | Change | |
Million Baht | Million Baht | Million Baht | % | |
Sales and rendering of services income | 423.23 | 427.59 | -4.36 | -1.02% |
Cost of sale and rendering of services | (303.27) | (316.93) | -13.66 | -4.31% |
Gross profit | 119.96 | 110.66 | 9.30 | 8.40% |
Other Income | 3.10 | 3.02 | 0.08 | 2.71% |
Distribution costs | (11.44) | (12.37) | -0.93 | -7.55% |
Administrative Expenses | (119.61) | (236.59) | -116.97 | -49.44% |
(Expected credit losses) reversed | (0.11) | (7.09) | -6.98 | -98.43% |
Financial Costs | (2.06) | (1.08) | 0.98 | 90.84% |
Profit (Loss) Before Income Tax expense | (10.16) | (143.45) | 133.29 | 92.91% |
Income tax (expense) | (0.12) | 2.32 | -2.44 | -105.20% |
Profit (Loss) for the year | (10.28) | (141.14) | 130.85 | 92.71% |
Other comprehensive income (expense) for the year | (2.56) | (0.75) | 1.81 | 242.77% |
Total comprehensive income (expense) for the year | (12.84) | (141.88) | 129.04 | 90.95% |
Net Profit: Owners Of the Parent | (10.28) | (141.34) | 131.05 | 92.72% |
Operational overview
The Company had revenue from sales and services of 423.23 million baht, a decrease of 4.36 million baht or 1.02% from the previous year. The decrease in revenue was mainly attributable to other services and non-destructive testing services, as customers postponed their operating plans.
For the year 2024, the Company had a net loss attributable to the owners of the parent of 10.28 million baht, compared to a net loss attributable to the owners of the parent of 141.34 million baht in 2023, representing an increase of 131.05 million baht or 92.72%. The increase was mainly attributable to a decrease in cost of services by 4.31%, a decrease in selling expenses by 7.55%, and a decrease in administrative expenses and expected credit losses by 50.87%. The decrease in such costs and expenses consisted of
1. The Company managed its workforce to perform multiple tasks, resulting in a decrease in employment-related expenses.
2. Resignation of sales and marketing staff of the subsidiary (Duwell Intertrade Co., Ltd.) resulted in a decrease in employee-related expenses in selling expenses.
3. Administrative expenses and expected credit losses decreased as the Company recognized a loss on the sale of investment in an associate (Property Aim Solutions Co., Ltd.) of 122.94 million baht in 2023. In 2024, the Company had an increase in directors’ remuneration of 17.85 million baht from the restructuring of management and a decrease in expected credit losses of 6.98 million baht.
Statements of financial Position as at December 31, 2024 and December 31, 2023
Financial Position | 2024 | 2023 | Change | ||
Million Baht | % | Million Baht | % | % | |
Total Assets | 366.42 | 100.00% | 391.72 | 100.00% | -6.46% |
Total Liabilities | 83.38 | 22.75% | 96.02 | 24.52% | -13.17% |
Total Shareholders’ equity | 283.04 | 77.25% | 295.88 | 75.54% | -4.34% |
Assets Liabilities 1. Overdraft liabilities from financial institutions decreased by THB 14.38 million (100%) as the Company repaid the overdraft facility and incurred no additional overdraft usage. Equity attributable to the parent company As of December 31, 2024, the Company’s shareholders’ equity attributable to the parent company amounted to THB 283.04 million, a decrease of THB 12.84 million (4.34%) compared to December 31, 2023, primarily due to the operating loss incurred in 2024. |
Liquidity and capital adequacy
Cash Flow | As of December 31, 2024 |
Million Baht | |
Cash generated (paid) from operation | 50.20 |
Net cash provided by (used in) investing activities | (7.65) |
Net cash provided by (used in) financing activities | (20.46) |
Net increase (decrease) in cash and cash equivalents | 22.09 |
Cash and cash equivalents as at the beginning of the year | 32.06 |
Cash and cash equivalents as at the end of the year | 54.14 |
As of December 31, 2024, the Company had cash and cash equivalents of 54.14 million baht. The Company had net cash provided by operating activities of 50.20 million baht, net cash used in investing activities of 7.65 million baht, primarily for investments in equipment, machinery, and intangible assets other than goodwill, and net cash used in financing activities of 20.46 million baht, primarily for repayment of bank overdrafts / short-term loans and lease liabilities.
Financial Ratios and Net Profit Per Share | 2024 | 2023 |
Profitability Ratios | ||
Gross Profit Margin (%) | 28.34% | 25.88% |
EBIT Margin (%) | (1.92%) | (33.30%) |
Net Profit Margin (%) | (2.43%) | (33.05%) |
Return on Equity (ROE) (%) | (3.55%) | (38.53%) |
Current Ratio | ||
Current Ratio (X) | 4.90 | 3.21 |
A/R Turnover (Times) | 4.70 | 4.52 |
Avg. Collection Period (Days) | 78 | 81 |
A/P Turnover (Times) | 7.84 | 7.22 |
Avg. Payment Period (Days) | 47 | 51 |
• The company’s gross profit margin, operating profit margin, and net profit margin increased due to the company and its subsidiaries having lower cost of sales and services, lower distribution costs, and lower selling and administrative expenses.
• The company’s return on equity increased because the company and its subsidiaries had increased operating results in 2024.
• The company’s liquidity ratio increased because the company and its subsidiaries had lower current assets and lower current liabilities.
• The accounts receivable turnover ratio increased, and the average collection period decreased because the company and its subsidiaries closely monitored receivables, resulting in increased collection from customers.
• The accounts payable turnover ratio increased, and the average payment period decreased because the company had lower cost of sales and services and lower accounts payable.
