Advanced Info Service Public Company (ADVANC) Q3 2024 earnings summary

Executive summary

• Achieved resilient business growth in Q3 2024, supported by economic stability, tourism recovery, and government stimulus, despite flood impacts and cautious consumer sentiment.

• Focused on operational efficiency, profitability, and sustainable business practices, including green funding initiatives and anti-scam measures.

• Completed acquisition of Triple T Broadband (TTTBB), with ongoing integration and legal dispute resolutions.

• Nine-month revenue reached THB 156.8 billion, net profit THB 25.8 billion, and total dividends paid THB 28.2 billion.

• Anti-scam initiatives relaunched, enabling rapid reporting and blocking of scam calls.

Financial highlights

• Q3 2024 consolidated revenue was THB 52.2 billion, up from THB 46.1 billion in Q3 2023; net profit for Q3 2024 was THB 8.8 billion, up from THB 8.1 billion year-over-year.

• 3Q24 core service revenue rose 20% YoY to Bt40.8bn, EBITDA increased 17% YoY to Bt27.7bn, and margin reached 53% due to cost optimization.

• Gross profit for the nine-month period was THB 57.0 billion, up from THB 45.8 billion year-over-year.

• Operating cash flow for the nine months was THB 84.6 billion, with cash and cash equivalents at THB 13.0 billion as of September 30, 2024.

• Enterprise revenue jumped 11% quarter-on-quarter, and fixed broadband revenue up 146% YoY, with subscriber base at 4.94 million.

Outlook and guidance

• FY24 guidance: core service revenue growth of 13-15%, EBITDA growth of 14-16%, and CAPEX (ex-spectrum) of Bt25-26bn.

• CapEx for next year is likely to decrease if business remains stable, but final strategy is pending; future CapEx will depend on data consumption trends and network expansion needs.

• Guidance remains unchanged despite nine-month performance exceeding targets, due to year-end caution.

• Dividend policy remains consistent, with regular and interim dividends planned.

• Management expects continued growth in mobile and broadband segments, supported by recent acquisitions and ongoing network investments.