Advanced Info Service Public Company (ADVANC) Q4 2024 earnings summary

Executive summary

• Achieved strong core business growth in 2024, with revenue reaching THB 213.6 billion, up 13% year-on-year, and net profit rising 21% to THB 35.08 billion, driven by mobile, broadband, and enterprise segments, as well as successful TTTBB integration.

• Mobile, fixed broadband, and enterprise segments all delivered double-digit revenue growth, with broadband revenue up 116% year-on-year and enterprise non-mobile up 22% year-on-year.

• EBITDA rose 20% year-on-year to over THB 111.6 billion, supported by operational efficiency and synergy realization from acquisitions.

• Dividend per share set at THB 10.61 for the full year, with a payout ratio of 90%.

• Maintained a cautious stance amid weak consumer confidence and slow private investment, while leveraging digital demand and prioritizing profitability.

Financial highlights

• FY24 total revenue reached THB 213.6 billion, up 13% year-on-year; EBITDA exceeded THB 111.6 billion (+20% year-on-year); net profit at THB 35.08 billion (+21% year-on-year).

• Mobile revenue grew 4.8% year-on-year to THB 138.2 billion, with ARPU improvement, especially in prepaid.

• Fixed broadband revenue surged 116% year-on-year to THB 37.4 billion, with subscriber base reaching 5.01 million.

• Enterprise non-mobile revenue grew 22% year-on-year, supported by demand for connectivity and cloud services.

• Sales margin improved to 5.6% in 2024 from 1.8% in 2023 due to optimized handset subsidies.

Outlook and guidance

• FY25 guidance targets 3–5% growth in both core service revenue and EBITDA, with CapEx (excluding spectrum) of THB 26–27 billion, focusing on equipment modernization, integration costs, and underground cabling.

• Guidance excludes spectrum auction scenario and assumes NT2100 deal remains through year-end.

• Continued focus on high-quality connectivity, enhanced customer value, and innovative content and products.

• The Group aims to maintain investment grade ratings and financial flexibility to support future growth.

• Management expects continued growth in broadband and mobile segments, leveraging recent acquisitions.