Satellite operator Thaicom has announced its financial results for Q1 2025.

In the quarter, the company generated a core profit of Baht 144 million (€3.8m), representing a significant increase of Baht 124 million from Q4 2024 and an increase of Baht 132 million from Q4 2024. – and surpassing the full year 2024 core profit by Baht 35 million.

Focusing solely on the satellite business, the company’s satellite business generated Baht 180 million in core profit, excluding non-satellite business and the share of loss from the telecommunications business, surpassing normal core profit by Baht 36 million. This also represents an increase of Baht 111 million when compared to the corresponding period of the previous year.

The Company recorded a net profit attributable to the owner of the Company of Baht 119 million, representing a decrease from both Q4/2024 (QoQ) and Q1/2024 (YoY). This decline was primarily due to foreign exchange fluctuations caused by the appreciation of the Thai Baht in Q1/2025. This surge in the Baht’s value has adversely impacted Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally. Recognizing the inherent volatility of exchange rates, the Company has proactively implemented various mitigation measures, including foreign exchange risk management, business diversification, and the exploration of new business opportunities. However, the Company recognized other income totaling Baht 240 million, a significant increase compared to Q4/2024 (QoQ) and Q1/2024 (YoY), which recorded other income of Baht (36) million and Baht 2 million, respectively. This increase was primarily attributable to the Company’s effective management of historical obligations related to property and equipment, which resulted in the elimination of future payment obligations under the associated contracts.

The company reported revenue from sales and services of Baht 500 million in Q1 2025, representing a decrease of 9.4 per cent from Baht 552 million in Q4 2024. The primary reason for this decrease was the gradual recognition of revenue from the Universal Service Obligation (USO) Phase 2 project, operated under the National Broadcasting and Telecommunications Commission (NBTC), which has yet to return to normal levels following a contractual transition period. Revenue from this project is expected to gradually increase in Q2 2025. Notably, this year will include the USO Phase 3 project, with a budget of Baht 5.8 billion, which will encompass satellite services.

In Q1 2025, the company successfully secured a contract valued at approximately Baht 234 million with GISTDA. This contract designates the company as the provider of antenna systems for receiving signals and controlling the THEOS satellite constellation, under the project for the procurement of antenna systems for satellite signal reception and control. Furthermore, in early April 2025, the company was awarded a bid for the professional services for THAICOM 4 and THAICOM 6 (pictured) satellites from NT, valued at over Baht 118 million.

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Categories: Articles, Business, Results, Satellite

Tags: satellite, thaicom