Samart Group has announced robust financial results for the first quarter of 2025, with total revenue reaching Bt2.897 billion — an increase of more than 38 per cent compared to the same period last year. The group posted an operating profit of Bt185 million, reflecting solid performance across all business units.

The company emphasized continued positive momentum since the start of the year, driven by broad-based growth across its core businesses.

Mr. Watchai Vilailuck, Executive Vice Chairman of Corporate Strategy and New Business Development at Samart Corporation Plc., stated that the group’s Q1 performance reflects expanding business opportunities and a clear upward trend in growth.

In Q1 2025, total revenue rose to Bt2.897 billion, representing a 38 per cent year-on-year increase. Net profit reached Bt185 million, rising Bt130 million or 237 per cent compared to the same period last year, and up Bt14 million (8 per cent) from the previous quarter.

However, the quarter was partially impacted by a ruling from the Central Administrative Court regarding a long-standing legal dispute over a waste management contract at Suvarnabhumi Airport, originally filed in 2016. Based on the court’s judgment and the company’s contractual obligations, Samart is liable for a share of penalties and damages.

After offsetting Bt95 million in outstanding service fees from installments 60 to 120, along with amounts already paid under bank guarantees, the company faces a net liability of approximately Bt4 million plus accrued interest until settlement. The case is currently under appeal.

Accordingly, Samart recognized a total provision of Bt129 million in accounting losses related to the case, reducing the quarter’s operating profit to Bt56 million.

Despite this provision, Samart remains confident in its overall performance and competitive potential. In Q1 2025, the group secured new project contracts worth over Bt1.36 billion, reinforcing its ability to meet its financial targets for the year. Strong contributions from all business units are expected to support continued revenue growth.

Investor confidence was further bolstered on May 9, 2025, when TRIS Rating upgraded the credit ratings of SAMART and SAMTEL from BBB (Positive Outlook) to BBB+ (Stable Outlook), reflecting enhanced financial stability and creditworthiness.

Digital ICT Solutions Business Group

Samart Telcoms Public Company Limited reported total revenue of Bt1.339 billion and a net profit of Bt53 million in Q1 2025, a 240 per cent increase year-on-year. Supported by strong project momentum, the company secured over Bt4 billion in new contracts during the quarter, progressing toward its full-year target of Bt9.5 billion.

Key project wins included contracts with Airports of Thailand PCL, National Telecom PCL, and the Provincial Electricity Authority. As of quarter-end, the company’s project backlog stood at approximately Bt7.9 billion, pending revenue recognition.

Digital Communications Business Group

Samart Digital Public Company Limited posted total revenue of Bt141 million and a net profit of Bt19 million in Q1 2025 — a strong rebound from a net loss of Bt18 million in the same period last year. The performance underscore steady growth in its digital communications segment.

Growth was driven by the company’s Digital Trunked Radio System (DTRS) business, which saw continued delivery of radio communication equipment to enterprise clients. Recurring revenue from Air Time service fees also increased steadily.

Currently, around 79,000 DTRS units are in active use, with an additional 500 to 1,000 units expected in Q2. The company’s project backlog stands at approximately Bt829 million, ensuring visibility of future revenue.

Utilities and Transportations Business Group

The Utilities and Transportation segment recorded total revenue of Bt1.41 billion in the first quarter of 2025, a 29 per cent increase year-on-year. A key contributor was Samart Aviation Solutions Public Company Limited (SAV), which posted its highest quarterly profit since the COVID-19 pandemic.

SAV generated Bt500 million in revenue and a net profit of Bt142 million during the quarter, despite the low travel season. The strong performance was driven by a rise in flight volumes, with 30,819 flights handled across all categories, an increase of 6,685 flights or 28 per cent compared to the same period last year.

The company anticipates further momentum in the second half of the year, fueled by the upcoming opening of Techo International Airport in Phnom Penh, Cambodia. The new airport is expected to revitalize the country’s tourism sector, with annual flight activity projected to reach 130,000, approaching pre-pandemic levels.

Additionally, the group continued to generate steady recurring revenue from its seven-year Excise Tax Collection Project, which utilizes a Direct Coding system. This initiative delivered Bt259 million in Q1 2025 revenue, marking a 3 per cent year-on-year increase.

The group’s high-voltage substation and transmission line construction business also expanded significantly, posting Bt543 million in Q1 revenue — up 39 per cent year-on-year.

“We are confident that the group will continue to grow steadily and sustainably throughout the year. We are actively exploring new investment opportunities in high-potential sectors, while strengthening our technological and human capital to meet emerging opportunities and challenges. Our commitment remains to deliver responsive, high-quality solutions backed by exceptional after-sales service,” Mr. Watchai concluded.