TQM Alpha (TQM) Q2 2024 earnings summary

Executive summary

• Achieved 6.4% YoY revenue growth in 2Q24, driven by higher insurance product sales and strong commission revenue.

• Net profit margin remained high at 20.9% in 2Q24, with net profit stable YoY and a slight QoQ decline.

• Total revenue for the six months ended 30 June 2024 was ฿2,068 million, with profit for the period at ฿447 million.

• Earnings per share for the six-month period was ฿0.70, indicating stable shareholder returns.

• Strategic investments in My Group Intelligent and Ngern Rueang Jib to expand logistics and luxury asset financing.

Financial highlights

• 2Q24 total revenue: THB 979 million (+6.4% YoY, -10.0% QoQ).

• Gross profit: THB 480 million (+1.0% YoY, -12.7% QoQ), gross profit margin above 50%.

• Net profit: THB 207 million (+7.6% YoY, -13.9% QoQ), net profit margin 20.9%.

• Revenue from contracts with customers reached ฿2,018 million for the six months.

• Administrative expenses for the six months totaled ฿498 million.

Outlook and guidance

• Targeting THB 50,000 million in premiums by FY2027.

• Projecting 5–10% average revenue growth in 2024–2025.

• Focus on sustainable growth, digital transformation, and expanding product offerings.

• Dividend payments and retained earnings indicate a focus on shareholder returns and capital preservation.