Given the overall economic landscape full of uncertainty and constant change, businesses must face intense competition not only to survive but also to grow. However, there are always opportunities for those who are ready to adapt and embrace change for something new. Organizations, therefore, emphasize the adoption of technology and digital strategies to drive transformation, which has become a key focus for businesses when facing crises and seeking new opportunities. This has allowed the company to identify opportunities and focus on offering IT products and services in the digital era to meet all customer needs comprehensively. Additionally, it fosters a sense of social responsibility, supporting employees in playing an active role in overall development while enhancing collaboration with customers and partners to create more livable communities, considering sustainability and the impact on the world.

            In 2024, the company had revenue from sales of goods and services amounting to 8,932 million baht, a decrease of 5.8% from the previous year, primarily due to lower revenue from the software product and the office supplies product. On the other hand, revenue from the hardware product increased. The company had a gross profit margin of 13.9%, a decrease of 0.2% due to a decline in both revenue and gross profit margin. As a result, the company reported a net profit of 256 million baht, a decrease of 10% from the previous year.

Revenues

            The company has revenue from the sale of goods and services, divided by product group as follows:

• Revenues from the hardware product group amounted to 2,647 million baht, accounting for 30%, which represents a 10% increase compared to the previous year, with the majority of the increase coming from one large-scale project.
• Revenues from software products group amounted to 2,992 million Baht, accounting for 33%, which represents a 20% decrease compared to the previous year, due to competitive conditions in large-scale projects.
• Revenue from the Office Supplies product group amounted to 1,450 million baht, accounting for 16%, which represents a 2% decrease compared to the previous year, due to the ongoing decline in paper usage and increased price competition.
• Revenue from services amounted to 1,844 million baht, accounting for 21%, with only a slight increase compared to the previous year. Therefore, the company still needs to focus on and make further adjustments to its strategy for this segment, as it is a high-margin source of revenue.

            Gross profit amounted to 1,239 million baht, which represents a 7% decrease compared to the previous year, due to a decline in revenue and a slight reduction in the gross profit margin from 14.1% to 13.9%, resulting from increased price competition in the market.

Other Revenue

Other revenue amounted to 186 million baht, an increase of 120 million baht, arising from special income due to the company winning a lawsuit.

Expenses

The expenses include:

• The expenses include sales and administrative expenses amounting to 1,095 million Baht, an increase of 5% compared to the previous year. In terms of the proportion to revenue from sales of goods and services in 2024, it accounts for 12.3%, an increase from 11.0% in 2023. Sales expenses decreased in line with the decline in revenue, while administrative expenses increased, largely due to employee-related costs. The company is aware of its duties and responsibilities towards the environment, considering the efficient management of energy by installing solar cell on the rooftops of buildings and parking lot roofs to save electricity and create an environmentally friendly image. The company has set a target to reduce electricity costs by at least 1% annually. In 2024, the company reduced electricity consumption by 17% by promoting and raising awareness among all employees about efficient energy use. A Green Office activity was organized to encourage employees to recognize the importance of environmental preservation and energy conservation. Additionally, the company installed electric vehicle (EV) chargers for executives and employees to reduce fuel consumption, which impacts greenhouse gas emissions.
• Financial costs decreased slightly, falling by 0.1 million Baht from the previous year. As a proportion of revenue from sales of goods and services in 2024, it accounts for 0.14%, which is the same as in 2023.
• Income tax expenses decreased by 5 million Baht due to a decrease in pre-tax profit in 2024.

            The Company’s net profit attributable to the parent company amounted to 256 million Baht, decreased by 29 million Baht or accounting for 10%, compared with 285 million Baht in 2023.

            Regarding profitability ratios, the company has a net profit of 2.8%, a decrease from the previous year’s net profit margin of 3.0%. The return on equity was 11.4%, decrease from 13.3% in the previous year.

Assets

            At the end of 2024, the Company had total assets of 4,609 million Baht, increased by 831 million Baht compared with the end of 2023. The total assets consisted of current assets of 3,136 million Baht, accounting for 68% of the total assets and non-current assets of 1,474 million Baht, accounting for 32% of the total assets. The reasons for the decrease in the total assets were as follows:

– Current assets amounted to 3,136 million Baht, an increase of 349 million Baht, resulting from an increase in inventory by 376 million Baht and an increase in finance lease current receivables by 264 million Baht. Meanwhile, trade and other current receivables decreased by 182 million Baht. Assets from current contract assets decreased by 82 million Baht. Financial assets measured at fair value through profit or loss decreased by 17 million Baht, and cash and cash equivalents decreased by 6 million Baht.

Trade receivables and other current receivables

            The Company’s total receivables less allowance for doubtful debts at the end of 2024 were 1,001 million Baht, decreased by 183 million Baht. 71% of receivables were debtors with undue payment, while the remaining 29% were receivables that are under payment collection. There were 277 million Baht of debtors overdue for less than 3 months. 1 million Baht of debtors overdue for more than 1 year, and 23 million Baht of debtors under legal proceeding which were the debtor who was in the process of installment payment and debt collection. The Company set an allowance for expected credit losses of 8 million Baht, accounting for 0.8% of the total receivables. The Company had an average collection period of 45 days in 2024, which was according to its policy providing the term of approximately 30-60 days for most customers to pay for goods.

Other current accounts receivables at the end of 2024 were 253 million Baht, increased by 0.5 million Baht, resulting from an increase in accrued revenue. Meanwhile, prepaid expenses and other receivables decreased.

Inventories

The Company’s inventory less the allowance for the reduction of the value of goods at the end of 2024 was 976 million Baht, Increased by 376 million Baht. The Company’s inventory can be divided into finished goods, project in process, and goods in transit. The average inventory period was 24 days, which was in accordance with the Company’s risk control and prevention management policy.

– Non-current assets amounted to 1,474 million Baht, an increase of 482 million Baht, resulting from an increase in receivables from finance lease non current receivables by 411 million Baht, an increase in withheld income tax by 90 million Baht, and an increase in property, plant, and equipment by 5 million Baht. Meanwhile, deposits at financial institutions used as collateral decreased by 14 million Baht, right-of-use assets decreased by 8 million Baht, and other intangible assets decreased by 3 million Baht.

Cash flow

As of December 31, 2024, the company had cash and cash equivalents amounting to 145 million Baht, a decrease of 6 million Baht, resulting from:

• Net cash outflow from operating activities of 45 million Baht, with a profit for the year before changes in assets and liabilities of 404 million Baht. This decrease was due to changes in assets, including an increase in finance lease non current receivables of 671 million Baht, and a decrease in assets, including trade and other current receivables by 191 million Baht, inventory by 117 million Baht, and contract assets by 80 million Baht. This was offset by a decrease in liabilities, including contract liabilities by 25 million Baht, and an increase in liabilities, including trade payables and other current payables by 5 million Baht. As a result, the company generated cash from operating activities amounting to 107 million Baht, paid income tax of 142 million Baht, and paid employee benefits of 11 million Baht.
• Net cash used in the company’s investing activities was 10 million baht. This is because the company had cash payments for the purchase of fixed assets and intangible assets, amounting to 60 million baht. Additionally, the company received net cash of 21 million baht from the purchase of equities or debt securities of other businesses. The company also received cash of 14 million baht from the withdrawal of guaranteed deposits, 12 million baht in interest income, and 2 million baht in dividend received.
• The net cash used in the company’s financing activities was 49 million baht. This is due to the company receiving net cash of 270 million baht from short-term loans, and cash payments of 190 million baht for dividend paid, 16 million baht for lease liability repayments, and 13 million baht for financial costs.

Key financial ratios

As of December 31, 2024, the Company had a debt-to-equity ratio of 1.0 times, increased from 0.7 times in 2023.The increase in debt was mainly due to lease liabilities, short-term borrowings from financial institutions, trade, and other current payables. At the same time, shareholders’ equity increased due to the net profit for the year. However, the total liabilities were derived from the Company’s normal course of business.

The Company’s debt service coverage ratio in 2024 was 0.8 times, decreased from 9.8 times in 2023. The Company’s profit before interest, tax, depreciation, and amortization decreased by 15 million Baht from the previous year. However, interest bearing short-term debts increased by 273 million Baht due to the increase in short-term borrowings from financial institution of 276 million Baht. The current portion of lease liabilities increased by 194 million Baht.

The Company’s liquidity ratio at the end of 2024 was 1.8 times, decreased from 2.2 times in 2023, due to an increase in inventory, a decrease in the average collection period from 28 days to 24 days, and an increase in finance lease non

• current receivables. Trade and other current receivables decreased compared to the previous year, with the average collection period reduced from 57 days to 45 On the liabilities side, short-term borrowings from financial institutions, current provisions for employee benefits, and trade payables and other current liabilities increased. The debt repayment period decreased from 49 days to 42 days. Regarding the quick liquidity ratio, it was 0.7 times in 2024, decrease from 1.2 times in 2023.

Liabilities

            Total liabilities at the end of 2024 were 2,329 million Baht, increased by 767 million Baht compared with the previous year. Total liabilities consisted of current liabilities of 1,768 million Baht, accounting for 76% of the total liabilities, and non-current liabilities of 561 million Baht, accounting for 24% of the total liabilities The reasons for the increase in total liabilities were as follows:

• Current liabilities were 1,768 million Baht, increased by 491 million Baht, due to an increase in short-term borrowings from financial institutions of 276 million Baht, current portion of lease liabilities increased by 194 million baht, current provisions for employee benefits increased by 43 million baht, trade payables and other current payables increased by 2 million baht, trade payables amounted to 895 million baht, a decrease of 6 million baht. Other current payables totaled 191 million baht, a decrease of 4 million baht, mainly due to a reduction of 2 million baht in accrued expenses. On the liabilities side, current contract liabilities decreased by 17 million baht.
• Non-current liabilities amounted to 561 million Baht, increased by 276 million Baht, of 2 million Baht, due to an increase in lease liabilities of 297 million baht and an increase in Deferred Tax liabilities pending recognition of 11 million baht. Meanwhile, non – current provisions for employee benefits decreased by 23 million baht, and non- current contracts liabilities decreased by 8 million baht.

Shareholders’ Equity

            Total shareholders’ equity for the year 2024 was 2,280 million baht, an increase of 64 million baht, due to a net profit of 256 million baht for the year 2024 and dividend payments at a rate of 0.50 baht per share, totaling 180 million baht.

The Company has entered into an operating lease agreement as follows:

            Lease agreements and related service charges were for a period of 1 – 5 years, which will expire in 2026. For the years ended December 31, 2024, the group recorded operating lease expenses and non-cancellable service contract expenses in the consolidated statement of comprehensive income totaling 5.67 million baht. The company also recorded operating lease expenses and non-cancellable service contract expenses in the separate statement of comprehensive income totaling 5.67 million baht.

            The Company disclosed information in the Article 35 of Notes to the Financial Statements of the 2024 Financial Statements.