7UP’s High Sales-Services Revenue Recovers the Business to Book a Profit of ฿86m in 2019

Seven Utilities and Power Public Company Limited (7UP) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;

7UP reported a net profit of 86.61 million baht in 2019, recovered from a net loss of 79.53 million baht in 2018. The increase in net profit was mainly due to an increase of gross profit from business operation amount 189.16 million baht. 7UP’s performance mostly resulted from operation of LPG and oil business with gross profit of 139.69 million baht, waste water management services of 18.85 million baht, sales and network service of 15.14 million baht, sales of radio and communications system 12.82 million baht.

A subsidiary has gain from adjustment of finance lease agreement under the scope of TFRIC4, which would impact the financial statements as the assets were previously recognized at cost less accumulated depreciation would be restated as accounts receivable, i.e. financial assets, and valued at amortized cost. As a result, profit increased by Baht 8.66 million from adjustment of accumulated depreciation. In contrast, the Company recognized loss on goodwill impairment amount 21.23 million baht.

For the year 2019, the company had sales and service income of amount 1,025.71 million baht, which increased from the year ended 2018 in the amount of Baht 342.44 million or 50.12%. Includes revenue from the sale of LPG and oil of about 755.63 million baht, revenue from rendering services and sales management amount 73.32 million baht, revenue from sales and network services about 97.14 million baht and revenue from the sale of radio and communications system estimated at 35.04 million baht, revenue from the sale of electricity to about 23.30 million baht, services income from water quality improvement of 28.38 million baht, service income from sales of energy saving technology 10.21 million baht and revenue from other sales of 2.69 million baht.