The IPO of KEX Pushes VGI’s Earnings by 78% to ฿713Mn in 3Q20

VGI Public Company Limited (VGI) has reported its its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

VGI recorded net profit of 713 million baht in 3Q20, increasing by 78% and net profit margin of 104.9%. While the operating revenue declined by 44.9% YoY to 680 million baht, with OOH advertising and digital services revenues contributing 67.4% and 32.6% of total revenue, respectively. The drop in revenue was due to the restrictive nationwide lockdowns during the first wave of Covid-19 pandemic, which led to cut back in advertising spending, however, it was offset by the IPO of KEX that provided positive benefits to company’s earnings in 3Q20 and operational performance recovery.