7UP Reports 90% Decline in 3Q21 Earnings at THB3.4 Million on Lower Sales

Seven Utilities and Power Public Company Limited (7UP) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

7UP reported a net profit of 3.4 million baht in 3Q21, a decrease of 90% from a net profit of 34 million baht in 3Q20. Sales and services income was 551.57 million baht, decreasing by 277.24 million baht or 33.45%. Sales income amounting 494.81 million baht, mostly consists of revenue from sale of LPG  and oil by 469.27 million baht and revenue from sale of electricity by 16.97 million baht. While services income amounting 56.76 million baht, mostly consists of revenue from waste water management services by 33.56 million baht and revenue from LPG and oil station management by 22.20 million baht.

Sales and services income decreased by 277.24 million baht, mostly came from revenue from trunked radio and Internet of Things (IoT) business which in total decreased by 227.75 million baht because there is no e-bidding held by government sectors and state enterprises in this period. Where in the prior period there were still bidding events held. Thus, the revenue from this unit has decreased significantly. Revenue from LPG and oil retail and wholesale business decreased by 39.16 million baht due to the new emerging phase of COVID-19 pandemic, work from home policy and reduced transportation policy from the Governance that affected the decreasing in demand on LPG and Oil.

Meanwhile, for the first nine month period, 7UP had a net profit of 157 million baht, increasing 60% from a net profit of 97.96 million baht compared to the same period of last year. This reflects the improvement of 7UP’s performance, which conforms with the revenue incremental.