3Q21 Results for JMT Come in Higher than Expected, with a Profit of THB352 million

JMT Network Services Public Company Limited (JMT) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

JMT reported a net profit of 351.7 million baht for the 3rd quarter of 2021, an increase of 24.2% from the 3rd quarter of 2020, reflecting a net profit margin of 37% and the consolidated financial accounts for the 9 months period of 2021 had a net profit of 923.3 million baht, an increase of 28.8% over the 9 months period of 2020, reflecting a net profit margin of 36%. 

An increase in net profit both the 3rd quarter period and 9 months period was significantly from the company earning more money from debt collection than from the sale of receivables. The investment value has been entirely amortized, particularly in this group. 

The total revenue for the third quarter of 2021 is 948.9 million baht, an increase from the same period last year of 165.4 million baht, or aืincrease of  21.1% while total income for the 9 months period of 2021 was 2,574.2 million baht, an increase from the same period of the previous year 263.8 million baht or an increase of 11.4%. 

Interest income and profit from loans for purchases of receivables was 827.5 million baht, an increase of 108.3 million baht or an increase of 29.1%, and for the 9 months period of 2021 was 2,206.2 million baht, an increase of 361.5 million baht or 19.6% from the same period of last year with better collection efficiency and the recognition of the non-performing debt portfolio that completely writes off the investment value accounted for 86% of the company’s total revenue.

Insurance income for the third quarter of 2021 was 57.8 million baht, an increase of 16.1% from the same period of the previous year, and for the 9 months period of 2021, the company’s income from insurance business was 137.7 million baht, a decrease 49.9% as a result of the company adjusting its insurance strategy to control profit margins.