VGI Sees Gradual Recovery after the Pandemic, Booking ฿11.8Mn in 2Q Earnings

VGI Public Company Limited (VGI) has reported its 2Q20 consolidated financial statement, ending September 30, 2020, through the Stock Exchange of Thailand as follows;

VGI reported a net profit of 11.86 million baht in 2Q20, decreased 96.66% when compared to the same period of last year.

Total revenue was 717 million baht, decreased 30.9% YoY mainly due to the lower demand for advertising and marketing campaigns. The out of home advertising revenue decreased by 33% to 480 million baht, while digital services revenue dropped by 26.2% to 237 million baht.

However, based on quarterly comparison, strong recovery could be seen across all of VGI’s business segments, with a recorded revenue growth and net profit of 61% QoQ and 111.4% QoQ, respectively. The increase was mainly due to the gradual return to normalcy and upsurge in daily mobility as evidenced by an increase in ridership as well as number of people in office buildings, leading to higher demand for advertising and consumer spending.