JMART Posts 2nd Record-High Earnings in 2020 at ฿797Mn, Offering Bt0.21 Dividend

Jay Mart Public Company Limited (JMART) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

JMART has set a record high for its yearly earnings, reporting a net profit of 797 million baht in 2020, increased 49.46% from a net profit of 533 million baht in 2019.

 

Total revenue of the company in 2020 was 11,204.0 million baht, decreased from the same period of the previous year 130.8 million baht or decreased 1.2% .The decrease in total revenue was mainly due to the drop in mobile distribution and real estate development.

 

In 2020, the company had a total cost of sales and services of 7,485.8 million baht decrease from the previous year equal to 606.7 million baht or decrease 7.5% due to a decrease in sales in the mobile distribution business mainly affected by the lockdown period.

The company had a gross margin from the consolidated financial statements in 2020 equal to 3,718.3 million baht, increased 14.7% compared to the same period last year. It resulted from higher revenues from businesses with higher gross profits such as personal loans, non-performing debt management, and companies in other sectors having better-operating results.

In 2020, the company had selling and administrative expenses equal to 2,130.5 million baht, decreased 8.7%, mainly due to a decrease in allowance for doubtful accounts from credit receivables in subsidiaries. It was considered administrative expenses in the consolidated financial statements. The reduction of promotional costs and employee expenses in the Group and its subsidiaries resulted from the company’s control of operating expenses.

The operating profit in 2020 equaled to 1,977.6 million baht, increased 538.0 million baht or 37.4 %age increases from the same period of the previous year. It was a result of the company’s subsidiaries in each business segment having continued net profit performance.

 

In 2020, the company entered into a joint venture agreement with KB Kookmin Card Company Limited (KB) from South Korea to co-invest in JFintech Co., Ltd. At present, the company has completed the joint investment process in 1Q21. In the future, the Group will have more strength in doing financial business in terms of base capital, financial cost, and financial technology.

 

In addition, the Board of Directors of JMART approved a dividend payment of ฿0.21/share to be paid on May 7, 2021. The ex-dividend date is April 20, 2021.