SISB Reports ฿153Mn in 2020 Earnings after Waving Fee on Unused Facilities during Covid

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

SISB reported a net profit of 153 million baht in 2020, decreased 30.38% from a net profit of 220 million baht in 2019. The decrease was mainly due to the decrease in the revenue and while most administrative expenses of the company are fixed.

SISB’s revenue for the 12-month period ended December 31, 2019 and 2020 were 1,129.21 million baht and 1,076.53 million baht, respectively, representing a decrease by 52.68 million baht or 4.67%.

Revenues from sales and services of the company for the 12-month period ended December 31, 2019 and 2020 were 1,095.22 million baht and 1,048.13 million baht, respectively. Revenues from sales and services consist of Tuition fees and services income and education equipment income which accounted for 99.27% and 0.73% of revenues from sales and services in the 12-month period 2020, respectively.

Other incomes in 2020 was 28.40 million baht, decreased 16.44% from 33.99 million baht in 2019. Other incomes mainly consisted of income from food and beverage, income from short-term investment, credit card fee income, and interest income.

Meanwhile, the Application and enrolment fee increased by 8.72% from the same period of the previous year, due to the increasing number of students.

 

SISB reported administrative expenses at 290.99 million baht, which is 27.03% of total revenue. The expenses consisted of employee-related expenses which amounted to 200.73 million baht. Administrative expenses to total revenue increased from 24.10% to 27.03%, due to a decrease in total revenue while most administrative expenses were fixed costs. In addition, the company recognized an unrealized loss of investment in debt securities – debenture issued by a company.

 

In the Kaohoon JorTalad Programm on February 12, 2021, Mr. Yew Hock Koh, Chief Executive Officer of SISB, stated that amid the coronavirus outbreak, forcing a temporary shutdown of schools across the country, SISB has lowered its fee in the facilities that the students did not use during the closure such as food and beverage in order to support the parents during the hardship. Thus, the reduction partly affected SISB’s revenue in 2020.