MD & A

The company operates a business of manufacturing customized aluminum and zinc die-casting parts. The company mainly uses molds in its production for a variety of industries such as the automotive industry, the electrical appliance industry, and the agricultural machinery parts industry.

In 2024, the company's overall performance improved from 2023 due to increased sales value. In 2024, sales increased by 7.27% from 2023. The company has also improved its production process by increasing production efficiency and machinery utilization, resulting in lower production costs. In addition, financial costs decreased due to increased short-term loan repayments and reduced leasing liabilities.

Operating results and profitability

2024

• The company had a net profit of 68.79 million baht, representing 8.29 percent of total revenue. In this year, the company had total revenue of 829.35 million baht, an increase of 59.78 million baht or 7.78 percent from 2023, from increased orders from existing and new customers who are confident in the quality and price of the products.
• The company had a gross profit margin of 20.76 percent of total revenue (or 19.49 percent of sales), up from 19.32 percent of total revenue in 2023.
• The company had an operating profit margin of 9.74 percent of total revenue (or 9.90 percent of sales).

2023

• The company had a net profit of 54.61 million baht, representing 7.10 percent of total revenue, and total revenue of 769.56 million baht, an increase of 51.91 million baht or 7.23 percent from 2022.
• The company had a gross profit margin of 19.32 percent of total revenue, up from 14.42 percent of total revenue in 2022
• The company had an operating profit margin of 7.99 percent of total revenue

2022

• The company had a net profit of 22.01 million baht, representing 3.07 percent of total revenue, and total revenue of 717.65 million baht, an increase of 66.40 million baht or 10.19 percent from 2021.
• The company had a gross profit margin of 14.42 percent of total revenue.
• The company had an operating profit margin of 2.89 percent of total revenue.

Asset management capability

The Company had total assets as of the end of 2024, 2023, and 2022 of 547.14 million baht, 541.99 million baht, and 513.67 million baht, respectively.

• In 2024, the Company had total assets of 547.14 million baht, an increase of 5.15 million baht or 0.95% from 2023. Total assets consisted of current assets of 283.39 million baht, representing 51.80% of total assets, and non-current assets of 263.75 million baht, representing 48.20% of total assets.
• In 2023, the Company had total assets of 541.99 million baht, an increase of 28.32 million baht or 5.51% from 2022 due to an increase in land, buildings, and equipment of 35.35 million baht due to the purchase of machinery to meet increased customer orders. Total assets consisted of current assets of 279.33 million baht, representing 51.54% of total assets, and non-current assets of 262.66 million baht, representing 48.46% of total assets.
• In 2022, the Company had total assets of 513.67 million baht, consisting of current assets of 231.03 million baht, or 44.98% of total assets, and non-current assets of 282.64 million baht, or 55.02% of total assets.
• Return on assets in 2024 was 12.63%, an increase from 2023 and 2022 (10.35% and 4.35%) due to increased net profit.
• Asset turnover in 2024 was 1.52 times, an increase from 2023 and 2022 (1.46 times and 1.42 times) due to increased sales.
• Trade receivables and net accrued income in 2024 amounted to 131.18 million baht, an increase from 2023 and 2022 (121.40 million baht and 122.72 million baht) due to increased sales. The increase was in the period of receivables not yet due, which is considered normal for the business. The Company does not make an allowance for expected credit losses as it is able to collect from customers normally.
• Accounts receivable turnover in 2024 was 6.46 times, an improvement compared to 2023 and 2022 (6.23 times and 5.99 times).
• Average collection period in 2024 was 56 days, an improvement compared to 2023 and 2022 (59 days and 61 days).
• Inventories in 2024 amounted to 105.80 million baht, an increase from 2023 and 2022 (92.91 million baht and 72.14 million baht), with an increase in finished goods of 12.09 million baht due to the Company having orders in early 2025 and therefore stocking up on inventory due to the New Year holidays. The allowance for inventory obsolescence in 2024 was 2.93 million baht, a decrease from 2023 due to the Company's more efficient inventory management.
• Inventory turnover in 2024 was 6.61 times (7.57 times in 2023 and 7.72 times in 2022).
• Average sales period in 2024 was 55 days, an increase from 2023 and 2022 due to increased production volume and increased orders in early 2025, requiring inventory to be stocked up in advance.

Liquidity and capital adequacy

In 2024, the company had cash flow from operating activities of 90.44 million baht, an increase from 2023 and 2022 (80.12 million baht and (2.13) million baht) from the company's increased net profit, cash flow from investing activities of 24.46 million baht from the purchase of machinery to support increased orders, and cash flow from financing activities of (78.92) million baht, an increase from 2023 of (24.40 million baht) from the repayment of short-term loans to reduce financial costs of (34.0) million baht and dividend payments to shareholders of (12.67) million baht.

• The debt-to-equity ratio in 2024 was 0.75 times, an improvement compared to 2023 and 2022 (1.11 times and 1.46 times) due to the repayment of short-term liabilities and the reduction of lease liabilities.
• The current ratio in 2024 was 1.64 times, an increase from 2023 and 2022 (1.26 times and 1.03 times) due to a decrease in short-term liabilities.
• The debt service coverage ratio in 2024 was 6.18 times, an improvement compared to 2023 and 2022 (3.87 times and 1.84 times).
• The interest coverage ratio in 2024 was 26.53 times, an improvement compared to 2023 and 2022 (12.30 times and 8.75 times) due to the company's increased operating results.