Nation Group profits up 433% this year
Nation Group (Thailand) Plc (NATION) on Monday reported net profits of 429.06 million baht in the first nine months of this year, rebounding 433% from losses of 128.95 million baht in the same period last year.
The rebound was driven by revenue from advertising sales, events organisation and sale of investments in subsidiary companies.
Revenue increased 115% year on year, with revenue from sales and services showing the biggest expansion at 37% year on year.
The media company said revenues from advertising sales and events organisation had also increased. Meanwhile, profit from selling investments in subsidiary companies rose to 457.76 million baht.
Nation Group sold 691.03 million ordinary shares in Nation Broadcasting Plc (NBC), representing 61.76% of total issued and paid-up capital of NBC. The sales reduced Nation Group’s stake in NBC from 71.45% to 9.99%. As of September 30, the group recorded profit from investments in equity of 162.27 million baht.
The company also reported a 27% rise in costs and expenses in the first nine months compared with the same period in 2021, which was in line with increasing revenues from sales and services.