Nation Group rebounds 423% to record net profit of 395 million baht
Nation Group (Thailand) Plc (NATION) on Tuesday reported net profit of 395.16 million baht in 2022, rebounding 423% from losses of 118.07 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, said Nation chief executive officer Shine Bunnag.
Revenue increased 85% year on year to 1.48 billion baht, with sales and services showing the biggest expansion at 30% year on year. Expansion in this category was driven by a rise in revenue from event organization (a 165% jump year on year) and online advertising sales (a 45% jump), said Shine.
The media company said total expenses in 2022 were 1.18 billion baht, increasing 30.1% year on year, which was in line with increasing revenues from sales and services. Costs of sales and services accounted for most of its expenses at 796.6 million baht.
In 2022 Nation Group earned 467.6 million baht of profit from the sale of investments in subsidiary companies, most of which (457.7 million baht) came from selling its shareholding in Nation Broadcasting Corporation Plc (NBC). This sale ended the bond between Nation Group and NBC after NBC was founded as its subsidiary 30 years ago.
On Tuesday Nation Group notified the Stock Exchange of Thailand that there will be no dividend payment to shareholders for the operational year 2022. The company also told the SET that it will announce the list of shareholders eligible to attend the annual general meeting of 2023 on March 24, with invitations to be issued via electronic channels on April 12.
