GABLE announced its Q1/2024 performance, with ongoing strength and robust growth. Its backlog balance stood at Baht 5,569 million, soaring by 51% from Q1/2023 and 23% from Q4/2023. Its sales and service revenue grew by 2% to Baht 1,153 million, compared to the same quarter last year. Normally, during the first quarter, GABLE sees the slowest income of the year.
Dr. Chaiyuth Chunnahacha, CEO of G-Able Public Company Limited (GABLE), revealed that for the first quarter of 2024, GABLE continued to achieve satisfactory performance, with an unprecedented backlog balance. It also announced new business partnerships with technology experts in Thailand and overseas. Blendata, a developer of smart technology for big data management and an affiliated company of GABLE, has invested in Opsta (Thailand) Company Limited (Opsta), an expert in DevSecOps technology for AI transformation, and announced its partnership with Workday, a world-leading provider of software services for human resources management. This is to bring human capital management (HCM) technology, a human resources management system, to improve human resource capabilities among organizations in the era of digital transformation.
Ms. Raveeratana Satchavarodom, Chief Finance & Strategy Officer of GABLE, stated that GABLE saw strong growth in its sales. At the end of Q1/2024, the backlog level reached a record high at Baht 5,569 million, up 51% from Q1/2023 and 23% from Q4/2023, ready for income recognition in the future. Also, the backlog for 2024 has reached Baht 3,341 million, accounting for over 70% of the target income of the remaining period of 2024. For Q1/2024, GABLE posted its sales and service revenue at Baht 1,153 million, representing an increase of 2% from the same period last year. Normally, during the first quarter, GABLE sees the slowest income of the year. In Q1/2024, although GABLE recorded a strong level of backlog and sales, it incurred a considerable amount of sales promotion expenses, leading to lower operating profit and net profit, compared to the previous year.
For Quarter 1/2024, GABLE's recurring income represented almost 60% of its income, still higher than last year and exceeding its recurring income target of 50% of its income.
With its continued profitability and sound financial discipline, GABLE saw a low debt-to-equity level at only 0.09 times and a strong cash flow of over Baht 1.3 billion, sufficient to support future growth through investments in potential and relevant businesses, to boost competitiveness and value-added for the organization.
As a tech enabler, GABLE has been a leading digital solution provider to support organizations in embracing digital transformation. With its expertise and professional skills in laying down wide-ranging and comprehensive IT and digital solutions infrastructure systems, GABLE stands ready to advance its business opportunities through collaborations with domestic and overseas business alliances for its sustainable and long-term growth.
"In Q1/2024, apart from the success in terms of GABLE's performance with an unprecedented level of backlog, Blendata, a developer of smart technology for big data management and an affiliated company of GABLE, has invested in Opsta, an expert in DevSecOps technology. This is a strategic investment to drive Thailand's technology to another level. With a combination of big data, AI, and DevSecOps technology, we can provide a full suite of solutions and services for data management, data analysis, and DevSecOps.
In addition, GABLE and Workday, a world's large total HR solutions provider, have announced their collaboration and commitment to contributing to the transformation of human resources management innovations to become more comprehensive through "Workday." This will be a key tool to support management and entrepreneurs in managing new challenges in the digital business world, and increase competitiveness while securing ongoing growth," concluded Dr. Chaiyuth.
Source: Siam PR