Income Statement Global Connections Thailand S.E.

Stocks

GC-R

TH0873010R18

Commodity Chemicals

End-of-day quote Thailand S.E. 2026-08-14			5-day change	1st Jan Change
5.700 ^THB	-0.87%		+6.54%	+42.50%

08-10	Global Connections Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-12	Global Connections Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

1606ff.xVtKdIE9xqzhhXNPT6kD7XHUdjc9vXBFy0gnkDq6Tc0.jTonQsJV8Jui7xQHLOQuoRzlAgUL1Qc1iTAUxX7sCLiUNy1ZrGeJm4vDIg

Published financial data: GLOBAL CONNECTIONS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.99B	5.52B	5.1B	5.9B	5.18B
Other Revenues, Total	11.13M	10.44M	10.69M	20.01M	16.83M
Total Revenues	5B	5.53B	5.11B	5.92B	5.19B
Cost of Goods Sold, Total	4.61B	5.17B	4.7B	5.49B	4.76B
Gross Profit	390M	363M	413M	433M	432M
Selling General & Admin Expenses, Total	146M	147M	159M	168M	170M
Other Operating Expenses, Total	146M	147M	159M	168M	170M
Operating Income	244M	216M	254M	265M	262M
Interest Expense, Total	-7.8M	-12.07M	-21.25M	-27.57M	-17.95M
Net Interest Expenses	-7.8M	-12.07M	-21.25M	-27.57M	-17.95M
EBT, Excl. Unusual Items	236M	204M	233M	238M	244M
EBT, Incl. Unusual Items	236M	204M	233M	238M	244M
Income Tax Expense	46.59M	40.62M	46.61M	46.98M	48.75M
Earnings From Continuing Operations	189M	163M	186M	191M	195M
Net Income to Company	189M	163M	186M	191M	195M
Net Income - (IS)	189M	163M	186M	191M	195M
Net Income to Common Incl Extra Items	189M	163M	186M	191M	195M
Net Income to Common Excl. Extra Items	189M	163M	186M	191M	195M
Per Share Items
Net EPS - Basic	0.43	0.37	0.42	0.43	0.44
Basic EPS - Continuing Operations	0.43	0.37	0.42	0.43	0.44
Basic Weighted Average Shares Outstanding	440M	440M	440M	440M	440M
Net EPS - Diluted	0.43	0.37	0.42	0.43	0.44
Diluted EPS - Continuing Operations	0.43	0.37	0.42	0.43	0.44
Diluted Weighted Average Shares Outstanding	440M	440M	440M	440M	440M
Normalized Basic EPS	0.33	0.29	0.33	0.34	0.35
Normalized Diluted EPS	0.33	0.29	0.33	0.34	0.35
Dividend Per Share	0.3	0.35	0.36	0.4	0.41
Payout Ratio	84.58	84.47	82.67	83.06	87.82
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	256M	227M	264M	276M	274M
EBITA	244M	216M	254M	265M	262M
EBIT	244M	216M	254M	265M	262M
EBITDAR	256M	229M	266M	279M	279M
Total Revenues (As Reported)	5B	5.53B	5.11B	5.92B	5.19B
Effective Tax Rate - (Ratio)	19.77	19.91	20.01	19.77	19.97
Current Domestic Taxes	46.39M	41.4M	46.43M	-	-
Total Current Taxes	46.39M	41.4M	46.43M	47.12M	49.89M
Deferred Domestic Taxes	201K	-787K	180K	-	-
Total Deferred Taxes	201K	-787K	180K	-140K	-1.14M
Normalized Net Income	147M	127M	146M	149M	153M
Interest on Long-Term Debt	58K	72K	75K	41K	17K
Non-Cash Pension Expense	170K	200K	200K	400K	400K
Supplemental Operating Expense Items
Selling and Marketing Expenses	35.57M	38.57M	43.35M	42.8M	43.75M
General and Administrative Expenses	111M	109M	115M	125M	126M
Net Rental Expense, Total	872K	1.32M	1.36M	2.88M	4.85M
Imputed Operating Lease Interest Expense	73.36K	137K	243K	653K	752K
Imputed Operating Lease Depreciation	799K	1.19M	1.12M	2.23M	4.1M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	34.23M	36.41M	77.96M	90.5M	29.34M
Total Cash And Short Term Investments	34.23M	36.41M	77.96M	90.5M	29.34M
Accounts Receivable, Total	866M	813M	861M	918M	717M
Other Receivables	581K	944K	793K	2.36M	827K
Total Receivables	866M	814M	862M	921M	718M
Inventory	651M	724M	659M	754M	792M
Other Current Assets, Total	6.02M	18.79M	10.06M	8.15M	13.22M
Total Current Assets	1.56B	1.59B	1.61B	1.77B	1.55B
Gross Property Plant And Equipment	368M	365M	366M	379M	382M
Accumulated Depreciation	-125M	-131M	-140M	-145M	-156M
Net Property Plant And Equipment	243M	235M	226M	234M	226M
Other Intangibles, Total	-	-	-	-	7.1M
Deferred Tax Assets Long-Term	3.2M	3.99M	4.09M	4.23M	6M
Other Long-Term Assets, Total	3.62M	3.58M	3.46M	3.33M	3.21M
Total Assets	1.81B	1.84B	1.84B	2.02B	1.8B
Liabilities
Accounts Payable, Total	321M	223M	246M	267M	233M
Accrued Expenses, Total	30.06M	25.75M	31.76M	33.1M	32.99M
Short-term Borrowings	872M	980M	912M	1.03B	822M
Current Portion of Leases	874K	1.25M	1.65M	1.33M	1.11M
Current Income Taxes Payable	17.4M	14.73M	20.27M	22.01M	25.06M
Other Current Liabilities	3.04M	3.7M	7.8M	10.91M	2.45M
Total Current Liabilities	1.24B	1.25B	1.22B	1.36B	1.12B
Long-Term Leases	3.03M	3.08M	3.2M	1.87M	762K
Pension & Other Post Retirement Benefits	11.01M	9.94M	12.44M	13.94M	18.48M
Total Liabilities	1.26B	1.26B	1.24B	1.38B	1.14B
Common Stock, Total	200M	220M	220M	220M	220M
Additional Paid In Capital	56.03M	56.03M	56.03M	56.03M	56.03M
Retained Earnings	294M	299M	330M	363M	384M
Total Common Equity	550M	575M	606M	639M	660M
Total Equity	550M	575M	606M	639M	660M
Total Liabilities And Equity	1.81B	1.84B	1.84B	2.02B	1.8B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	440M	440M	440M	440M	440M
ECS Total Common Shares Outstanding	440M	440M	440M	440M	440M
Book Value / Share	1.25	1.31	1.38	1.45	1.5
Tangible Book Value	550M	575M	606M	639M	653M
Tangible Book Value Per Share	1.25	1.31	1.38	1.45	1.48
Total Debt	876M	984M	917M	1.03B	823M
Net Debt	842M	947M	839M	939M	794M
Debt Equivalent of Unfunded Proj. Benefit Obligation	11.01M	9.94M	12.44M	13.94M	18.48M
Debt Equivalent Oper. Leases	6.98M	10.59M	10.89M	23.03M	38.79M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	656M	734M	667M	756M	804M
Land - (BS)	139M	139M	139M	139M	139M
Buildings, Total	143M	143M	143M	146M	147M
Machinery, Total	76.48M	77.87M	77.46M	89.25M	93.62M
Accumulated Allowance for Doubtful Accounts (Supple)	22.6M	22.6M	22M	22M	22M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	189M	163M	186M	191M	195M
Depreciation & Amortization - CF	13.32M	12.65M	11.93M	12.2M	12.99M
Depreciation & Amortization, Total	13.32M	12.65M	11.93M	12.2M	12.99M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-480K	-436K	-109K	-1.25M	-57.45K
Asset Writedown & Restructuring Costs	51	1.64K	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-2.25M	2.58M	4.91M	1.91M	7.48M
Change In Accounts Receivable	-162M	52.31M	-47.45M	-59.29M	203M
Change In Inventories	-193M	-77.91M	67.77M	-89.05M	-48.15M
Change In Accounts Payable	58.69M	-102M	29.85M	22.7M	-34.48M
Change in Other Net Operating Assets	-3.25M	-14.45M	12.82M	-489K	-8.18M
Cash from Operations	-99.49M	36.03M	266M	77.44M	328M
Capital Expenditure	-2.07M	-2.07M	-1.13M	-20.07M	-4.85M
Sale of Property, Plant, and Equipment	484K	438K	110K	1.25M	57.53K
Sale (Purchase) of Real Estate properties	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-7.1M
Cash from Investing	-1.59M	-1.63M	-1.02M	-18.82M	-11.89M
Short Term Debt Issued, Total	269M	107M	-	114M	-
Total Debt Issued	269M	107M	-	114M	-
Short Term Debt Repaid, Total	-	-	-67.71M	-	-204M
Long-Term Debt Repaid, Total	-1.03M	-1.66M	-1.72M	-1.69M	-1.35M
Total Debt Repaid	-1.03M	-1.66M	-69.44M	-1.69M	-206M
Common Dividends Paid	-160M	-138M	-154M	-158M	-172M
Common & Preferred Stock Dividends Paid	-160M	-138M	-154M	-158M	-172M
Cash from Financing	108M	-32.22M	-223M	-46.08M	-377M
Net Change in Cash	6.77M	2.19M	41.55M	12.54M	-61.15M
Supplemental Items
Cash Interest Paid	7.72M	11.92M	21.14M	27.59M	18M
Cash Income Tax Paid (Refund)	48.59M	44.07M	40.9M	45.38M	46.84M
Levered Free Cash Flow	-143M	382K	223M	15.06M	273M
Unlevered Free Cash Flow	-138M	7.93M	236M	32.29M	284M
Change In Net Working Capital	302M	138M	-66.54M	126M	-119M
Net Debt Issued / Repaid	268M	106M	-69.44M	112M	-206M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	9.33	7.41	8.64	8.6	8.6
Return on Total Capital	11.91	9.05	10.31	10.39	10.4
Return On Equity %	35.3	29.04	31.53	30.63	30.09
Return on Common Equity	35.3	29.04	31.53	30.63	30.09
Margin Analysis
Gross Profit Margin %	7.8	6.57	8.08	7.31	8.33
SG&A Margin	2.93	2.66	3.1	2.83	3.28
EBITDA Margin %	5.11	4.11	5.17	4.66	5.27
EBITA Margin %	4.87	3.91	4.97	4.48	5.05
EBIT Margin %	4.87	3.91	4.97	4.48	5.05
Income From Continuing Operations Margin %	3.78	2.95	3.64	3.22	3.76
Net Income Margin %	3.78	2.95	3.64	3.22	3.76
Net Avail. For Common Margin %	3.78	2.95	3.64	3.22	3.76
Normalized Net Income Margin	2.95	2.3	2.85	2.51	2.94
Levered Free Cash Flow Margin	-2.86	0.01	4.36	0.25	5.26
Unlevered Free Cash Flow Margin	-2.77	0.14	4.62	0.55	5.47
Asset Turnover
Asset Turnover	3.07	3.04	2.78	3.07	2.73
Fixed Assets Turnover	20.12	23.17	22.2	25.74	22.58
Receivables Turnover (Average Receivables)	6.35	6.58	6.09	6.63	6.33
Inventory Turnover (Average Inventory)	8.31	7.51	6.79	7.76	6.16
Short Term Liquidity
Current Ratio	1.25	1.28	1.32	1.3	1.39
Quick Ratio	0.72	0.68	0.77	0.74	0.67
Operating Cash Flow to Current Liabilities	-0.08	0.03	0.22	0.06	0.29
Days Sales Outstanding (Average Receivables)	57.45	55.49	59.89	55.17	57.67
Days Outstanding Inventory (Average Inventory)	43.9	48.58	53.72	47.16	59.28
Average Days Payable Outstanding	22.16	18.91	18.48	16.84	19.02
Cash Conversion Cycle (Average Days)	79.19	85.16	95.14	85.48	97.93
Long Term Solvency
Total Debt/Equity	159.3	171.03	151.16	161.1	124.76
Total Debt / Total Capital	61.44	63.1	60.18	61.7	55.51
LT Debt/Equity	0.55	0.54	0.53	0.29	0.12
Long-Term Debt / Total Capital	0.21	0.2	0.21	0.11	0.05
Total Liabilities / Total Assets	69.59	68.66	67.07	68.3	63.23
EBIT / Interest Expense	31.21	17.9	11.96	9.62	14.6
EBITDA / Interest Expense	32.91	18.95	12.52	10.06	15.33
(EBITDA - Capex) / Interest Expense	32.65	18.77	12.47	9.34	15.06
Total Debt / EBITDA	3.41	4.3	3.44	3.71	2.99
Net Debt / EBITDA	3.28	4.14	3.15	3.38	2.89
Total Debt / (EBITDA - Capex)	3.44	4.34	3.46	4	3.05
Net Debt / (EBITDA - Capex)	3.3	4.18	3.17	3.65	2.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	38.39	10.64	-7.61	15.86	-12.31
Gross Profit, 1 Yr. Growth %	21.7	-6.82	13.6	4.92	-0.18
EBITDA, 1 Yr. Growth %	36.84	-11.02	16.25	4.28	-0.71
EBITA, 1 Yr. Growth %	38.46	-11.28	17.63	4.37	-1.18
EBIT, 1 Yr. Growth %	38.46	-11.28	17.63	4.37	-1.18
Earnings From Cont. Operations, 1 Yr. Growth %	39.02	-13.62	14.03	2.37	2.47
Net Income, 1 Yr. Growth %	39.02	-13.62	14.03	2.37	2.47
Normalized Net Income, 1 Yr. Growth %	39.4	-13.46	14.18	2.05	2.73
Diluted EPS Before Extra, 1 Yr. Growth %	39.02	-13.62	14.03	2.37	2.47
Accounts Receivable, 1 Yr. Growth %	22.86	-6.08	5.85	6.71	-21.92
Inventory, 1 Yr. Growth %	42.44	11.19	-9.08	14.16	5.08
Net Property, Plant and Equip., 1 Yr. Growth %	-4.38	-3.48	-3.63	3.54	-3.42
Total Assets, 1 Yr. Growth %	24.39	1.54	0.32	9.41	-10.91
Tangible Book Value, 1 Yr. Growth %	5.39	4.61	5.42	5.33	2.22
Common Equity, 1 Yr. Growth %	5.39	4.61	5.42	5.33	3.33
Cash From Operations, 1 Yr. Growth %	-179.79	-136.22	638.22	-70.89	323.44
Capital Expenditures, 1 Yr. Growth %	-98.5	-0.13	-45.26	1.67K	-75.81
Levered Free Cash Flow, 1 Yr. Growth %	229.96	-100.27	58.27K	-93.24	1.71K
Unlevered Free Cash Flow, 1 Yr. Growth %	253.21	-105.73	2.88K	-86.33	779.92
Dividend Per Share, 1 Yr. Growth %	12.1	18.44	2.86	11.11	2.5
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.47	23.74	1.11	3.46	0.79
Gross Profit, 2 Yr. CAGR %	16.16	6.49	2.89	9.18	2.34
EBITDA, 2 Yr. CAGR %	25.08	10.34	1.7	10.1	1.76
EBITA, 2 Yr. CAGR %	25.76	10.84	2.16	10.8	1.55
EBIT, 2 Yr. CAGR %	25.76	10.84	2.16	10.8	1.55
Earnings From Cont. Operations, 2 Yr. CAGR %	28.36	9.58	-0.75	8.04	2.42
Net Income, 2 Yr. CAGR %	28.36	9.58	-0.75	8.04	2.42
Normalized Net Income, 2 Yr. CAGR %	28.73	9.83	-0.6	7.94	2.39
Diluted EPS Before Extra, 2 Yr. CAGR %	28.36	9.58	-0.75	8.04	2.42
Accounts Receivable, 2 Yr. CAGR %	20.99	7.42	-0.29	6.28	-8.72
Inventory, 2 Yr. CAGR %	26.24	25.85	0.55	2.02	9.53
Net Property, Plant and Equip., 2 Yr. CAGR %	40.74	-3.93	-3.55	-0.11	-0
Total Assets, 2 Yr. CAGR %	23.53	12.39	0.93	4.77	-1.27
Tangible Book Value, 2 Yr. CAGR %	7.29	5	5.02	5.37	3.76
Common Equity, 2 Yr. CAGR %	7.29	5	5.02	5.37	4.33
Cash From Operations, 2 Yr. CAGR %	-34.45	-46.24	63.51	46.6	11.03
Capital Expenditures, 2 Yr. CAGR %	-69.64	-87.76	-26.06	211.66	107.16
Levered Free Cash Flow, 2 Yr. CAGR %	-11.56	-90.62	24.79	528.02	10.65
Unlevered Free Cash Flow, 2 Yr. CAGR %	-14.76	-55	30.7	101.84	9.68
Dividend Per Share, 2 Yr. CAGR %	14.02	15.23	10.38	6.9	6.72
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.83	15.15	12.26	5.8	-2.09
Gross Profit, 3 Yr. CAGR %	12.04	7.93	8.81	3.56	5.96
EBITDA, 3 Yr. CAGR %	24.01	11.66	12.28	2.55	6.37
EBITA, 3 Yr. CAGR %	25.19	11.96	13.06	2.89	6.65
EBIT, 3 Yr. CAGR %	25.19	11.96	13.06	2.89	6.65
Earnings From Cont. Operations, 3 Yr. CAGR %	30.12	12.48	11.05	0.28	6.15
Net Income, 3 Yr. CAGR %	30.12	12.48	11.05	0.28	6.15
Normalized Net Income, 3 Yr. CAGR %	27.9	12.77	11.26	0.28	6.17
Diluted EPS Before Extra, 3 Yr. CAGR %	30.12	12.48	11.05	0.28	6.15
Accounts Receivable, 3 Yr. CAGR %	14.45	11.19	6.89	1.99	-4.1
Inventory, 3 Yr. CAGR %	6.08	21.01	12.92	4.99	3.03
Net Property, Plant and Equip., 3 Yr. CAGR %	30.33	24.11	-3.83	-1.25	-1.23
Total Assets, 3 Yr. CAGR %	12.54	15.72	8.21	3.68	-0.74
Tangible Book Value, 3 Yr. CAGR %	6.84	6.39	5.14	5.12	4.31
Common Equity, 3 Yr. CAGR %	6.84	6.39	5.14	5.12	4.69
Cash From Operations, 3 Yr. CAGR %	34.6	-46.21	28.73	-8.01	108.77
Capital Expenditures, 3 Yr. CAGR %	-8.72	-54.84	-79.84	113.27	32.94
Levered Free Cash Flow, 3 Yr. CAGR %	82.06	-87.22	72.56	-52.79	794.05
Unlevered Free Cash Flow, 3 Yr. CAGR %	64.81	-65.34	82.05	-38.42	229.72
Dividend Per Share, 3 Yr. CAGR %	17.58	15.48	10.95	10.62	5.42
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.64	8.14	6.83	10.32	7.52
Gross Profit, 5 Yr. CAGR %	8.09	6.96	8.29	8.43	6.18
EBITDA, 5 Yr. CAGR %	12.53	10.7	14.55	11.03	7.94
EBITA, 5 Yr. CAGR %	13.22	11.43	15.41	11.49	8.31
EBIT, 5 Yr. CAGR %	13.22	11.43	15.41	11.49	8.31
Earnings From Cont. Operations, 5 Yr. CAGR %	15.36	12.78	16.76	10.68	7.51
Net Income, 5 Yr. CAGR %	15.36	12.78	16.76	10.68	7.51
Normalized Net Income, 5 Yr. CAGR %	15.25	12.86	15.63	10.81	7.62
Diluted EPS Before Extra, 5 Yr. CAGR %	15.36	12.78	16.76	10.68	7.51
Accounts Receivable, 5 Yr. CAGR %	4.32	5.85	8.31	9.2	0.35
Inventory, 5 Yr. CAGR %	6.36	9.16	3.83	13.02	11.62
Net Property, Plant and Equip., 5 Yr. CAGR %	14.09	14.93	15.54	13.79	-2.32
Total Assets, 5 Yr. CAGR %	5.84	8.13	7.74	11.21	4.31
Tangible Book Value, 5 Yr. CAGR %	5.05	5.28	6.1	5.98	4.59
Common Equity, 5 Yr. CAGR %	4.98	5.28	6.1	5.98	4.81
Cash From Operations, 5 Yr. CAGR %	6.99	-25.57	45.49	-19.68	21.33
Capital Expenditures, 5 Yr. CAGR %	-30.38	2.89	-16.1	-2.21	-48.8
Levered Free Cash Flow, 5 Yr. CAGR %	29.49	-69.22	56.53	-39.31	44.46
Unlevered Free Cash Flow, 5 Yr. CAGR %	23.22	-44.25	50.21	-29.87	48.65
Dividend Per Share, 5 Yr. CAGR %	9.13	14	14.64	11.97	9.24