Income Statement Glory Forever Thailand S.E.

Stocks

GLORY-R

THA515010R18

Internet Services

End-of-day quote Thailand S.E. 2026-09-11			5-day change	1st Jan Change
0.8400 ^THB	+3.70%		-3.45%	+5.00%

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

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Published financial data: GLORY FOREVER

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	91.14M	133M	85.59M	134M	129M
Total Revenues	91.14M	133M	85.59M	134M	129M
Cost of Goods Sold, Total	40.25M	64.24M	59.92M	98.55M	93.18M
Gross Profit	50.89M	68.78M	25.67M	35.95M	35.35M
Selling General & Admin Expenses, Total	34.55M	34.35M	55M	72.21M	50.22M
Other Operating Expenses	-2.29M	-5.1M	-2.29M	-2.95M	-2.55M
Other Operating Expenses, Total	32.27M	29.25M	52.71M	69.26M	47.67M
Operating Income	18.62M	39.53M	-27.04M	-33.31M	-12.32M
Interest Expense, Total	-	-	-	-	-17.23K
Interest And Investment Income	-	-	1.5M	1.06M	528K
Net Interest Expenses	-	-	1.5M	1.06M	511K
Income (Loss) On Equity Invest.	-	-3M	-7.12M	-6.84M	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	18.62M	36.53M	-32.66M	-39.09M	-11.81M
Gain (Loss) On Sale Of Investments	-	-	-16M	-3.83M	-
Asset Writedown	-	-	-	-9.2M	-18.64M
EBT, Incl. Unusual Items	18.62M	36.53M	-48.66M	-52.12M	-30.45M
Income Tax Expense	3.54M	7.57M	-8.35M	11.48M	1.47M
Earnings From Continuing Operations	15.08M	28.96M	-40.31M	-63.6M	-31.92M
Net Income to Company	15.08M	28.96M	-40.31M	-63.6M	-31.92M
Minority Interest	-	-	-302K	-4.2M	-4.84M
Net Income - (IS)	15.08M	28.96M	-40.61M	-67.8M	-36.76M
Net Income to Common Incl Extra Items	15.08M	28.96M	-40.61M	-67.8M	-36.76M
Net Income to Common Excl. Extra Items	15.08M	28.96M	-40.61M	-67.8M	-36.76M
Per Share Items
Net EPS - Basic	0.07	0.11	-0.15	-0.25	-0.14
Basic EPS - Continuing Operations	0.07	0.11	-0.15	-0.25	-0.14
Basic Weighted Average Shares Outstanding	214M	270M	270M	270M	270M
Net EPS - Diluted	0.07	0.08	-0.15	-0.25	-0.14
Diluted EPS - Continuing Operations	0.07	0.08	-0.15	-0.25	-0.14
Diluted Weighted Average Shares Outstanding	214M	372M	270M	270M	270M
Normalized Basic EPS	0.05	0.08	-0.08	-0.11	-0.05
Normalized Diluted EPS	0.05	0.06	-0.08	-0.11	-0.05
Dividend Per Share	0.02	0.06	-	-	-
Payout Ratio	126	18.64	-39.89	-	-
Supplemental Items
EBITDA	32.46M	59.95M	-1.84M	-2.35M	23.8M
EBITA	30.83M	58.25M	-3.71M	-4.86M	21.08M
EBIT	18.62M	39.53M	-27.04M	-33.31M	-12.32M
EBITDAR	32.5M	-	-	-	23.9M
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	19.02	20.72	17.16	-22.02	-4.84
Current Domestic Taxes	3.83M	7.44M	199K	2.67M	3.06M
Total Current Taxes	3.83M	7.44M	199K	2.67M	3.06M
Deferred Domestic Taxes	-284K	131K	-8.55M	8.81M	-1.58M
Total Deferred Taxes	-284K	131K	-8.55M	8.81M	-1.58M
Normalized Net Income	11.64M	22.83M	-20.72M	-28.63M	-12.22M
Interest on Long-Term Debt	-	-	-	-	17K
Non-Cash Pension Expense	4.52K	-	-	-	45K
Supplemental Operating Expense Items
Advertising Expense	-	-	19.67M	28.97M	6.87M
Selling and Marketing Expenses	3.9M	6.52M	19.81M	25.56M	6.87M
General and Administrative Expenses	30.65M	27.83M	35.19M	46.65M	43.35M
Net Rental Expense, Total	43.34K	-	-	-	104K
Maintenance & Repair Expenses, Total	64.03K	-	-	-	-

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	64.65M	108M	82.48M	46.37M	29.81M
Short Term Investments	-	-	27.2M	20.62M	0
Trading Asset Securities, Total	146M	-	-	-	20.95M
Total Cash And Short Term Investments	211M	108M	110M	66.99M	50.76M
Accounts Receivable, Total	2.89M	24.23M	11.62M	29.11M	39.38M
Other Receivables	328K	736K	980K	-	100K
Notes Receivable	-	-	-	-	-
Total Receivables	3.21M	24.96M	12.6M	29.11M	39.48M
Inventory	164K	1.04M	-	1.52M	6.16M
Prepaid Expenses	632K	561K	5.78M	2.05M	2.05M
Other Current Assets, Total	-	82.65M	2.96M	5.58M	3.5M
Total Current Assets	215M	217M	131M	105M	102M
Gross Property Plant And Equipment	49.21M	49.57M	56.94M	58.26M	64.85M
Accumulated Depreciation	-2.86M	-4.41M	-6.17M	-8.57M	-11.32M
Net Property Plant And Equipment	46.36M	45.16M	50.77M	49.69M	53.52M
Long-term Investments	-	23.62M	18.17M	-	-
Other Intangibles, Total	48.19M	63.44M	79.76M	77.72M	46.28M
Deferred Tax Assets Long-Term	306K	455K	9.01M	167K	1.75M
Other Long-Term Assets, Total	6.1M	5.95M	6.18M	4.06M	1.59M
Total Assets	316M	356M	295M	237M	205M
Liabilities
Accounts Payable, Total	8.95M	19.7M	6.38M	9.69M	9.69M
Accrued Expenses, Total	3.96M	3.81M	5.71M	4.13M	3.31M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	-	-	-	-	264K
Current Income Taxes Payable	1.32M	4.17M	198K	447K	1.24M
Unearned Revenue Current, Total	4.7M	-	-	-	-
Other Current Liabilities	-	7.36M	12.03M	14.71M	13.73M
Total Current Liabilities	18.93M	35.04M	24.32M	28.98M	28.24M
Long-Term Leases	-	-	-	-	768K
Pension & Other Post Retirement Benefits	208K	316K	1.33M	1.42M	1.66M
Other Non Current Liabilities	-	-	1.06M	1.77M	1.64M
Total Liabilities	19.14M	35.36M	26.71M	32.17M	32.31M
Common Stock, Total	135M	135M	135M	135M	135M
Additional Paid In Capital	151M	151M	151M	151M	151M
Retained Earnings	10.6M	34.17M	-22.64M	-90.37M	-127M
Total Common Equity	297M	320M	264M	196M	159M
Minority Interest	-	-	4.3M	8.55M	13.38M
Total Equity	297M	320M	268M	205M	173M
Total Liabilities And Equity	316M	356M	295M	237M	205M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	270M	270M	270M	270M	270M
ECS Total Common Shares Outstanding	270M	270M	270M	270M	270M
Book Value / Share	1.1	1.19	0.98	0.73	0.59
Tangible Book Value	248M	257M	184M	118M	113M
Tangible Book Value Per Share	0.92	0.95	0.68	0.44	0.42
Total Debt	0	0	0	0	1.03M
Net Debt	-211M	-108M	-110M	-66.99M	-49.73M
Debt Equivalent of Unfunded Proj. Benefit Obligation	208K	-	-	-	-
Debt Equivalent Oper. Leases	347K	-	-	-	832K
Minority Interest, Total (Incl. Fin. Div)	-	-	4.3M	8.55M	13.38M
Equity Method Investments, Total	-	23.02M	18.17M	-	-
Account Code - Inventory Valuation	6	6	6	5	5
Inventories - Raw Materials, Total	-	-	-	996K	-
Inventories - Finished Goods, Total	-	-	-	741K	7.62M
Land - (BS)	29.02M	29.02M	29.44M	29.45M	30.07M
Buildings, Total	15.02M	15.02M	16.27M	16.27M	18.19M
Machinery, Total	5.18M	5.53M	11.24M	12.41M	15.2M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	15.08M	28.96M	-40.61M	-67.8M	-36.76M
Depreciation & Amortization - CF	1.63M	1.7M	1.87M	2.52M	2.81M
Amortization of Goodwill and Intangible Assets - (CF)	12.21M	18.72M	23.34M	28.45M	33.4M
Depreciation & Amortization, Total	13.84M	20.42M	25.2M	30.96M	36.22M
Amortization of Deferred Charges, Total - (CF)	497K	878K	1.12M	1.5M	1.31M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-204K	-605K	15.73M	4.72M	-324K
Asset Writedown & Restructuring Costs	758K	-	776K	9.2M	18.64M
(Income) Loss On Equity Investments - (CF)	-	3M	7.12M	6.84M	-
Other Operating Activities, Total	-246K	2.81M	-17.8M	14.14M	-5.5M
Change In Accounts Receivable	-9.58M	-18.13M	8.67M	-16.78M	-8.61M
Change In Inventories	-67.3K	87.76K	806K	-1.5M	-5.11M
Change In Accounts Payable	-2.93M	7.54M	-9.9M	1.96M	118K
Change in Other Net Operating Assets	-41.07K	1.43M	6.06M	4.29M	9.76M
Cash from Operations	17.1M	46.39M	-2.83M	-12.47M	9.73M
Capital Expenditure	-447K	-329K	-5.73M	-1.32M	-2.8M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-4.29M	-	-	-
Sale (Purchase) of Intangible assets	-31.11M	-33.88M	-42.49M	-36.81M	-23.04M
Investment in Marketable and Equity Securities, Total	-146M	38.61M	36.86M	14.5M	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	2M	640K	-	-346K
Cash from Investing	-178M	2.1M	-10.71M	-23.63M	-26.19M
Short Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-	-	-	-85.26K
Total Debt Repaid	-	-	-	-	-85.26K
Issuance of Common Stock	196M	-	483K	-	-
Common Dividends Paid	-19M	-5.4M	-16.2M	-	-
Common & Preferred Stock Dividends Paid	-19M	-5.4M	-16.2M	-	-
Other Financing Activities, Total	-	-	4M	-	-17.23K
Cash from Financing	177M	-5.4M	-11.72M	-	-102K
Net Change in Cash	16.55M	43.09M	-25.26M	-36.11M	-16.56M
Supplemental Items
Cash Interest Paid	-	-	-	-	17.23K
Cash Income Tax Paid (Refund)	3.89M	4.59M	4.59M	2.65M	2.54M
Levered Free Cash Flow	-8.29M	-77.22M	-44.27M	-38.75M	-9.97M
Unlevered Free Cash Flow	-8.29M	-77.22M	-44.27M	-38.75M	-9.96M
Change In Net Working Capital	2.7M	89.02M	5.47M	12.26M	13.94M
Net Debt Issued / Repaid	-	-	-	-	-85.26K

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	5.15	7.36	-5.2	-7.83	-3.49
Return on Total Capital	5.66	8.01	-5.74	-8.8	-4.07
Return On Equity %	7.33	9.39	-13.7	-26.9	-16.91
Return on Common Equity	7.33	9.39	-13.9	-29.47	-20.68
Margin Analysis
Gross Profit Margin %	55.84	51.71	29.99	26.73	27.5
SG&A Margin	37.91	25.82	64.27	53.69	39.07
EBITDA Margin %	35.62	45.07	-2.15	-1.75	18.52
EBITA Margin %	33.83	43.79	-4.33	-3.62	16.4
EBIT Margin %	20.43	29.72	-31.6	-24.77	-9.59
Income From Continuing Operations Margin %	16.55	21.77	-47.1	-47.29	-24.84
Net Income Margin %	16.55	21.77	-47.45	-50.41	-28.6
Net Avail. For Common Margin %	16.55	21.77	-47.45	-50.41	-28.6
Normalized Net Income Margin	12.77	17.16	-24.2	-21.29	-9.51
Levered Free Cash Flow Margin	-9.09	-58.05	-51.72	-28.81	-7.76
Unlevered Free Cash Flow Margin	-9.09	-58.05	-51.72	-28.81	-7.75
Asset Turnover
Asset Turnover	0.4	0.4	0.26	0.51	0.58
Fixed Assets Turnover	1.94	2.91	1.78	2.68	2.49
Receivables Turnover (Average Receivables)	27.53	9.81	4.77	6.6	3.65
Inventory Turnover (Average Inventory)	307.96	106.26	-	112.33	24.28
Short Term Liquidity
Current Ratio	11.35	6.19	5.39	3.63	3.61
Quick Ratio	11.31	3.79	5.03	3.32	3.2
Operating Cash Flow to Current Liabilities	0.9	1.32	-0.12	-0.43	0.34
Days Sales Outstanding (Average Receivables)	13.26	37.2	76.44	55.43	99.99
Days Outstanding Inventory (Average Inventory)	1.19	3.44	-	3.26	15.03
Average Days Payable Outstanding	79.2	80.42	79.42	29.46	36.15
Cash Conversion Cycle (Average Days)	-64.76	-39.79	-	29.23	78.88
Long Term Solvency
Total Debt/Equity	-	-	-	-	0.6
Total Debt / Total Capital	-	-	-	-	0.59
LT Debt/Equity	-	-	-	-	0.44
Long-Term Debt / Total Capital	-	-	-	-	0.44
Total Liabilities / Total Assets	6.06	9.94	9.06	13.58	15.75
EBIT / Interest Expense	-	-	-	-	-715.16
EBITDA / Interest Expense	-	-	-	-	1.39K
(EBITDA - Capex) / Interest Expense	-	-	-	-	1.22K
Total Debt / EBITDA	-	-	-	-	0.04
Net Debt / EBITDA	-6.5	-1.8	59.65	28.53	-2.08
Total Debt / (EBITDA - Capex)	-	-	-	-	0.05
Net Debt / (EBITDA - Capex)	-6.59	-1.81	14.49	18.27	-2.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	16.21	45.96	-35.66	56.06	-4.44
Gross Profit, 1 Yr. Growth %	17.05	35.16	-62.69	36.89	-1.68
EBITDA, 1 Yr. Growth %	33.98	81.9	-103.12	142.63	-1.11K
EBITA, 1 Yr. Growth %	32.65	212.79	-106.49	71.52	-533.4
EBIT, 1 Yr. Growth %	5.78	112.27	-170.37	27.28	-63
Earnings From Cont. Operations, 1 Yr. Growth %	7.82	92.07	-239.17	57.78	-49.81
Net Income, 1 Yr. Growth %	7.82	92.07	-240.21	66.95	-45.78
Normalized Net Income, 1 Yr. Growth %	5.86	96.18	-190.73	41.95	-57.32
Diluted EPS Before Extra, 1 Yr. Growth %	-59.21	14.29	-287.98	66.68	-44.15
Accounts Receivable, 1 Yr. Growth %	-22.74	739.85	-52.03	150.5	26.85
Inventory, 1 Yr. Growth %	69.35	535.73	-	534	306.4
Net Property, Plant and Equip., 1 Yr. Growth %	-2.16	-2.59	12.44	-2.13	7.71
Total Assets, 1 Yr. Growth %	131.27	12.6	-17.06	-19.67	-13.42
Tangible Book Value, 1 Yr. Growth %	195.88	3.35	-28.29	-35.68	-4.49
Common Equity, 1 Yr. Growth %	159.04	7.94	-17.59	-25.66	-18.74
Cash From Operations, 1 Yr. Growth %	-26.59	71.55	-106.1	340.61	-178.01
Capital Expenditures, 1 Yr. Growth %	-99.14	-26.34	1.64K	-76.99	111.89
Levered Free Cash Flow, 1 Yr. Growth %	-82.28	822.25	-1.04K	-11.37	-74.28
Unlevered Free Cash Flow, 1 Yr. Growth %	-82.28	822.25	-1.04K	-11.37	-74.31
Dividend Per Share, 1 Yr. Growth %	-	200	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.36	30.24	-3.09	0.55	22.12
Gross Profit, 2 Yr. CAGR %	12.48	25.78	-28.98	-27.7	16.01
EBITDA, 2 Yr. CAGR %	32.57	57.3	-76.38	-80.02	395.87
EBITA, 2 Yr. CAGR %	39.1	58.3	-55.39	-70.83	172.65
EBIT, 2 Yr. CAGR %	8.1	49.85	20.51	-6.9	-31.38
Earnings From Cont. Operations, 2 Yr. CAGR %	3.61	43.91	63.5	48.18	-11.01
Net Income, 2 Yr. CAGR %	3.61	43.91	64.11	53	-4.86
Normalized Net Income, 2 Yr. CAGR %	2.6	44.11	33.41	11.98	-22.17
Diluted EPS Before Extra, 2 Yr. CAGR %	0.12	-31.92	46.57	77.01	-3.52
Accounts Receivable, 2 Yr. CAGR %	23.62	154.68	100.72	9.62	84.07
Inventory, 2 Yr. CAGR %	69.14	228.12	-	-	407.6
Net Property, Plant and Equip., 2 Yr. CAGR %	253.12	-2.38	4.66	4.9	2.67
Total Assets, 2 Yr. CAGR %	211.35	61.37	-3.37	-18.38	-16.6
Tangible Book Value, 2 Yr. CAGR %	1.26K	74.86	-13.91	-32.08	-21.62
Common Equity, 2 Yr. CAGR %	351.81	67.22	-5.68	-21.73	-22.28
Cash From Operations, 2 Yr. CAGR %	-13.54	41.1	-67.64	-48.15	85.4
Capital Expenditures, 2 Yr. CAGR %	-49.91	-92.06	258.16	100.19	-30.17
Levered Free Cash Flow, 2 Yr. CAGR %	-14.43	28.48	129.93	186.41	-52.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	-14.43	28.48	129.93	186.41	-52.28
Dividend Per Share, 2 Yr. CAGR %	-55.28	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	28.93	21.87	2.96	13.85	-1.14
Gross Profit, 3 Yr. CAGR %	29.4	19.58	-16.11	-10.94	-19.9
EBITDA, 3 Yr. CAGR %	29.19	48.06	-57.66	-58.54	-26.05
EBITA, 3 Yr. CAGR %	27.67	54.04	-45.77	-36.08	-28.28
EBIT, 3 Yr. CAGR %	9.73	35.37	15.38	21.39	-31.55
Earnings From Cont. Operations, 3 Yr. CAGR %	6.56	27.28	42.31	61.57	3.3
Net Income, 3 Yr. CAGR %	6.56	27.28	42.67	65.05	8.27
Normalized Net Income, 3 Yr. CAGR %	6.25	27.34	23.51	34.99	-18.81
Diluted EPS Before Extra, 3 Yr. CAGR %	4.16	4.43	-4.48	52.99	20.51
Accounts Receivable, 3 Yr. CAGR %	34.36	134.1	45.99	116.11	17.58
Inventory, 3 Yr. CAGR %	-	162.98	-	109.7	-
Net Property, Plant and Equip., 3 Yr. CAGR %	167	129.87	2.33	2.34	5.83
Total Assets, 3 Yr. CAGR %	129.69	121.82	29.26	-9.14	-16.76
Tangible Book Value, 3 Yr. CAGR %	178.85	475.84	29.92	-21.88	-23.91
Common Equity, 3 Yr. CAGR %	167.49	180.35	32.08	-12.88	-20.75
Cash From Operations, 3 Yr. CAGR %	-7.89	26.57	-50.47	-22.73	-40.58
Capital Expenditures, 3 Yr. CAGR %	-43.71	-43.04	-52.12	43.45	104.02
Levered Free Cash Flow, 3 Yr. CAGR %	100.96	89.66	-1.82	66.65	28.26
Unlevered Free Cash Flow, 3 Yr. CAGR %	100.96	89.66	-1.82	66.65	28.21
Dividend Per Share, 3 Yr. CAGR %	-7.17	-15.66	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	160.86	15.02	12.85	10.38
Gross Profit, 5 Yr. CAGR %	-	155.32	1.79	-2.22	-4.05
EBITDA, 5 Yr. CAGR %	-	131.73	-34.33	-33.8	-0.36
EBITA, 5 Yr. CAGR %	-	129.85	-24.2	-21.13	-1.94
EBIT, 5 Yr. CAGR %	-	101.57	13.92	15.89	-6.88
Earnings From Cont. Operations, 5 Yr. CAGR %	-	90.56	26.47	35.26	17.95
Net Income, 5 Yr. CAGR %	-	90.56	26.65	37	21.32
Normalized Net Income, 5 Yr. CAGR %	-	99.62	16.38	20.96	2.13
Diluted EPS Before Extra, 5 Yr. CAGR %	-	69.24	19.27	28.97	-4.1
Accounts Receivable, 5 Yr. CAGR %	-	-	57.75	72.82	60.17
Inventory, 5 Yr. CAGR %	-	-	-	92.42	129.36
Net Property, Plant and Equip., 5 Yr. CAGR %	-	117.86	83.57	67.96	2.47
Total Assets, 5 Yr. CAGR %	-	124.87	62.46	48.7	8.48
Tangible Book Value, 5 Yr. CAGR %	-	253.47	74.26	144.89	6.14
Common Equity, 5 Yr. CAGR %	-	153.82	76.29	68.29	6.84
Cash From Operations, 5 Yr. CAGR %	-	206.79	-33.57	-11.43	-16.02
Capital Expenditures, 5 Yr. CAGR %	-	-21.65	18	-5.82	-44.32
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	112.52	27.91	-26.6
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	112.52	27.91	-26.62