Income Statement Smart Concrete Thailand S.E.

Stocks

SMART-R

TH5850010R11

Construction Materials

End-of-day quote Thailand S.E. 2026-09-18			5-day change	1st Jan Change
0.6200 ^THB	+1.64%		-1.59%	+29.17%

08-07	Smart Concrete Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-14	Smart Concrete Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

919b23d476dd557ae033d7ff8a73.O1Gx1wUgb519z8KT3tKreDIuLQcPANISfYD7Mq5MnBY.YwH2iEhiJq8MuZvgjafRH0RaZ0hGTuNROfXOAdcUxVRZaNa0Rk4N-066rQ

Published financial data: SMART CONCRETE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	457M	570M	709M	579M	426M
Other Revenues, Total	2.12M	2.06M	4.67M	2.45M	2.83M
Total Revenues	459M	572M	714M	582M	429M
Cost of Goods Sold, Total	354M	465M	497M	366M	299M
Gross Profit	105M	108M	217M	216M	131M
Selling General & Admin Expenses, Total	54.84M	56.5M	70.87M	108M	91.94M
Other Operating Expenses, Total	54.84M	56.5M	70.87M	108M	91.94M
Operating Income	50.39M	51.16M	146M	108M	38.69M
Interest Expense, Total	-2.13M	-1.93M	-1.74M	-1.45M	-1.29M
Interest And Investment Income	-	-	-	3.86M	3.74M
Net Interest Expenses	-2.13M	-1.93M	-1.74M	2.42M	2.45M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-10M	-	-
EBT, Excl. Unusual Items	48.26M	49.23M	134M	110M	41.14M
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	48.26M	49.23M	134M	110M	41.14M
Income Tax Expense	8.39M	10.27M	27.51M	23.27M	8.84M
Earnings From Continuing Operations	39.87M	38.96M	107M	87.02M	32.3M
Net Income to Company	39.87M	38.96M	107M	87.02M	32.3M
Net Income - (IS)	39.87M	38.96M	107M	87.02M	32.3M
Net Income to Common Incl Extra Items	39.87M	38.96M	107M	87.02M	32.3M
Net Income to Common Excl. Extra Items	39.87M	38.96M	107M	87.02M	32.3M
Per Share Items
Net EPS - Basic	0.04	0.04	0.1	0.08	0.03
Basic EPS - Continuing Operations	0.04	0.04	0.1	0.08	0.03
Basic Weighted Average Shares Outstanding	951M	1.04B	1.04B	1.04B	1.04B
Net EPS - Diluted	0.04	0.04	0.1	0.08	0.03
Diluted EPS - Continuing Operations	0.04	0.04	0.1	0.08	0.03
Diluted Weighted Average Shares Outstanding	951M	1.04B	1.04B	1.04B	1.04B
Normalized Basic EPS	0.03	0.03	0.08	0.07	0.02
Normalized Diluted EPS	0.03	0.03	0.08	0.07	0.02
Dividend Per Share	0.04	0.04	0.09	0.05	0.07
Payout Ratio	80.75	106.9	35.66	109.11	156.28
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	93.27M	92.39M	187M	151M	75.51M
EBITA	50.39M	51.16M	146M	108M	38.69M
EBIT	50.39M	51.16M	146M	108M	38.69M
EBITDAR	94.52M	93.21M	188M	151M	76.18M
Total Revenues (As Reported)	459M	572M	714M	582M	429M
Effective Tax Rate - (Ratio)	17.39	20.86	20.51	21.1	21.49
Total Current Taxes	-	10.1M	29.46M	23.12M	9.36M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	8.39M	176K	-1.95M	145K	-516K
Normalized Net Income	30.16M	30.77M	83.8M	68.93M	25.72M
Interest on Long-Term Debt	2.1M	1.93M	1.74M	1.45M	1.29M
Non-Cash Pension Expense	142K	225K	397K	379K	421K
Supplemental Operating Expense Items
Selling and Marketing Expenses	13.64M	13.62M	16.89M	51.36M	44.76M
General and Administrative Expenses	41.2M	42.88M	53.98M	56.61M	47.18M
Net Rental Expense, Total	1.25M	823K	843K	629K	666K
Imputed Operating Lease Interest Expense	462K	340K	355K	266K	298K
Imputed Operating Lease Depreciation	784K	483K	488K	363K	368K

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	118M	73.89M	136M	234M	252M
Short Term Investments	-	50.5M	76.8M	15.5M	507K
Total Cash And Short Term Investments	118M	124M	212M	249M	252M
Accounts Receivable, Total	87.19M	113M	126M	81.6M	54.49M
Other Receivables	1.6M	2.07M	2.97M	1.83M	1.52M
Notes Receivable	-	-	16M	16M	16M
Total Receivables	88.78M	115M	145M	99.43M	72.01M
Inventory	33.72M	41.15M	43.68M	46.81M	41.98M
Other Current Assets, Total	1.4M	2.8M	1.22M	-	1.33M
Total Current Assets	242M	283M	403M	395M	368M
Gross Property Plant And Equipment	990M	992M	916M	920M	954M
Accumulated Depreciation	-523M	-563M	-601M	-641M	-677M
Net Property Plant And Equipment	467M	429M	315M	278M	277M
Deferred Tax Assets Long-Term	6.45M	6.24M	8.62M	8.93M	9.98M
Other Long-Term Assets, Total	6.47M	28.49M	94.84M	87.16M	80.1M
Total Assets	722M	747M	821M	770M	734M
Liabilities
Accounts Payable, Total	50.23M	71.25M	63.26M	35.73M	29.52M
Accrued Expenses, Total	4.86M	5.13M	15.18M	12.4M	6.16M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	4.11M	4.28M	1.87M	1.36M	1.45M
Current Income Taxes Payable	-	7.6M	15.45M	9.3M	4.82M
Other Current Liabilities	9.89M	11.74M	10.51M	9.18M	8.38M
Total Current Liabilities	69.1M	100M	106M	67.97M	50.33M
Long-Term Leases	35.45M	30.77M	29.19M	22.38M	20.92M
Pension & Other Post Retirement Benefits	10.28M	10.96M	14.18M	17.28M	21.59M
Total Liabilities	115M	142M	150M	108M	92.84M
Common Stock, Total	521M	521M	521M	521M	521M
Additional Paid In Capital	26.02M	26.02M	26.02M	26.02M	26.02M
Retained Earnings	63.3M	60.6M	129M	121M	103M
Comprehensive Income and Other	-2.63M	-2.49M	-4.2M	-6.04M	-8.17M
Total Common Equity	607M	605M	672M	662M	642M
Total Equity	607M	605M	672M	662M	642M
Total Liabilities And Equity	722M	747M	821M	770M	734M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.04B	1.04B	1.04B	1.04B	1.04B
ECS Total Common Shares Outstanding	1.04B	1.04B	1.04B	1.04B	1.04B
Book Value / Share	0.58	0.58	0.64	0.64	0.62
Tangible Book Value	607M	605M	672M	662M	642M
Tangible Book Value Per Share	0.58	0.58	0.64	0.64	0.62
Total Debt	39.56M	35.05M	31.06M	23.75M	22.36M
Net Debt	-78.9M	-89.33M	-181M	-225M	-230M
Debt Equivalent Oper. Leases	9.97M	6.58M	6.74M	5.03M	5.33M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	8.2M	19.68M	17.35M	12.17M	13.23M
Inventories - Work In Process, Total	1.14M	1.08M	1.96M	617K	2K
Inventories - Finished Goods, Total	21.92M	18.19M	18.33M	28.96M	20.33M
Inventories - Others	9.01M	10.78M	12.83M	10.36M	12.88M
Land - (BS)	109M	109M	30.06M	30.06M	30.06M
Buildings, Total	321M	322M	322M	323M	330M
Machinery, Total	504M	507M	520M	532M	532M
Accumulated Allowance for Doubtful Accounts (Supple)	1.9M	2.06M	1.8M	2.09M	3.51M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	39.87M	38.96M	107M	87.02M	32.3M
Depreciation & Amortization - CF	47.35M	45.76M	45.75M	44.77M	38.52M
Depreciation & Amortization, Total	47.35M	45.76M	45.75M	44.77M	38.52M
(Gain) Loss From Sale Of Asset	769K	-518K	2.7M	1.4M	437K
(Gain) Loss on Sale of Investments - (CF)	-	-	10M	-	-
Asset Writedown & Restructuring Costs	-	1.85M	2.01M	-118K	-
Provision and Write-off of Bad Debts	425K	151K	-260K	296K	1.42M
Other Operating Activities, Total	10.49M	12.51M	5.39M	-9.01M	-6.87M
Change In Accounts Receivable	-16.02M	-27.17M	-11.81M	45.36M	24.66M
Change In Inventories	1.5M	-9.45M	-742K	-4.25M	5.62M
Change In Accounts Payable	5.32M	21.26M	3.04M	-32.2M	-13.26M
Change in Other Net Operating Assets	-2.68M	1.3M	-249K	-741K	-122K
Cash from Operations	87.02M	84.65M	162M	133M	82.72M
Capital Expenditure	-9.81M	-6.42M	-15.72M	-17.04M	-30.46M
Sale of Property, Plant, and Equipment	-	-	381K	13K	213K
Sale (Purchase) of Intangible assets	-21K	-18K	-59K	-53K	-18K
Investment in Marketable and Equity Securities, Total	-	-75M	-26.3M	76.29M	15M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-16M	-	-
Other Investing Activities, Total	-202K	312K	1.49M	4.28M	4.18M
Cash from Investing	-10.03M	-81.13M	-56.21M	63.5M	-11.09M
Short Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-9.5M	-	-	-	-
Long-Term Debt Repaid, Total	-4.1M	-4.51M	-4.8M	-1.67M	-1.39M
Total Debt Repaid	-13.6M	-4.51M	-4.8M	-1.67M	-1.39M
Issuance of Common Stock	86.81M	-	-	-	-
Common Dividends Paid	-32.19M	-41.65M	-38.01M	-94.95M	-50.48M
Common & Preferred Stock Dividends Paid	-32.19M	-41.65M	-38.01M	-94.95M	-50.48M
Other Financing Activities, Total	-2.16M	-1.93M	-1.74M	-1.45M	-1.29M
Cash from Financing	38.86M	-48.09M	-44.55M	-98.06M	-53.16M
Net Change in Cash	116M	-44.56M	61.66M	97.96M	18.47M
Supplemental Items
Cash Interest Paid	2.16M	1.93M	1.74M	1.45M	1.29M
Cash Income Tax Paid (Refund)	-	-	21.61M	29.27M	13.84M
Levered Free Cash Flow	59.73M	66.11M	97.02M	100M	44.64M
Unlevered Free Cash Flow	61.06M	67.32M	98.11M	101M	45.44M
Change In Net Working Capital	7.96M	3.98M	23M	-6.26M	-13.21M
Net Debt Issued / Repaid	-13.6M	-4.51M	-4.8M	-1.67M	-1.39M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	4.64	4.35	11.62	8.47	3.22
Return on Total Capital	5.19	4.97	13.58	9.71	3.58
Return On Equity %	7.11	6.43	16.7	13.05	4.96
Return on Common Equity	7.11	6.43	16.7	13.05	4.96
Margin Analysis
Gross Profit Margin %	22.9	18.81	30.36	37.11	30.44
SG&A Margin	11.94	9.87	9.93	18.56	21.42
EBITDA Margin %	20.3	16.14	26.22	25.91	17.59
EBITA Margin %	10.97	8.94	20.43	18.54	9.02
EBIT Margin %	10.97	8.94	20.43	18.54	9.02
Income From Continuing Operations Margin %	8.68	6.81	14.93	14.96	7.53
Net Income Margin %	8.68	6.81	14.93	14.96	7.53
Net Avail. For Common Margin %	8.68	6.81	14.93	14.96	7.53
Normalized Net Income Margin	6.56	5.38	11.74	11.85	5.99
Levered Free Cash Flow Margin	13	11.55	13.59	17.27	10.4
Unlevered Free Cash Flow Margin	13.29	11.76	13.74	17.43	10.59
Asset Turnover
Asset Turnover	0.68	0.78	0.91	0.73	0.57
Fixed Assets Turnover	0.95	1.28	1.92	1.96	1.55
Receivables Turnover (Average Receivables)	5.76	5.71	5.93	5.57	6.27
Inventory Turnover (Average Inventory)	10.43	12.41	11.72	8.09	6.73
Short Term Liquidity
Current Ratio	3.51	2.83	3.79	5.81	7.31
Quick Ratio	3	2.39	3.22	4.89	6.13
Operating Cash Flow to Current Liabilities	1.26	0.85	1.53	1.95	1.64
Days Sales Outstanding (Average Receivables)	63.4	63.94	61.51	65.73	58.25
Days Outstanding Inventory (Average Inventory)	35.01	29.41	31.14	45.27	54.27
Average Days Payable Outstanding	49.88	46.96	49.13	49.09	40.54
Cash Conversion Cycle (Average Days)	48.52	46.38	43.53	61.9	71.98
Long Term Solvency
Total Debt/Equity	6.51	5.79	4.62	3.59	3.49
Total Debt / Total Capital	6.11	5.48	4.42	3.46	3.37
LT Debt/Equity	5.84	5.09	4.34	3.38	3.26
Long-Term Debt / Total Capital	5.48	4.81	4.15	3.26	3.15
Total Liabilities / Total Assets	15.9	18.98	18.22	13.99	12.64
EBIT / Interest Expense	23.61	26.54	83.76	74.54	29.97
EBITDA / Interest Expense	45.8	50.27	110.04	105.49	59.81
(EBITDA - Capex) / Interest Expense	41.21	46.94	101.01	93.71	36.22
Total Debt / EBITDA	0.4	0.36	0.16	0.16	0.29
Net Debt / EBITDA	-0.81	-0.92	-0.95	-1.48	-2.98
Total Debt / (EBITDA - Capex)	0.45	0.39	0.18	0.18	0.48
Net Debt / (EBITDA - Capex)	-0.9	-0.99	-1.03	-1.66	-4.92
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.62	24.55	24.73	-18.31	-26.21
Gross Profit, 1 Yr. Growth %	6.94	2.3	101.28	-16.06	-39.48
EBITDA, 1 Yr. Growth %	3.57	-0.94	102.57	-18.71	-49.89
EBITA, 1 Yr. Growth %	7.69	1.52	185.04	-25.12	-64.13
EBIT, 1 Yr. Growth %	7.69	1.52	185.04	-25.12	-64.13
Earnings From Cont. Operations, 1 Yr. Growth %	-12.96	-2.28	173.55	-18.36	-62.88
Net Income, 1 Yr. Growth %	-12.96	-2.28	173.55	-18.36	-62.88
Normalized Net Income, 1 Yr. Growth %	10.7	2.02	172.35	-17.75	-62.69
Diluted EPS Before Extra, 1 Yr. Growth %	-15.77	-10.81	173.55	-18.35	-62.88
Accounts Receivable, 1 Yr. Growth %	21.61	29.15	12.28	-35.45	-33.23
Inventory, 1 Yr. Growth %	-1.49	22.03	6.15	7.17	-10.33
Net Property, Plant and Equip., 1 Yr. Growth %	-6.86	-8.16	-26.49	-11.76	-0.6
Total Assets, 1 Yr. Growth %	13.47	3.37	10.01	-6.31	-4.57
Tangible Book Value, 1 Yr. Growth %	18.19	-0.42	11.05	-1.46	-3.07
Common Equity, 1 Yr. Growth %	18.19	-0.42	11.05	-1.46	-3.07
Cash From Operations, 1 Yr. Growth %	13.51	-2.72	91.87	-18.4	-37.58
Capital Expenditures, 1 Yr. Growth %	-49.26	-34.57	144.91	8.36	78.77
Levered Free Cash Flow, 1 Yr. Growth %	122.69	10.69	46.76	4.74	-55.57
Unlevered Free Cash Flow, 1 Yr. Growth %	111.87	10.25	45.75	4.5	-55.17
Dividend Per Share, 1 Yr. Growth %	-33.33	-8.75	149.86	-46.82	39.18
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.79	16.85	24.64	0.82	-22.36
Gross Profit, 2 Yr. CAGR %	8.63	4.59	43.5	41.59	-28.73
EBITDA, 2 Yr. CAGR %	2.97	1.29	41.65	27.71	-36.18
EBITA, 2 Yr. CAGR %	8.52	4.56	70.11	45.2	-48.17
EBIT, 2 Yr. CAGR %	8.52	4.56	70.11	45.2	-48.17
Earnings From Cont. Operations, 2 Yr. CAGR %	-5.06	-7.77	63.5	49.45	-44.95
Net Income, 2 Yr. CAGR %	-5.06	-7.77	63.5	49.45	-44.95
Normalized Net Income, 2 Yr. CAGR %	11.85	6.27	66.69	49.67	-44.61
Diluted EPS Before Extra, 2 Yr. CAGR %	-6.61	-13.32	56.2	49.45	-44.95
Accounts Receivable, 2 Yr. CAGR %	9.93	25.32	20.42	-14.87	-34.35
Inventory, 2 Yr. CAGR %	28.12	9.64	13.81	6.66	-1.97
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.33	-7.51	-17.83	-19.46	-6.34
Total Assets, 2 Yr. CAGR %	8.59	8.3	6.64	1.53	-5.44
Tangible Book Value, 2 Yr. CAGR %	11.08	8.48	5.16	4.61	-2.27
Common Equity, 2 Yr. CAGR %	11.08	8.48	5.16	4.61	-2.27
Cash From Operations, 2 Yr. CAGR %	12.1	5.08	36.62	25.13	-28.63
Capital Expenditures, 2 Yr. CAGR %	-19.2	-42.38	26.59	62.91	39.19
Levered Free Cash Flow, 2 Yr. CAGR %	39.54	57	27.45	23.27	-31.78
Unlevered Free Cash Flow, 2 Yr. CAGR %	35.4	52.83	26.76	22.71	-31.55
Dividend Per Share, 2 Yr. CAGR %	-	-22	51	15.27	-13.97
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.85	7.03	19.42	8.18	-9.15
Gross Profit, 3 Yr. CAGR %	68.18	6.48	30.1	27.05	6.66
EBITDA, 3 Yr. CAGR %	57.57	1.65	27.61	17.34	-6.5
EBITA, 3 Yr. CAGR %	41.18	6.14	46.06	28.88	-8.89
EBIT, 3 Yr. CAGR %	41.18	6.14	46.06	28.88	-8.89
Earnings From Cont. Operations, 3 Yr. CAGR %	20.24	-4.14	32.51	29.72	-6.06
Net Income, 3 Yr. CAGR %	20.24	-4.14	32.51	29.72	-6.06
Normalized Net Income, 3 Yr. CAGR %	27.69	8.47	45.43	31.72	-5.81
Diluted EPS Before Extra, 3 Yr. CAGR %	18.82	-8.03	27.14	25.83	-6.06
Accounts Receivable, 3 Yr. CAGR %	14.21	16	20.81	-2.18	-21.49
Inventory, 3 Yr. CAGR %	24.11	26.05	8.47	11.55	0.67
Net Property, Plant and Equip., 3 Yr. CAGR %	1.81	-4.31	-14.33	-15.85	-13.61
Total Assets, 3 Yr. CAGR %	5.04	6.82	8.87	2.14	-0.55
Tangible Book Value, 3 Yr. CAGR %	10.57	7.1	9.33	2.9	1.98
Common Equity, 3 Yr. CAGR %	10.57	7.1	9.33	2.9	1.98
Cash From Operations, 3 Yr. CAGR %	77.05	6.93	28.44	15.05	-0.77
Capital Expenditures, 3 Yr. CAGR %	-14.47	-24.69	-6.66	20.2	68.04
Levered Free Cash Flow, 3 Yr. CAGR %	432.97	29.17	53.51	18.93	-12.27
Unlevered Free Cash Flow, 3 Yr. CAGR %	154.84	26.43	50.43	18.41	-12.28
Dividend Per Share, 3 Yr. CAGR %	-	-	14.98	6.63	22.74
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.92	13.16	14.27	4.5	0.47
Gross Profit, 5 Yr. CAGR %	144.35	51.47	57.84	19.33	5.83
EBITDA, 5 Yr. CAGR %	62.51	71.76	51	11.36	-3.46
EBITA, 5 Yr. CAGR %	8.26	1.21	52.11	20.31	-3.73
EBIT, 5 Yr. CAGR %	8.26	1.21	52.11	20.31	-3.73
Earnings From Cont. Operations, 5 Yr. CAGR %	1.6	-12.08	35.97	14.49	-6.75
Net Income, 5 Yr. CAGR %	1.6	-12.08	35.97	14.49	-6.75
Normalized Net Income, 5 Yr. CAGR %	5.29	-1.21	42.05	23.38	-1.15
Diluted EPS Before Extra, 5 Yr. CAGR %	0.94	-14.25	32.56	11.68	-9.03
Accounts Receivable, 5 Yr. CAGR %	16.02	19.72	16.65	2.49	-5.34
Inventory, 5 Yr. CAGR %	10.42	15.1	19.88	17.91	4.16
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.62	-1.8	-6.55	-10.68	-11.22
Total Assets, 5 Yr. CAGR %	1.34	3.07	5.68	4.67	2.9
Tangible Book Value, 5 Yr. CAGR %	2.17	5.08	8.37	6.1	4.54
Common Equity, 5 Yr. CAGR %	2.17	5.08	8.37	6.1	4.54
Cash From Operations, 5 Yr. CAGR %	49.32	56.61	59.61	13.87	1.53
Capital Expenditures, 5 Yr. CAGR %	-2.81	-2.19	0.05	2.54	9.51
Levered Free Cash Flow, 5 Yr. CAGR %	44.48	36.62	200.72	26.78	10.72
Unlevered Free Cash Flow, 5 Yr. CAGR %	39.36	32.52	92.73	24.93	9.53
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	2.38