News & Activities 24 February 2022

Bluebik shows off its record high revenue and profit which soared by over 50%

Bluebik shows off its record high revenue and profit which soared by over 50% in 2021 backing its dividend payment of 0.375 baht per share and plans to invest 100 million baht to strengthen its services and maintain its revenue increase by at least 50% as always in the belief that demand for digital transformation will be growing steadily.

Bluebik Group Public Company Limited (BBIK), a leading consultancy on end-to-end digital transformation solutions, makes history with a surge of over 50% in revenue and profit. In 2021, its total revenue amounted to 303.69 million baht and its net profit stood at 66.47 million baht, up from its gross revenue of 200.53 million baht and net profit of 44.29 million baht in the previous year. Based on its performance last year, the company resolved to pay a dividend of 0.375 baht per share. Over the past five years, the annual revenue of the company showed stable and steady increases by as much as 50% per year which is the fastest growth rate among listed companies in the same industry. This results from customers’ trust in Bluebik and continuously growing demand for digital transformation among large-scale organizations.

Mr. Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited, said the performance of Bluebik showed that 2021 was the year of growth and success in its local and overseas markets where impressed customers increasingly sought its services. Therefore, Bluebik plans to investment more than 100 million baht to ensure its long-term revenue growth and explore new business opportunities to serve the demand of customers in all dimensions.

In 2021, the development of digital systems and technological consulting (Digital Excellence and Delivery) by the company was the main factor behind the exponential growth of its revenue. Income from this type of services soared by 102% to 201 million baht and resulted in a 158% surge in profit from the services to 49 million baht. Meanwhile, revenue growth from other main services of Bluebik remained at satisfactory degrees, attributable mainly to its consulting on big data management and advanced data analysis (Big Data and Advanced Analytics), followed by its services concerning strategies and management (Management Consulting), strategic project management (Strategic PMO) and technology-based marketing and comprehensive marketing strategies (Marketing Transformation & Marketing Strategy). This resulted from the recovery of businesses that started to resume their operations and marketing campaigns because COVID-19 situations tended to improve. Besides, Bluebik had its share in the profit of ORBIT Digital Company Limited (ORBIT) which is its joint venture with PTT Oil and Retail Business Public Company Limited (OR). In 2021, ORBIT Digital generated revenue worth 25.3 million baht and its net profit amounted to 9.3 million baht. Bluebik’s share in the profit was at 5.6 million baht. This did not include ORBIT’s revenue backlog worth at least 30 million baht.

Mr. Pochara also said that despite the economic slowdown in 2021, Bluebik grew at a great pace with its revenue and net profit soaring by more than 50%. Its performance in 2022 is confidently expected to strongly improve by at least 50% as it did over the past year. At present, the company has a revenue backlog worth 385 million baht, 245 million baht of which is likely to be recognized in 2022.

“Regarding investment plans, we see growth potential in other countries, especially in Indonesia, Singapore and Vietnam. So, we founded Bluebik Global Company Limited and expect to increase revenue contribution from international services to 15-20% of the total revenue this year. Besides, the company has established Bluebik Technology Center in India to be a hub of innovation and knowledge about state-of-the-art technology and a center to train IT personnel to support its local and overseas market expansion,” Mr. Pochara said.

In addition, Bluebik expects the Board of Investment to grant promotional privileges and allow it to exercise them in the second half of this year. With the approval, the company will be exempt from corporate income tax for eight years.

Besides, Bluebik is looking for opportunities to invest in the innovations and related business that can increase its sustainable growth potential and generate recurring income. The company already took over GMVPI Company Limited (GMVPI) which is a comprehensive consultancy on the SAP system. Its 80% stake acquisition is aimed at expanding its services to the clients who use the SAP software for their business administration. Bluebik hopes the acquisition will generate at least 15 million baht in revenue this year. Moreover, it proceeds with its mergers and acquisitions (M&A) and expects to close deals within the first or second quarter of 2022 to boost its services and expand its customer bases in the future.

Bluebik continues with its serious efforts to increase revenue and profit by maintaining the excellence and world-class standards of its services. The company focuses on end-to-end services, digital upskilling and workforce expansion which is another main mission for this year in order to meet all the needs for digital transformation of its clients.