News & Activities 11 May 2022

BBIK Hits New Highs. Q1 Revenue, Profit Growth Tops 120%. Expecting 70% Growth This Year

Bluebik (BBIK) Enters Year 2022 Bullishly with Its Q1 Income and Profit Growth Exceeding 120% and Substantial 458-Million-Baht Revenue Backlog, Expecting Revenue Growth of 70% or More This Year

Bluebik Group Public Company Limited (BBIK), a leading consultancy on end-to-end digital transformation, shows off the new highs of its income, profit and revenue backlog in the first quarter of 2022. It recorded 111.34 million baht in revenue, up by 124%, and 28.64 million baht in net profit, a 132% gain, compared with a year earlier when it made 49.78 million baht in revenue and 12.34 million baht in net profit. Meanwhile, its revenue backlog reached a record high at 458 million baht (as of March 31, 2022), about 247 million baht of which is expected to be recognized within this year. The company has revised its 2022 revenue growth projection upwards from 50% to at least 70% because its business expanded radically from the first quarter regarding its income, net profit and revenue backlog. Besides, eased COVID-19 controls will support overall economic recovery in the second half of this year and international travel freedom will improve local and overseas investment atmosphere.

Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited, said the impressively growing income, profit and revenue backlog of the company resulted from the economic recovery, the resumption of marketing campaigns in the second half of this year which would boost overall investment atmosphere, the continuously rising tide of digital transformation worldwide and the end-to-end services of the company which effectively met the needs of clients. Consequently, the company is growing with stability in all dimensions of its business. Moreover, with its vision on service expansion and endless efforts to find new business opportunities, the company has always gained great trust from clients and investors.

In the first quarter of 2022, the development of digital systems and technology consulting (Digital Excellence and Delivery) remained as the most important factor behind the exponential growth of Bluebik. This type of services generated 69.43 million baht in revenue, followed by 28.78 million baht from strategic and business administration consulting (Management Consulting), 7.76 million baht from strategic project management services (Strategic PMO) and 5.37 million baht from big data management and advanced data analysis (Big Data and Advanced Analytics). Income from overseas services grew steadily, amounting to 23.53 million baht in the first quarter.

 In addition, the company had a 6.60-million-baht profit share from ORBIT Digital Company Limited (ORBIT) which is its joint venture with PTT Oil and Retail Business Public Company Limited (OR). The net profit margin of ORBIT Digital widens because it had a tax privilege from the Board of Investment in the previous quarter. Meanwhile, Bluebik expects to be entitled to an eight-year exemption from corporate income tax in the second quarter of this year.

“Our company has every confidence that its business will expand notably this year because the technology industry is still on its upward trend. Besides, the company continues to win trust from clients, especially large-scale organizations, because new and big projects have been arriving since the beginning of this year. So, the total revenue will definitely exceed its original estimate this year. Moreover, the company still has more than 80 million baht left in its investment budget for the rest of this year. This will fund the expansion of services related to the company and the initiation of new business activities with growth potential to strengthen its end-to-end services and its leadership in the technology industry,” Mr. Pochara said.

For HumanOS created by IT-CAT, Bluebik plans to further expand the already big client base of the HR cloud solution. Bluebik announced in April to acquire a 40% shareholding in the highly qualified designer and developer of human resources management software. Targeting small and medium-sized organizations with potential, Bluebik will present the new products and solutions on HumanOS that will serve the need for technology application in human resources management. The company strongly believes that the expansion of the client base will increasingly develop its enterprise application business and support the secure and sustainable growth of its group of companies.

Meanwhile, the company proceeds with its plan to increase its tech talents. This year it will fill more than 100 positions including those concerning software development, data engineering, data science and digital product management to enhance its growth and competitiveness.

For more information about the company, please visit www.bluebik.com. The company also shares updates on social media via its Facebook page, Bluebik Group, and its LinkedIn account, Bluebik Group.