News & Activities 19 August 2022

Bluebik (BBIK) breaks its revenue and profit records as its business grew by 90% in the first six months. Its business outlook is highly positive on its revenue backlog worth 448 million baht this year.

Bluebik Group Public Company Limited (BBIK), a leading consultancy and service provider on end-to-end digital transformation, shows off its record-high revenue and profit in the first six months of 2022. During the period, its total revenue amounted to 243.19 million baht and its net profit was at 61.58 million baht. The revenue increased by 92% compared with 126.92 million baht in the same period last year and the net profit soared by 105% from 30 million baht a year earlier. Its recurring income accounted for as much as 46% of its total revenue.

In the second quarter of this year, the company generated 131.85 million baht in total revenue, up by 18% from the first quarter, while its net profit stood at 32.94 million baht, rising by 15% quarter-on-quarter. Continuously high demand for technologies and digital transformation in local and overseas markets resulted in the revenue backlog worth 448 million baht this year. In the latest development, the board of the company approved its investment in three subsidiaries to increase its capabilities in cybersecurity, digital platform and blockchain services in the country and expand its business in Europe. The company is confident that its business will grow by at least 70% in 2022.

Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited (BBIK), said that the company produced the remarkable performance in the first six months because the quality of the services that it delivered inspired the growth of confidence from old clients to new ones. The overseas market of the company has expanded significantly since Bluebik Global Company Limited was founded early this year to handle overseas business. Bluebik Group has so far this year generated more than 30 million baht in revenue from its overseas services, which accounts for 12% of its total revenue. Therefore, Bluebik Group strongly believes that its foreign-earned income will form 15-20% of its total revenue this year as earlier expected. Business resumption which resulted from the government’s eased lockdown measures early this year was another factor behind the noticeable increase in income from all business units of the company. The highest increase happened to its technological consulting and development services (Digital Excellence & Delivery), followed by income from strategic and management consulting (Management Consulting), big data management and advanced data analysis with artificial intelligence (Big Data & Advanced Analytics) and strategic project management services (Strategic PMO).

The performance in the second quarter met the expectation of the company when it was compared with its performance in the corresponding period of last year. The company generated 131.85 million baht in overall income, up by 71% year-on-year, and its net profit was at 32.94 million baht, 86% higher. Besides, the company obtained its profit share worth 3.2 million baht from its joint venture, ORBIT Digital Company Limited, and had a tax privilege granted by the Board of Investment (BOI) which exempted it from the corporate income tax for eight years. The company started to exercise the tax privilege in the second quarter of this year and will enjoy it all year long from next year onwards.

“Now Bluebik begins its important chapter. The company is about to expand to new business through mergers and acquisitions (M&A), joint ventures and investment in new subsidiaries to strengthen its business in all dimensions. Therefore, from now on the company’s growth will be exponential and more interesting, especially in business relating to technology and innovation. Besides, as digital transformation must be done continuously and seriously, there will always be demand from the businesses that need to adapt and maintain their competitiveness,” Mr. Pochara said.

In the latest development, the board of the company approved its investment in three more subsidiaries:

1. Bluebik Titans Company Limited –to provide cybersecurity, solution implementation and related services;

2. Bluebik (United Kingdom) Company Limited – registered in the United Kingdom to offer digital system development and technological consulting services (Digital Excellence & Delivery) and related services especially in Europe; and

3. Bluebik Nexus Company Limited – to develop digital platforms and blockchain solutions and handle relevant services.

“The three subsidiaries were founded to support the business expansion of the company and increase opportunities for its digital transformation consulting. For the expansion, the company will need recruits for at least 50 new positions this year in addition to 320 positions at present. With teams of Thai and foreign IT experts as its advantages, the company is always able to deliver its services of international standards to clients,” Mr. Pochara concluded.