News & Activities 11 November 2022

Bluebik keeps hitting new highs, with a 146% profit growth in Q3 as the latest one. Its profit reached 100 million baht in the first 9 months of this year while its board approved more overseas subsidiaries and acquisition for exponential growth.

Bluebik Group Public Company Limited (BBIK), a leader in end-to-end digital transformation consulting, in thethird quarter of 2022 generated 181 million baht in total revenue, showing an enormous growth of 155%, and a net profit of 38 million baht, up by 146% year-on-year, on ever-increasing demand for digital transformation and its local and overseas service expansion.

Given the aforementioned positive factors, Bluebik Group again hit new highs of its performance in the first nine months of this year. The company earned 425 million baht in total revenue, up by 115% year-on-year, and its net profit surged 119% to 100 million baht and its recurring income formed 50% of its revenue. In addition, it continuously expanded business through mergers & acquisition and joint ventures to strengthen its services and take up projects overseas. At the latest development, its board of directors approved the establishment of Bluebik (Vietnam) Company Limited in November to expand into Vietnam.

Regarding performance in the third quarter, the total revenue of 181 million baht, grew by 38% from the previous quarter and the net profit of 38 million baht, rose by 15% quarter-on-quarter. In the third quarter, Bluebik Group generated 12 million baht in revenue from services in the United Kingdom and received a profit share worth 6.9 million baht from ORBIT Digital Company Limited. This shows a very positive sign for its local and overseas markets. At the end of the third quarter, the company had 431 million baht in revenue backlog.

Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited, said the spectacular expansion of the company resulted from the growing industry because digital transformation was the key to the enhancement of competitiveness in the era of borderless digital economy and successful digital transformation required continuous transformation. Another factor behind the growth of Bluebik Group is successful increase in its Thai and foreign tech talents as expected and thus the company can take up projects as planned. At the end of the third quarter, the company had more than 330 employees and their number should exceed 350 within this year.

Also, Bluebik Group has introduced new and various services including consulting on cybersecurity, ERP, CRM, and digital platforms such as Blockchain. The company is seriously breaking into Europe and Southeast Asia. The business expansion is contributing to its exponential growth which will continue for good due to the strengths of its main services – consulting and technological development for organizations (Digital Excellence & Delivery), big data management and advanced data analyses with artificial intelligence (Big Data & Advanced Analytics), consulting on strategies and management (Management Consulting) and strategic project management (Strategic PMO).

“The growth of Bluebik this year is satisfactory and accords with its three-year strategic plan which emphasizes organic growth with increasing revenue from its main services and exponential inorganic growth on mergers, joint ventures, and investment in new subsidiaries in the country and elsewhere. This will strengthen the services and growth of Bluebik. The company is studying the possibility of merging with business partners,” Mr. Pochara said.

Regarding the above-mentioned contributory factors, the company is confident that it will definitely grow by 70% annually in line with its three-year strategic plan. Year 2023 will be another interesting year for Bluebik in terms of performance and business expansion through new deals in the country and others. This clearly proves its status as a “truly end-to-end digital transformation partner” and a “growth partner” of clients, offering comprehensive roles covering the formulation of strategies, technology implementation and co-investment for inclusive growth in the future.