News & Activities 12 May 2023

BBIK Q1/2023 Results Record-Breaking Profit and Revenue, up by 120% and 140%

Bluebik is delighted with another record-high profit in Q1 of 2023, up 120% to B63m, on rising demand for digital transformation to cope with economic slowdowns and create business opportunities

Bluebik Group Public Company Limited (BBIK), a leading consultancy on end-to-end digital transformation, continues breaking records of its net profit and revenue. In the first quarter of this year, the company made 63 million baht in net profit, up by 119% year-on-year, and 267 million baht in revenue, soaring by 140% from a year earlier. This resulted from the strong growth of its core services and its subsidiaries as well as shares in its subsidiaries’ profit worth over 10 million baht. Moreover, Bluebik had a revenue backlog amounting to 854 million baht (at the end of March 2023), comprising 745 million baht from its own operations and 109 million baht from its joint ventures. Of the backlog, Bluebik will recognize 559 million baht in revenue this year and the remainder will be realized from 2024 to 2028. The total backlog of 109 million baht from its joint ventures will be recognized within this year. 

Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited (BBIK), said the performance of the company exceeded its targets in the first quarter of 2023 although there were concerns about economic slowdowns and the financial statements of its subsidiaries namely Vulcan Digital Delivery Company Limited and Innoviz Solutions Company Limited were not consolidated from the beginning of the quarter. The growth resulted from continuously high demand for technology application to cope with economic problems and gain competitive advantages.

“In the first quarter, the performance of Bluebik is impressive although revenue from Vulcan and Innoviz was not recognized from the start of the quarter. From the second quarter on, the financial statements of the two subsidiaries will be consolidated on a quarterly basis. Regarding profit shares from the joint ventures that are growing strongly on the delivery of large-scale projects, I believe that the business will expand much further in the second quarter. These positive factors will ensure that the company will grow by 120% as expected,” Mr. Pochara said.

Bluebik found that demand for digital transformation was rising in the first quarter against general economic situations. This is because technology helps cut operating costs and creates new business opportunities. Consequently, all main services of the company grow significantly. Meanwhile, there is also revenue from overseas operations which are expanding as planned. The company is looking for new markets with growth potential, especially large markets with high demand for digital transformation.

In addition, Bluebik enjoys tax privileges from the Board of Investment (BOI) and its net profit margin is thus at 23.4%. The group has applied for more tax privileges and expects they will be granted to Vulcan within this year and to Innoviz next year. This will boost the net profit margin in 2024.

This year Bluebik focuses on collaboration with Vulcan and Innoviz. The group intends to increase the utilization rate of employees to handle large projects and expand customer bases locally and overseas. It will also enter into new business activities including environment-oriented technology and innovation known as green tech. Bluebik also plans partnership with Beryl 8 Plus PLC. and expects to start its full implementation in the second quarter. As well, Bluebik has corporate training business to develop the digital capacities of organizations. In this area, Bluebik in April formed a subsidiary with a leading online media organization, The Standard. This contributes more to the end-to-end digital transformation services of Bluebik.

“Although the uptrend of digital transformation continues in the country, the company is seriously looking for new business opportunities while expanding its overseas customer bases. Bluebik’s services have covered ASEAN and Europe and it is about to get into such a huge market as the United States. The company has received positive responses from clients in other countries. This proves the international standard of its expertise and service quality as well as its potential and readiness for competition at the global level,” Mr. Pochara concluded.