News & Activities 15 August 2023

Bluebik made a new high in profit in the first half of 2023 soaring by 123% to 137 million baht

Bluebik made a new high in profit in the first half of 2023 soaring by 123% to 137 million baht, which exceeds its total profit last year. It is gearing up for large-scale projects in the second half of this year as its overseas performances beat expectation.

Bluebik Group Public Company Limited (BBIK), a leading consultancy on end-to-end digital transformation, set new records for both its revenue and profit in the first half of 2023. The strong growth is even greater than its performances throughout 2022. Its net profit in the first half of this year stood at 137 million baht, shooting up by 123% from the same period last year. Its revenue was at 607 million baht, a 149% surge from a year earlier. The impressive performances happened on the synergy strategy of the group which results in collaboration among its companies and their capabilities to meet more demand and expand local and overseas customer bases. The overseas business of the group grew by more than 100% year-on-year and generated as much as 65 million baht in revenue in the first half of this year.

Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group Public Company Limited (BBIK), said that demand continues as business organizations are transforming themselves into “Digital-First Company” for competitive edge and sustainable growth. Consequently the business of Bluebik in the second quarter grew strongly in the country as well as in overseas markets, especially in Vietnam and the United Kingdom where it received a very warm welcome from clients.

“The performances of Bluebik in the first half of 2023 are impressive. Although we saw a clearer sign of delayed expenditure or investment by businesses in the second quarter on economic uncertainty, the company has sensed positive developments at the start of the third quarter as businesses are seriously adapting and choosing technologies and innovations to maintain their competitiveness amid economic slowdowns. Meanwhile, companies in the group are implementing cross-selling and up-selling strategies. So, we are confident of winning more large-scale projects in the remaining period of this year. This will absolutely result in a 120% growth in 2023 as expected,” Mr. Pochara said.

In the second quarter of 2023, Bluebik Group had 75 million baht in net profit, up by 127% year-on-year, and its total revenue amounted to 340 million baht, a 158% increase from a year earlier. The group generated 294 million baht in revenue from local markets, up by 133% year-on-year, and collected 46 million baht in revenue from overseas business, skyrocketing by 667%. Its backlog (as of the end of June 2023) totaled 979 million baht. Of the amount, 789 million baht came from the business of Bluebik and 190 million baht from its joint ventures. Bluebik will recognize at least 494 million baht of the backlog this year and the remainder from 2024 to 2028. At least 140 million baht of the revenue backlog of its joint ventures will materialize this year.

Bluebik also made progress with the two new joint ventures that it founded with business partners in the first half of this year:

  1. Sauce Skills Company Limited – This corporate training service provider will officially commence and generate revenue for the group in the second half of this year
  2. EcoX Company Limited – The company works with the technologies and innovations that are environmentally friendly and called green technology. It is working out its system and operational plan and will be ready to serve medium and large-scale corporate clients next year.

In the second half of 2023 Bluebik Group will continue seriously preparing itself to handle big projects and enter new markets in the country and elsewhere. The group is intensifying synergy among companies under its umbrella and maximizing the utilization of its resources, especially about 850 people in its workforce. The group is also adjusting its work processes and looking for new opportunities through mergers and acquisitions (M&A).

Bluebik Group has experienced exponential growth with new highs in its performances having continued for six years. Consequently, the group has drawn the special attention of investors and business partners which want to create opportunities for mutual growth. The group expects to seal new deals to strengthen its services and achieve New S-Curve growth in the future.

“We are confident that exponential growth through M&A and JV will pave the way for sustainable growth and improve the competitiveness of the group in other countries. This is proved with the success of ORBIT Digital Company Limited and the latest acquisitions of two businesses – Vulcan Digital Delivery Company Limited (VDD) and Innoviz Solutions Company Limited. They strengthen the business ecosystem of Bluebik regarding the number of its IT experts and its end-to-end services which meet international standards,” Mr. Pochara concluded.