FTE has announced its Q2 2022 financial results, reporting total revenue of 236.79 million baht and a net profit of 19.31 million baht, reflecting a growth of 34.10%. The business outlook for Q3 2022 anticipates project deliveries worth 200 million baht. The company is gradually booking bad debt reserves as profit for the second half of the year, with a new warehouse improving stock efficiency and better cost control.

Mr. Thaksin Tantiphaichit, Chief Executive Officer of Firetrade Engineering Public Company Limited (FTE), a leader in the import and distribution of fire protection equipment and systems, design services, installation, repair, and inspection, revealed that for Q2 2022, the company recorded total revenue of 236.79 million baht, down from 252.75 million baht in the same period last year, a decrease of 15.96 million baht or 6.31%. However, net profit increased to 19.31 million baht, up from 14.40 million baht in the previous year, an increase of 4.91 million baht or 34.10%.

For the first half of 2022, the company reported total revenue of 475.06 million baht, down from 514.39 million baht in the same period last year, a decrease of 39.33 million baht or 7.65%. Net profit was 26.05 million baht, down from 26.88 million baht in the previous year, a decrease of 0.83 million baht or 3.09%.

Overall, the company's revenue has slightly decreased, primarily due to the ongoing impact of the COVID-19 pandemic on businesses and industries, causing delays in construction projects among major contractors and postponements in project deliveries.

Meanwhile, the net profit in Q2 2022 increased due to better management of product costs and labor costs, as well as an increase in project acceptance to avoid impacting costs. This resulted in a gross profit of 63.51 million baht, with a gross profit margin of 26.82%, an increase of 9.89 million baht compared to the same period last year.

However, net profit for the first half of the year decreased due to the company setting aside a credit loss provision (bad debt reserve) of 6.82 million baht due to delays in customer payments. Nevertheless, the company expects to collect payments from customers within this year and will gradually recognize it as profit.

Looking ahead to Q3 2022, the business outlook is improving, with the company expecting to deliver 20 projects worth a total of over 200 million baht. Additionally, the company has a new warehouse that will enhance its storage efficiency and improve cost management, reinforcing its growth plan for 2022.