“Jeng Kong Klai” <\/strong><\/span>announces a profit of 50.02 million baht for the first 9 months of 2023, a 21% increase YoY as customer usage rises.<\/strong><\/span> The company has begun recognizing revenue from the Orange and Blue Line electric trains and is set to close deals for an additional 2-3 thousand parking spaces, aiming to expand parking capacity to 50,000 spaces and push average users to over 3 million vehicles per month by 2025.<\/strong><\/span><\/p>

Mr. Santipol Janwatanpaisarn, CEO of Jeng Kong Klai Public Company Limited (JPARK), <\/strong><\/span>revealed that for the first 9 months of 2023, the company reported a net profit of 50.02 million baht, an increase of 8.68 million baht or 21% from the same period last year, which had a net profit of 41.34 million baht. The total revenue for the first 9 months of 2023 was 423.47 million baht, up 90.01 million baht or 26.99% compared to 333.46 million baht in the same period last year.<\/p>

The increase in the company's revenue is primarily due to growth across all core business sectors, especially in the parking service (PS) sector, which saw an increase of 63.20 million baht, a rise of 32.05% <\/span><\/strong>as the company began to recover from the impacts of COVID-19, which had affected operations during the first 9 months of 2022. The situation has improved since mid-2022, leading to a gradual increase in parking users. In contrast, the same period in 2023 was not impacted by such events. Additionally, revenue from consulting and installation of parking management systems (CIPS) increased by 33.18 million baht, a rise of 58.63%, due to projects for the Orange and Blue Line electric trains that the company secured contracts for in mid-2022, which have started to generate revenue. This quarter, the company also initiated two new projects: upgrading the parking systems of 8 park-and-ride buildings and developing facilities within the parking buildings for the Metropolitan Rapid Transit System.<\/p>

Meanwhile, the company plans to expand its parking capacity to 50,000 spaces by 2025, up from the current management of approximately 28,000 spaces. This expansion is expected to increase average user volume to 3 million vehicles per month, up from the current average of 1.5 million vehicles per month, supporting continuous growth in the future. For the remainder of this year, the company plans to add another 2,000-3,000 parking spaces, focusing on high-potential areas in Bangkok and surrounding provinces, as well as projects yet to be delivered that are expected to generate an additional 100 million baht in revenue, with about 43.49 million baht recognized as income this year. As a result, the company anticipates revenue growth of 15-25% for 2023, in line with its targets.<\/p>