Supalai Public Company Limited and its subsidiaries Review report and consolidated and separate financial information
For the three-month and nine-month periods ended 30 September 2025
To the Shareholders of Supalai Public Company Limited
I have reviewed the accompanying consolidated statement of financial position of Supalai Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 September 2025, the related consolidated statements of income and comprehensive income for the three-month and nine-month periods then ended, and the related consolidated statements of changes in shareholder's equity and cash flows for the nine-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Supalai Public Company Limited for the same periods (collectively "the interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34, Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.
Scope of reviewI conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that
I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.
ConclusionBased on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34, Interim Financial Reporting.
Krongkaew Limkittikul
Certified Public Accountant (Thailand) No. 5874
EY Office Limited
Bangkok: 11 November 2025
Note | 30 September 2025 (Unaudited but reviewed) | 31 December 2024 (Audited) | 30 September 2025 (Unaudited but reviewed) | 31 December 2024 (Audited) | |
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 3,703,880 | 5,123,149 | 859,204 | 711,847 | |
Trade and other current receivables | 48,610 | 110,698 | 52,476 | 100,660 | |
Dividend receivable from subsidiary | 2 | - | - | 13,236 | - |
Short-term loans to subsidiaries and interest receivables | 2 | - | - | 1,101,599 | 575,529 |
Property development costs | 3 | 76,384,162 | 74,641,337 | 68,186,969 | 67,163,080 |
Deposits for land purchase | 289,866 | 527,496 | 289,866 | 216,333 | |
Advance payment for construction materials | 37,056 | 57,366 | 37,056 | 57,366 | |
Current portion of cost to obtain contracts with customers | 54,649 | 59,711 | 32,286 | 37,673 | |
Other current financial assets | 4 | 211,673 | 229,777 | - | - |
Other current assets | 564,230 502,032 494,003 433,659 | ||||
Total current assets | 81,294,126 81,251,566 71,066,695 69,296,147 | ||||
Non-current assets | |||||
Long-term loans to related parties and interest receivables | 2 | 4,898,077 | 3,546,007 | - | - |
Other non-current financial assets | 4 | 846,978 | 3,295,165 | 295,576 | 2,772,987 |
Advance payment for investment | - | - | - | 759,350 | |
Investments in subsidiaries | 5 | - | - | 17,323,357 | 14,214,603 |
Investments in joint ventures | 6 | 5,525,918 | 2,790,043 | - | - |
Investments in associates | 6 | 755,595 | 548,849 | 172,200 | - |
Investment properties | 4,055,490 | 3,824,752 | 3,778,491 | 3,528,706 | |
Property, building and equipment | 516,408 | 526,752 | 359,421 | 382,091 | |
Goodwill | 38,277 | 38,170 | - | - | |
Intangible assets | 98,663 | 81,295 | 90,330 | 72,096 | |
Deferred tax assets | 255,146 | 288,871 | 171,804 | 205,488 | |
Cost to obtain contracts with customers, net of current portion | 9,490 | 3,858 | 9,490 | 3,858 | |
Other non-current assets | 37,185 35,736 34,723 32,613 | ||||
Total non-current assets | 17,037,227 14,979,498 22,235,392 21,971,792 | ||||
Total assets | 98,331,353 96,231,064 93,302,087 91,267,939 | ||||
The accompanying notes are an integral part of the interim financial statements.
Note | 30 September 2025 (Unaudited but reviewed) | 31 December 2024 (Audited) | 30 September 2025 (Unaudited but reviewed) | 31 December 2024 (Audited) | |
Liabilities and shareholders' equity | |||||
Current liabilities | |||||
Bills of exchange payable | 7 | 6,537,935 | 4,960,756 | 6,537,935 | 4,960,756 |
Trade and other current payables | 8 | 3,036,977 | 3,693,180 | 2,681,152 | 3,444,587 |
Current portion of borrowings: | |||||
- Long-term loans from banks | 9 | 10,577,448 | 11,878,099 | 10,303,197 | 11,499,351 |
- Debentures | 10 | 10,085,824 | 9,416,982 | 10,085,824 | 9,416,982 |
Income tax payable | 481,154 | 1,147,112 | 159,970 | 897,727 | |
Deposits and advances received from customers | 1,215,469 | 930,321 | 1,163,078 | 878,210 | |
Retention guarantees | 909,613 | 930,743 | 851,741 | 870,816 | |
Other current liabilities | 412,234 410,458 389,707 372,872 | ||||
Total current liabilities | 33,256,654 33,367,651 32,172,604 32,341,301 | ||||
Non-current liabilities | |||||
Current portion of borrowings: | |||||
- Long-term loans from banks | 9 | - | 36,305 | - | - |
- Debentures | 10 | 10,724,707 | 7,894,545 | 10,724,707 | 7,894,545 |
Provision for long-term employee benefits | 288,413 | 273,706 | 259,690 | 245,528 | |
Deferred tax liabilities | 187,196 | 186,544 | - | - | |
Other non-current liabilities | 260,099 251,970 249,584 241,781 | ||||
Total non-current liabilities | 11,460,415 8,643,070 11,233,981 8,381,854 | ||||
Total liabilities | 44,717,069 42,010,721 43,406,585 40,723,155 | ||||
The accompanying notes are an integral part of the interim financial statements.
Shareholders' equity
Share capital Registered
30 September 2025 31 December 2024 30 September 2025 31 December 2024 (Unaudited (Audited) (Unaudited (Audited)
but reviewed) but reviewed)
1,955,666,261 ordinary shares of Baht 1 each 1,955,666 1,955,666 1,955,666 1,955,666
Issued and fully paid-up
1,953,054,030 ordinary shares of Baht 1 each | 1,953,054 | 1,953,054 | 1,953,054 | 1,953,054 | |
Share premium | 1,498,995 | 1,498,995 | 1,498,995 | 1,498,995 | |
Surplus on change in ownership interests of subsidiaries | 29,623 | 29,623 | - | - | |
Treasury share premium | 61,466 | 61,466 | - | - | |
Retained earnings Appropriated | |||||
Statutory reserve | 214,569 | 214,569 | 214,569 | 214,569 | |
Treasury stock reserve | 11 | 916,067 | - | 916,067 | - |
Unappropriated | 51,239,451 | 51,992,096 | 46,231,074 | 47,040,805 | |
Treasury stocks | 11 | (916,067) | - | (916,067) | - |
Other components of shareholders' equity (2,428,102) (2,574,157) (2,190) (162,639) | |||||
Equity attributable to owners of the Company | 52,569,056 | 53,175,646 | 49,895,502 | 50,544,784 | |
Non-controlling interests of the subsidiaries | 1,045,228 1,044,697 - - | ||||
Total shareholders' equity | 53,614,284 54,220,343 49,895,502 50,544,784 | ||||
Total liabilities and shareholders' equity | 98,331,353 96,231,064 93,302,087 91,267,939 | ||||
- - - -
The accompanying notes are an integral part of the interim financial statements.
Directors
(Unit: Thousand Baht, except earnings per share expressed in Baht)
Consolidated financial statements Separate financial statements
Revenues | Note | 2025 | 2024 | 2025 | 2024 |
Revenue from sales of real estate | 6,279,033 | 9,752,688 | 5,728,792 | 8,371,717 | |
Revenue from rental and services | 92,386 | 83,048 | 64,867 | 54,760 | |
Other income | 293,451 | 148,988 | 70,362 | 52,832 | |
Total revenues | 6,664,870 | 9,984,724 | 5,864,021 | 8,479,309 | |
Expenses Cost of real estate sales | 4,033,719 | 5,881,988 | 3,660,319 | 4,930,634 | |
Cost of rental and services | 86,160 | 61,293 | 56,499 | 33,425 | |
Selling expenses | 444,261 | 654,766 | 411,812 | 615,404 | |
Administrative expenses | 530,100 | 664,480 | 407,201 | 582,069 | |
Total expenses | 5,094,240 | 7,262,527 | 4,535,831 | 6,161,532 | |
Profit from operating activities Share of profit from investments in joint ventures and associates | 6 | 1,570,630 152,812 | 2,722,197 39,348 | 1,328,190 - | 2,317,777 - |
Finance cost | (177,502) | (200,587) | (175,573) | (198,283) | |
Profit before income tax expenses | 1,545,940 | 2,560,958 | 1,152,617 | 2,119,494 | |
Income tax expenses | 12 | (361,205) | (557,777) | (240,430) | (437,670) |
Profit for the period | 1,184,735 | 2,003,181 | 912,187 | 1,681,824 |
Profit attributable to: Equity holders of the Company | 1,167,821 | 1,988,710 | 912,187 1,681,824 | |
Non-controlling interests of the subsidiaries | 16,914 | 14,471 | ||
1,184,735 | 2,003,181 | |||
Earnings per share | 13 | |||
Basic earnings per share Profit attributable to equity holders of the Company | 0.62 | 1.02 | 0.48 0.86 |
The accompanying notes are an integral part of the interim financial statements.
Consolidated financial statements Separate financial statements
2025 2024 2025 2024
Profit for the period 1,184,735 2,003,181 912,187 1,681,824
Other comprehensive income:
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of financial statements
in foreign currency - net of income tax (39,684) (1,264,739) - -
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax (39,684) (1,264,739) - -
Other comprehensive income not to be reclassified to profit or loss in subsequent periods Gain on changes in value of equity instruments designated at fair value through other comprehensive income | |||||
- net of income tax | 30,209 | 698,582 | 14,200 | 594,107 | |
Other comprehensive income not to be reclassified | |||||
to profit or loss in subsequent periods - net of income tax | 30,209 | 698,582 | 14,200 | 594,107 | |
Other comprehensive income for the period | (9,475) | (566,157) | 14,200 | 594,107 | |
Total comprehensive income for the period | 1,175,260 | 1,437,024 | 926,387 | 2,275,931 | |
Total comprehensive income attributable to: Equity holders of the Company | 1,212,748 | 1,418,374 | 926,387 | 2,275,931 | |
Non-controlling interests of the subsidiaries | (37,488) | 18,650 | |||
1,175,260 | 1,437,024 | ||||
The accompanying notes are an integral part of the interim financial statements. | |||||
(Unit: Thousand Baht, except earnings per share expressed in Baht)
Consolidated financial statements Separate financial statements
Revenues | Note | 2025 | 2024 | 2025 | 2024 |
Revenue from sales of real estate | 16,615,747 | 22,083,232 | 14,095,478 | 18,111,631 | |
Revenue from rental and services | 301,623 | 274,212 | 187,738 | 161,398 | |
Other income | 414,847 | 434,181 | 926,821 | 301,884 | |
Total revenues | 17,332,217 | 22,791,625 | 15,210,037 | 18,574,913 | |
Expenses Cost of real estate sales | 10,836,384 | 13,768,033 | 8,954,675 | 10,942,266 | |
Cost of rental and services | 251,264 | 165,665 | 154,863 | 75,207 | |
Selling expenses | 1,206,917 | 1,412,891 | 1,114,814 | 1,308,109 | |
Administrative expenses | 1,618,735 | 1,695,333 | 1,328,999 | 1,430,512 | |
Total expenses | 13,913,300 | 17,041,922 | 11,553,351 | 13,756,094 | |
Profit from operating activities Share of profit from investments in joint ventures and associates | 6 | 3,418,917 730,390 | 5,749,703 276,667 | 3,656,686 - | 4,818,819 - |
Finance cost | (557,970) | (503,857) | (549,515) | (499,165) | |
Profit before income tax expenses | 3,591,337 | 5,522,513 | 3,107,171 | 4,319,654 | |
Income tax expenses | 12 | (882,175) | (1,266,447) | (487,159) | (875,336) |
Profit for the period | 2,709,162 | 4,256,066 | 2,620,012 | 3,444,318 |
Profit attributable to: Equity holders of the Company | 2,677,098 | 4,201,251 | 2,620,012 3,444,318 | |
Non-controlling interests of the subsidiaries | 32,064 | 54,815 | ||
2,709,162 | 4,256,066 | |||
Earnings per share | 13 | |||
Basic earnings per share Profit attributable to equity holders of the Company | 1.39 | 2.15 | 1.36 1.76 |
The accompanying notes are an integral part of the interim financial statements.
(Unit: Thousand Baht)
Consolidated financial statements Separate financial statements
2025 | 2024 | 2025 | 2024 | ||
Profit for the period | 2,709,162 | 4,256,066 | 2,620,012 | 3,444,318 | |
Other comprehensive income: | |||||
Other comprehensive income to be reclassified | |||||
to profit or loss in subsequent periods: | |||||
Exchange differences on translation of financial statements | |||||
in foreign currency - net of income tax | (13,338) | (733,467) | - | - | |
Other comprehensive income to be reclassified | |||||
to profit or loss in subsequent periods - net of income tax | (13,338) | (733,467) | - | - | |
Other comprehensive income not to be reclassified | |||||
to profit or loss in subsequent periods | |||||
Gain on changes in value of equity instruments | |||||
designated at fair value through other comprehensive income | |||||
- net of income tax | 285,713 | 598,740 | 347,332 | 628,696 | |
Other comprehensive income not to be reclassified | |||||
to profit or loss in subsequent periods - net of income tax | 285,713 | 598,740 | 347,332 | 628,696 | |
Other comprehensive income for the period | 272,375 | (134,727) | 347,332 | 628,696 | |
Total comprehensive income for the period | 2,981,537 | 4,121,339 | 2,967,344 | 4,073,014 | |
Total comprehensive income attributable to: Equity holders of the Company | 3,010,036 | 4,068,263 | 2,967,344 | 4,073,014 | |
Non-controlling interests of the subsidiaries | (28,499) | 53,076 | |||
2,981,537 | 4,121,339 | ||||
The accompanying notes are an integral part of the interim financial statements. | |||||
Supalai Public Company Limited and its subsidiaries Statement of changes in shareholders' equity
For the nine-month period ended 30 September 2025
(Unaudited but reviewed)
(Unit: Thousand Baht)
Consolidated financial statements
Equity attributable to shareholders of the Company Surplus
Issued and fully paid-up | Share | on change in ownership interests of | Treasury | Retained earnings Appropriated Statutory Treasury stock | Total other components of shareholders' | Total equity attributable to owners of | Equity attributable to non-controlling interests of | Total shareholders' | |||
share capital premium subsidiaries share premium reserve reserve Unappropriated Treasury stocks equity the Company the subsidiaries equity | |||||||||||
Balance as at 1 January 2024 | 1,953,054 | 1,498,995 | 28,705 | 61,466 | 214,569 | - | 47,400,216 | - (681,879) | 50,475,126 | 989,579 | 51,464,705 |
Profit for the period | - | - | - | - | - | - | 4,201,251 | - - | 4,201,251 | 54,815 | 4,256,066 |
Other comprehensive income for the period - - - - - - - - (132,988) (132,988) (1,739) (134,727) | |||||||||||
Total comprehensive income for the period | - | - | - | - | - | - | 4,201,251 | - (132,988) | 4,068,263 | 53,076 | 4,121,339 |
Dividend paid (Note 15) | - | - | - | - | - | - | (2,635,916) | - - | (2,635,916) | - | (2,635,916) |
Surplus on investments in subsidiaries arising | |||||||||||
as a result of purchase the investment in | |||||||||||
subsidiary on price less than the net book value | |||||||||||
at the purchase date | - | - | 918 | - | - | - | - | - - | 918 | (5,735) | (4,817) |
Subsidiaries paid dividend to
non-controlling interests of subsidiaries - - - - - - - - - - (16,460) (16,460) Transfer of fair value reserve to retained earnings (Note 4) - - - - - - 439,615 - (439,615) - - -Balance as at 30 September 2024 1,953,054 1,498,995 29,623 61,466 214,569 - 49,405,166 - (1,254,482) 51,908,391 1,020,460 52,928,851
Balance as at 1 January 2025 | 1,953,054 | 1,498,995 | 29,623 | 61,466 | 214,569 | - | 51,992,096 | - (2,574,157) | 53,175,646 | 1,044,697 | 54,220,343 | |
Profit for the period | - | - | - | - | - | - | 2,677,098 | - - | 2,677,098 | 32,064 | 2,709,162 | |
Other comprehensive income for the period - - - - - - - - 332,938 332,938 (60,563) 272,375 | ||||||||||||
Total comprehensive income for the period | - | - | - | - | - | - | 2,677,098 | - | 332,938 | 3,010,036 | (28,499) | 2,981,537 |
Treasury stocks (Note 11) | - | - | - | - | - 916,067 | (916,067) | (916,067) | - | (916,067) | - | (916,067) | |
Dividend paid (Note 15) | - | - | - | - | - | - | (2,700,559) | - | - | (2,700,559) | - | (2,700,559) |
Subsidiaries paid dividend to | ||||||||||||
non-controlling interests of subsidiaries | - | - | - | - | - | - | - | - | - | - | 29,030 | 29,030 |
Transfer of fair value reserve to retained earnings (Note 4) - - - - - - 186,883 - (186,883) - - -
Balance as at 30 September 2025 1,953,054 1,498,995 29,623 61,466 214,569 916,067 51,239,451 (916,067) (2,428,102) 52,569,056 1,045,228 53,614,284
-
The accompanying notes are an integral part of the interim financial statements.
Supalai Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the nine-month period ended 30 September 2025Details of other components of shareholders' equity
(Unit: Thousand Baht)
Consolidated financial statements
Equity attributable to shareholders of the Company
Other components of shareholders' equity
Other comprehensive income
Exchange | Fair value reserve of | ||||
differences | financial assets at | Total other | |||
on translation of | fair value through other | components of | |||
financial statements | comprehensive income | shareholders' | |||
in foreign currency | - net of income tax | equity | |||
Balance as at 1 January 2024 | (537,773) | (144,106) | (681,879) | ||
Profit for the period | - | - | - | ||
Other comprehensive income for the period | (733,467) | 600,479 | (132,988) | ||
Total comprehensive income for the period | (733,467) | 600,479 | (132,988) | ||
Transfer of fair value reserve to retained earnings (Note 4) | - | (439,615) | (439,615) | ||
Balance as at 30 September 2024 | (1,271,240) | 16,758 | (1,254,482) | ||
Balance as at 1 January 2025 | (2,047,004) | (527,153) | (2,574,157) | ||
Profit for the period | - | - | - | ||
Other comprehensive income for the period | (13,338) | 346,276 | 332,938 | ||
Total comprehensive income for the period | (13,338) | 346,276 | 332,938 | ||
Transfer of fair value reserve to retained earnings (Note 4) | - | (186,883) | (186,883) | ||
Balance as at 30 September 2025 | (2,060,342) | (367,760) | (2,428,102) | ||
The accompanying notes are an integral part of the interim financial statements.
Supalai Public Company Limited and its subsidiaries Statement of changes in shareholders' equity (continued) For the nine-month period ended 30 September 2025
(Unaudited but reviewed)
(Unit: Thousand Baht)
Separate financial statements
Other components
of shareholders' equity Other comprehensive
income Fair value reserve of
Issued and
Retained earnings
Appropriated
financial assets at
fair value through other Total
fully paid-up Statutory Treasury stock comprehensive income shareholders'
share capital Share premium reserve reserve Unappropriated Treasury stocks - net of income tax equity
Balance as at 1 January 2024 | 1,953,054 | 1,498,995 | 214,569 | - | 43,063,393 | - 106,172 | 46,836,183 |
Profit for the period | - | - | - | - | 3,444,318 | - - | 3,444,318 |
Other comprehensive income for the period - - - - - - 628,696 628,696 | |||||||
Total comprehensive income for the period | - | - | - | - | 3,444,318 | - 628,696 | 4,073,014 |
Dividend paid (Note 15) | - | - | - | - | (2,635,916) | - - | (2,635,916) |
Transfer of fair value reserve to retained earnings (Note 4) - - - - 437,966 - (437,966) -
Balance as at 30 September 2024 1,953,054 1,498,995 214,569 - 44,309,761 - 296,902 48,273,281
Balance as at 1 January 2025 | 1,953,054 | 1,498,995 | 214,569 | - | 47,040,805 | - (162,639) | 50,544,784 | |
Profit for the period | - | - | - | - | 2,620,012 | - - | 2,620,012 | |
Other comprehensive income for the period - - - - - - 347,332 347,332 | ||||||||
Total comprehensive income for the period | - | - | - - | 2,620,012 | - | 347,332 | 2,967,344 | |
Treasury stocks (Note 11) | - | - | - 916,067 | (916,067) | (916,067) | - | (916,067) | |
Dividend paid (Note 15) | - | - | - - | (2,700,559) | - | - | (2,700,559) | |
Transfer of fair value reserve to retained earnings (Note 4) - - - - 186,883 - (186,883) -
Balance as at 30 September 2025 1,953,054 1,498,995 214,569 916,067 46,231,074 (916,067) (2,190) 49,895,502
-
The accompanying notes are an integral part of the interim financial statements.
Consolidated financial statements Separate financial statements
2025 | 2024 | 2025 | 2024 | |
Cash flows from operating activities | ||||
Profit before tax | 3,591,337 | 5,522,513 | 3,107,171 | 4,319,654 |
Adjustments to reconcile profit before tax to net cash provided by |
(paid from) operating activities:
Decrease in property development costs from transferring to
cost of real estate sales | 10,773,897 | 13,678,807 | 8,907,254 | 10,888,953 |
Amortisation of cost to obtain contracts with customers | 143,288 | 198,075 | 143,288 | 198,075 |
Depreciation and amortisation | 198,350 | 123,639 | 163,767 | 90,592 |
Share of profit from investments in joint ventures and associates | (730,390) | (276,667) | - | - |
Gain on sales of equipment | (529) | (708) | (53) | (49) |
Provision for contributions for housing estate juristic persons | 9,617 | 27,263 | 9,291 | 25,000 |
Provision for long-term employee benefits | 21,378 | 20,127 | 19,163 | 17,919 |
Unrealised loss on exchange | 8,843 | 10,096 | 8,843 | 10,096 |
Dividend income | (44,209) | (71,575) | (824,999) | (156,522) |
Finance income | (271,342) | (210,011) | (16,237) | (16,033) |
Finance cost 557,970 503,857 549,515 499,165 Profit from operating activities before changes in operating
assets and liabilities | 14,258,210 | 19,525,416 | 12,067,003 | 15,876,850 |
Operating assets decrease (increase) | ||||
Trade and other current receivables | 2,529 | (13,956) | (9,905) | 83,223 |
Property development costs | (12,630,852) | (19,367,661) | (10,060,982) | (17,486,239) |
Other current assets | 191,455 | 57,721 | (119,296) | 50,603 |
Cost to obtain contracts with customers | (143,799) | (197,115) | (143,533) | (197,983) |
Other non-current assets | (1,557) | 44,971 | (2,109) | (2,429) |
Operating liabilities increase (decrease) | ||||
Trade and other current payables | (597,028) | 62,864 | (704,211) | 185,080 |
Deposits and advances received from customers | 285,148 | (117,374) | 284,868 | (98,347) |
Other current liabilities | (18,518) | 33,125 | (2,054) | 94,784 |
Other non-current liabilities (1,488) (2,308) (1,488) (2,308) | ||||
Cash flows from (used in) operating activities | 1,344,100 | 25,683 | 1,308,293 | (1,496,766) |
Cash paid for employee benefits | (6,671) | (1,783) | (5,001) | (1,216) |
Cash paid for interest expenses | (389,028) | (442,175) | (372,549) | (428,022) |
Cash paid for corporate income tax | (1,600,514) (1,591,201) (1,278,066) (1,276,006) | |||
Net cash flows used in operating activities | (652,113) (2,009,476) (347,323) (3,202,010) | |||
The accompanying notes are an integral part of the interim financial statements. | ||||
Consolidated financial statements Separate financial statements
Cash flows from investing activities | 2025 | 2024 | 2025 | 2024 |
Increase in short-term loans to subsidiaries | - | - | (526,100) | (284,400) |
Cash paid for long-term loans to joint ventures and associates | (2,581,143) | (117,957) | - | - |
Cash receipt from long-term loans to joint ventures and associates | 1,258,249 | 164,422 | - | - |
Purchase of other financial assets | (1,114,531) | (3,418,040) | (1,087,334) | (3,359,102) |
Proceeds from sales of other financial assets | 4,002,508 | 3,741,987 | 4,002,508 | 3,560,981 |
Increase in advance payment for investment | - | - | - | (1,231,115) |
Increase in investments in subsidiaries | - | - | (2,349,404) | (1,649,736) |
Increase in investments in joint venture | (2,191,670) | - | - | - |
Increase in investments in associate | (172,200) | - | (172,200) | - |
Acquisitions of investment properties | (28,843) | (70,028) | (29,679) | (69,997) |
Acquisitions of equipment | (48,822) | (56,344) | (21,177) | (37,448) |
Acquisitions of intangible assets | (29,258) | (29,335) | (29,123) | (28,688) |
Proceeds from sales of equipment | 618 | 2,021 | 102 | 95 |
Interest received | 219,562 | 169,070 | 16,267 | 16,068 |
Dividend received | 211,727 | 258,514 | 816,020 | 275,493 |
Net cash flows from (used in) investing activities | (473,803) | 644,310 | 619,880 | (2,807,849) |
Cash flows from financing activities Cash receipt from bills of exchange payable | 9,180,000 | 6,325,000 | 9,180,000 | 6,325,000 |
Cash paid for repayment of bills of exchange payable | (7,600,000) | (6,325,000) | (7,600,000) | (6,325,000) |
Cash receipt from long-term loans from banks | 52,806,093 | 38,844,845 | 51,868,575 | 38,261,690 |
Cash paid for repayment of long-term loans from banks | (54,143,151) | (33,412,571) | (53,064,729) | (33,079,279) |
Proceeds from issuance of debentures | 11,904,915 | 10,459,112 | 11,904,915 | 10,459,112 |
Cash paid for settlement of debentures | (8,800,000) | (6,420,000) | (8,800,000) | (6,420,000) |
Acquisition of non-controlling interests of the subsidiary | - | (4,817) | - | - |
Dividend paid | (2,700,746) | (2,635,936) | (2,700,746) | (2,635,936) |
Subsidiaries paid dividend for non-controlling interests of the subsidiaries | (28,931) | (16,414) | - | - |
Cash paid for treasury stocks | (913,215) | - | (913,215) | - |
Net cash flows from (used in) financing activities | (295,035) | 6,814,219 | (125,200) | 6,585,587 |
Translation adjustments | 1,682 | (335,488) | - | - |
Net increase (decrease) in cash and cash equivalents | (1,419,269) | 5,113,565 | 147,357 | 575,728 |
Cash and cash equivalents at beginning of period | 5,123,149 | 4,710,919 | 711,847 | 527,676 |
Cash and cash equivalents at end of period | 3,703,880 | 9,824,484 | 859,204 | 1,103,404 |
The accompanying notes are an integral part of the interim financial statements. | - | - |
-
General information
-
Basis of the preparation of interim financial statements
These interim financial statements are prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, income, comprehensive income, changes in shareholders' equity and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis.
The interim financial statements are intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial statements should therefore be read in conjunction with the latest annual financial statements.
The interim financial statements in Thai language are the official statutory financial statements of the Company. The interim financial statements in English language have been translated from the Thai language financial statements.
-
Basis of consolidation
The interim consolidated financial statements include the financial statements of Supalai Public Company Limited ("the Company") and its subsidiary companies ("the subsidiaries") (collectively as "the Group") and have been prepared on the same basis as that applied for the consolidated financial statements for the year ended 31 December 2024, with no change in shareholding structure of subsidiaries during the current period.
-
Accounting policies
The interim financial statements are prepared using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024.
The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group's financial statements.
-
Basis of the preparation of interim financial statements
- Related party transactions
During the period, the Group has significant business transactions with related parties. Such transactions are arose in the ordinary course of business. There are no significant changes in the transfer pricing policy of transactions with related parties during the current period.
Summaries of significant business transactions with related parties are as follows.
(Unit: Million Baht) For the three-month periods ended 30 September
Consolidated financial statements
Separate financial statements
2025 2024 2025 2024
Transactions with subsidiaries
(eliminated from the consolidated financial statements)
Rental and service income | - | - | 1 | 1 |
Interest income | - | - | 7 | 5 |
Dividend income | - | - | 15 | - |
Project management income | - | - | 3 | - |
Building and project management fee Transactions with related parties | - | - | 2 | 1 |
Interest income | 206 | 10 | - | - |
Purchases of construction materials | 36 | 43 | 35 | 40 |
(Unit: Million Baht) For the nine-month periods ended 30 September
Consolidated financial statements
Separate financial statements
2025 2024 2025 2024
Transactions with subsidiaries
(eliminated from the consolidated financial statements)
Rental and service income | - | - | 1 | 1 |
Interest income | - | - | 16 | 14 |
Dividend income | - | - | 810 | 107 |
Project management income | - | - | 5 | 3 |
Building and project management fee | - | - | 5 | 3 |
Purchase of land Transactions with related parties | - | - | 4 | - |
Interest income | 256 | 41 | - | - |
Purchases of construction materials | 93 | 128 | 88 | 121 |
The balances of the accounts between the Group and related parties are as follows:
Consolidated financial statements
(Unit: Thousand Baht)
Separate financial statements
30 September
2025
31 December
2024
30 September
2025
31 December
2024
Balances with subsidiaries
(eliminated from the consolidated financial statements)
(Audited) (Audited)
Trade and other current receivables | - | - | 15,879 | 7,520 | |||
Dividend receivable from subsidiaries | - | - | 13,236 | - | |||
Trade and other current payables - related party |
Durafloor Co., Ltd. (Common director) 23,171 24,839 22,680 23,544
Short-term loans to subsidiaries and interest receivables
31 December | 30 September | |||||
2024 | Increase | Decrease | 2025 | |||
(Audited) Subsidiaries 575,529 | 708,749 | (182,679) | 1,101,599 |
(Unit: Thousand Baht) Separate financial statements
Long-term loans to related parties and interest receivables
(Unit: Thousand Baht) Consolidated financial statements
31 December 2024 | Increase | Decrease | 30 September 2025 | ||||
Joint ventures | (Audited) 2,507,814 | 2,850,652 | (1,499,886) | 3,858,580 | |||
Associates | 1,038,193 | 14,282 | (12,978) | 1,039,497 | |||
Total | 3,546,007 | 2,864,934 | (1,512,864) | 4,898,077 |
Directors and management's benefits
(Unit: Thousand Baht) For the three-month periods ended 30 September
2025 | 2024 | 2025 | 2024 | ||||
Short-term employee benefits | 34,859 | 43,707 | 31,618 | 41,179 | |||
Post-employment benefits | 1,539 | 1,465 | 1,315 | 1,247 | |||
Total | 36,398 | 45,172 | 32,933 | 42,426 |
Consolidated financial statements
Separate financial statements
(Unit: Thousand Baht) For the nine-month periods ended 30 September
2025 | 2024 | 2025 | 2024 | |||||
Short-term employee benefits | 112,466 | 140,741 | 103,595 | 131,693 | ||||
Post-employment benefits | 4,617 | 4,396 | 3,946 | 3,742 | ||||
Total | 117,083 | 145,137 | 107,541 | 135,435 | ||||
3. | Property development costs |
Consolidated financial statements
Separate financial statements
Movements in property development costs during the nine-month period ended 30 September 2025 are summarised below.
Consolidated | (Unit: Thousand Baht) Separate | |
financial statements | financial statements | |
Net book value as at 1 January 2025 | 74,641,337 | 67,163,080 |
Increase in land costs and development costs | 6,859,582 | 4,741,668 |
Increase in construction costs | 5,764,224 | 5,312,267 |
Increase in capitalised borrowing costs | 214,385 | 206,393 |
Costs of real estate sales for the period | (10,773,897) | (8,907,254) |
Transfer to investment properties | (329,185) | (329,185) |
Translation adjustment | 7,716 | - |
Net book value as at 30 September 2025 | 76,384,162 | 68,186,969 |
Net book value as at 30 September 2025 which was mortgaged as collateral | 32,477,082 | 29,980,091 |
During the nine-month periods ended 30 September 2025 and 2024, the Group includes borrowing costs in property development costs. These are determined by applying capitalisation rates which are the weighted average of the financial charges on total borrowings during the periods as follows:
Consolidated financial statements
Separate financial statements
Borrowing costs included in property development costs (Million Baht)
Capitalisation rates (Percent)
2025 2024 2025 2024
214 | 231 | 206 | 221 |
2.1 - 3.4 | 2.8 - 3.8 | 2.1 - 3.3 | 2.8 - 3.8 |
-
Other financial assets
Consolidated financial statements
(Unit: Thousand Baht)
Separate financial statements
30 September
2025
31 December
2024
30 September
2025
31 December
2024
(Audited) (Audited)
Debt instrument at amortised costHeld-to-maturity private debt securities 165,512
Equity instruments designated at FVOCI
174,229
165,512
174,229
Unit trusts in mutual funds
265
299
265
299
Equity instruments of listed companies
892,874
3,350,414
129,799
2,598,459
Total other financial assets, net
1,058,651
3,524,942
295,576
2,772,987
Current
211,673
229,777
-
-
Non-current
846,978
3,295,165
295,576
2,772,987
1,058,651
3,524,942
295,576
2,772,987
Equity instruments of listed companies are measured at fair value with hierarchy level 1 and unit trusts in mutual funds are measured at fair value with hierarchy level 2.
The Group sells its equity interest and transfers the accumulated gain recognised in other comprehensive income to retained earnings as follows:
(Unit: Million Baht) For the three-month periods ended 30 September
2025
2024
2025
2024
Fair value as at the date of sale
106
4,297
106
2,512
Transferred to retained earnings
(4)
243
(4)
242
Consolidated financial statements
Separate financial statements
(Unit: Million Baht) For the nine-month periods ended 30 September
2025
2024
2025
2024
Fair value as at the date of sale
3,943
4,256
3,943
4,075
Transferred to retained earnings
187
440
187
438
Consolidated financial statements
Separate financial statements
The Group receives dividends from equity instruments designated at FVOCI as follows:
(Unit: Million Baht) For the three-month periods ended 30 September
2025
2024
2025
2024
Remaining instruments
19
10
2
-
Consolidated financial statements
Separate financial statements
(Unit: Million Baht) For the nine-month periods ended 30 September
2025
2024
2025
2024
Remaining instruments
33
43
4
20
Instruments sold during the period
11
29
11
29
Consolidated financial statements
Separate financial statements
-
Investments in subsidiaries
-
Haadyai Nakarin Co., Ltd. ("HN")
On 19 March 2025, the Annual General Meeting of HN passed resolutions approving dividend payments from retained earnings and operating results for 2024 of Baht 3.50 per share, totaling Baht 38.32 million. HN made payment of such dividend in April 2025.
-
Supalai Northeast Co., Ltd. ("SPN")
On 22 March 2025, the Annual General Meeting of SPN passed resolutions approving dividend payments from retained earnings and operating results for 2024 of Baht 0.40 per share, totaling Baht 26.77 million. SPN made payment of such dividend in June 2025.
-
Supalai Singapore Holdings Pte. Ltd. ("SSH")
Increase of registered share capital
On 10 December 2024, 10 January 2025, 29 April 2025 and 7 August 2025, the meetings of SSH's Board of Directors passed resolutions approving the increase in its registered share capital totaling Baht 3,109 million from the existing registered capital of Baht 12,339 million to Baht 15,448 million. The additional capital will be utilised for investment in property development projects in Australia. During the current period, the Company paid for the additional capital in the same proportion as the original shareholding of 100 percent. SSH registered the increase in its capital with a government agency in Singapore in January, March, June and September 2025, respectively.
Dividend payment
On 30 June 2025, the Annual General Meeting of SSH passed resolutions approving annual dividend payments for the year 2024 of Baht 1.28 per share, amounting to approximately Baht 730 million. SSH paid the dividend in August 2025.
-
Supalai Philippines Incorporate ("SPI")
Dividend payment
On 21 July 2025, the Annual General Meeting of SPI passed resolution approving annual dividend payments for the year 2024 amounting to approximately Baht 15 million. SPI will make payment of such dividend in the fourth quarter of 2025.
-
Haadyai Nakarin Co., Ltd. ("HN")
-
Investments in joint ventures and associates
Movements of the investment in joint venture and associate account during the nine-month period ended 30 September 2025 are summarised below.
Consolidated financial statements
Carrying amounts based on equity methods
(Unit: Thousand Baht)
Separate financial statements
Carrying amounts based on cost method - net
Net book value as at 1 January 2025 3,338,892 -Increase in investments in joint venture
and associate 2,363,870 172,200
Share of profit during the period 730,390 -
Dividend received during the period (161,790) -
Translation adjustment 10,151 -
Net book value as at 30 September 2025 6,281,513 172,200During three-month and nine-month periods ended 30 September 2025, the Group recognises share of gain from its investments in joint ventures and associates of Baht 153 million and Baht 730 million (2024: Baht 39 million and 277 million).
On 7 July 2025, the Board of Directors' Meeting No. 7/2025 of the Company passed a resolution approving the Company's joint investment in an associate, SEA Estate Company Limited ("SEA"), which is a company incorporated in Thailand engaged in the construction of factory buildings and warehouses for rent. In August 2025, the Company entered into a joint investment agreement with two other investors and SEA was subsequently registered. The Company holds a 41 percent equity interest in SEA, which has a total registered share capital of Baht 1,200 million (comprising 12,000,000 ordinary shares with a par value of Baht 100 each). In September 2025, SEA made a call for 35 percent of its share capital, and the Company paid Baht 172.2 million for the shares in proportion to its shareholding.
The share of profit from investments in joint ventures and associates is calculated based on the financial statements, prepared by managements of these entities. The Group's management believes that there would be no significant difference arising from the financial statements if they had been audited or reviewed by their auditors.
-
Bills of exchange payable
Movements of the bill of exchange payable account during the nine-month period ended 30 September 2025 are summarised below.
(Unit: Thousand Baht)
Balance as at 1 January 2025
4,960,756
Add Issuance of bills of exchange
9,180,000
Less Repayment
(7,600,000)
Add Amortisation of prepaid interest expenses
119,045
Less Prepaid interest expenses
(121,866)
Balance as at 30 September 2025
6,537,935
Consolidated / Separate financial statements
Short-term unsecured bills of exchange are subject to interest rates ranging from 1.91 to 2.47 percent per annum (31 December 2024: ranging from 2.69 to 2.80 percent per annum). They will mature between October 2025 to March 2026.
-
Trade and other current payables
30 September
31 December
30 September
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Trade payables
Related parties (Note 2)
23,171
24,839
22,680
23,544
Unrelated parties
2,438,665
3,031,258
2,366,154
2,920,060
Other current payable
122,155
157,369
80,419
154,704
Accrued expenses
452,986
479,714
211,899
346,279
Total trade and other current
payables
3,036,977
3,693,180
2,681,152
3,444,587
Consolidated financial statements
(Unit: Thousand Baht)
Separate financial statements
-
Long-term loans from banks
30 September
31 December
30 September
31 December
2025
2024
2025
2024
(Audited)
(Audited)
Long-term loans from banks
10,577,448
11,914,404
10,303,197
11,499,351
Less Current portion
(10,577,448)
(11,878,099)
(10,303,197)
(11,499,351)
Long-term loans from banks, net
-
36,305
-
-
Consolidated financial statements
(Unit: Thousand Baht)
Separate financial statements
Movements of the long-term loan from bank account during the nine-month period ended 30 September 2025 are summarised below.
Consolidated
(Unit: Thousand Baht)
Separate
financial statements
financial statements
Balance as at 1 January 2025
11,914,404
11,499,351
Add Additional borrowings
52,806,093
51,868,575
Less Repayment
(54,143,151)
(53,064,729)
Translation adjustment
102
-
Balance as at 30 September 2025
10,577,448
10,303,197
Long-term credit facilities which have not yet been
drawn down as at 30 September 2025
15,997,901
14,860,992
These loans carry interest at fixed interest rates specified in the loan agreements or at the rates based on MLR, MMR, BBSY or BIBOR. Repayment is to be made each time a plot of land or a condominium unit is redeemed from mortgage at 70 percent of the selling price, and not less than the amount stipulated by the banks.
The loans of the Group are secured by the mortgage of project land of the Group, including most present and future structures thereon.
The loan agreements contain covenants and restrictions on the Group, pertaining to matters such as dividend payment and the maintenance of a certain debt to equity ratio.
-
Debentures
(Unit: Thousand Baht) Consolidated /
Separate financial statements
30 September 2025
31 December 2024
Debentures
20,810,531
(Audited)
17,311,527
Less Current portion
(10,085,824)
(9,416,982)
Debentures, net
10,724,707
7,894,545
Movements of the debenture account during the nine-month period ended 30 September 2025 are summarised below.
(Unit: Thousand Baht) Consolidated /
Separate financial statements
Balance as at 1 January 2025
17,311,527
Add Issuance
11,904,915
Amortisation of deferred debenture issuing costs
8,819
Amortisation of deferred interest
398,485
Less Redemption
(8,800,000)
Deferred debenture issuing costs
(13,215)
Balance as at 30 September 2025
20,810,531
During the current period, the Company issues senior unsecured debentures as follows:
Interest rate /
discount rate (Percent per
Selling price (Million
Par value (Million
Debenture
Term
Date of issue
Maturity date
annum)
Baht)
Baht)
1/2025*
1 year
20 March 2025
20 March 2026
2.45
1,464
1,500
1/2025-1*
2 years
20 March 2025
19 March 2027
2.49
2,855
3,000
1/2025-2*
3 years
20 March 2025
20 March 2028
2.60
1,388
1,500
2/2025*
2 years
8 August 2025
6 August 2027
1.94
2,405
2,500
2/2025-1*
3 years
8 August 2025
8 August 2028
2.07
1,880
2,000
3/2025*
2 years
15 September 2025
15 September 2027
1.72
966
1,000
3/2025-1*
3 years
15 September 2025
15 September 2028
1.85
946
1,000
* Zero Coupon Bond
The debenture agreements contain covenants and restrictions on the Company, pertaining to matters such as the dividend payment and maintenance of a certain debt to equity ratio.
-
Treasury stocks
On 13 May 2025, the Company's Board of Directors' meeting No. 5/2025 passed the resolution approving a program for management purposes to repurchase up to 120 million shares (par value of Baht 1 each), or 6.14 percent of the total number of shares in issue. The maximum budget of the program is Baht 2,000 million. The shares are to be repurchased on the Stock Exchange of Thailand from 19 May 2025 to 18 November 2025. The share resales period is determined after 3 months from the completion date of share repurchase but not later than 3 years.
Reconciliation of treasury stocks
Number of
shares
Average price
per share
Repurchase
amount
(shares)
(Baht)
(Thousand Baht)
Treasury stocks
Repurchase during the period
64,066,500
14.30
916,067
Treasury stocks as at 30 September 2025
64,066,500
14.30
916,067
Repurchase after the reporting period
745,000
17.85
13,295
Total
64,811,500
14.34
929,362
The Company set aside an amount from retained earnings equal to the cost of the treasury shares to a separate reserve account, with such reserve to remain outstanding until either the shares are sold or the paid-up capital is reduced by the cancellation of any remaining unsold shares. As at 30 September 2025, the Company has set aside approximately Baht 916 million, with the Company recording the reserve as 'Appropriated retained earnings - treasury stock reserve" in the statement of financial position.
-
Income tax
Interim income tax is calculated on profit before income tax for the period, using estimated effective tax rate for the year.
Income tax for the three-month and nine-month periods ended 30 September 2025 and 2024 is made up as follows:
(Unit: Thousand Baht) For the three-month periods ended 30 September
2025
2024
2025
2024
Current income tax:
Interim income tax for the period
360,166
561,318
220,874
430,728
Deferred tax:
Relating to origination and reversal of
temporary differences
1,039
(3,541)
19,556
6,942
Income tax expense reported in
income statement
361,205
557,777
240,430
437,670
Income tax charged directly to
other comprehensive income
21,522
99,770
4,644
87,952
Consolidated financial statements
Separate financial statements
(Unit: Thousand Baht) For the nine-month periods ended 30 September
2025
2024
2025
2024
Current income tax:
Interim income tax for the period
887,115
1,357,273
493,587
915,913
Deferred tax:
Relating to origination and reversal of
temporary differences
(4,940)
(90,826)
(6,428)
(40,577)
Income tax expense reported in
income statement
882,175
1,266,447
487,159
875,336
Income tax charged directly to
other comprehensive income
39,317
33,624
40,112
47,683
Consolidated financial statements
Separate financial statements
The Group is within the scope of the Pillar Two model rules published by the Organisation for Economic Co-operation and Development (OECD). The Group operates in countries where Pillar Two legislation has gradually been enacted and is effective for fiscal years beginning on or after 1 January 2024. However, no current tax expense related to Pillar Two income taxes was recognised because the Group assesses to benefit from the "Transitional Safe Harbour" relief under the Pillar Two legislation.
-
Earnings per share
Basic earnings per share is calculated by dividing profit for the period attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares held by external shareholders (excluding the weighted average number of treasury stock during the period).
The following tables set forth the computation of basic earnings per share for the three-month and nine-month periods ended 30 September 2025 and 2024.
For the three-month periods ended 30 September
2025
2024
2025
2024
Profit for the period (Thousand Baht)
1,167,821
1,988,710
912,187
1,681,824
Weighted average number of
ordinary shares (Thousand shares)
1,893,580
1,953,054
1,893,580
1,953,054
Earnings per share (Baht/share)
0.62
1.02
0.48
0.86
Consolidated financial statements
Separate financial statements
For the nine-month periods ended 30 September
2025
2024
2025
2024
Profit for the period (Thousand Baht)
2,677,098
4,201,251
2,620,012
3,444,318
Weighted average number of
ordinary shares (Thousand shares)
1,928,786
1,953,054
1,928,786
1,953,054
Earnings per share (Baht/share)
1.39
2.15
1.36
1.76
Consolidated financial statements
Separate financial statements
- Segment information
During the current period, the Group does not change the organisation of their reportable segments from those disclosed in the latest annual financial statements.
The following tables present revenue and profit information regarding the Group's operating segments dividing for the three-month and nine-month periods ended 30 September 2025 and 2024.
(Unit: Thousand Baht)
For the three-month periods ended 30 September
Revenues | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||
External customers | 6,350,762 | 9,818,801 | 20,657 | 16,935 | - | - | 6,371,419 | 9,835,736 | |||||||
Inter-segment | 438 | 240 | 1,876 | 1,451 | (2,314) | (1,691) | - | - | |||||||
Total revenues | 6,351,200 | 9,819,041 | 22,533 | 18,386 | (2,314) | (1,691) | 6,371,419 | 9,835,736 | |||||||
Segment profit (loss) | 1,282,946 | 2,586,153 | (5,767) | (12,944) | - | - | 1,277,179 | 2,573,209 | |||||||
Unallocated income and expenses | 268,761 | (12,251) | |||||||||||||
Profit before income tax expenses | 1,545,940 | 2,560,958 | |||||||||||||
Income tax expenses | (361,205) | (557,777) | |||||||||||||
Profit for the period | 1,184,735 | 2,003,181 |
Real estate business
Hotel business and management
Eliminations of
inter-segment revenues Consolidated
(Unit: Thousand Baht)
For the nine-month periods ended 30 September
Hotel business and | Eliminations of | ||||||||||||||
Real estate business | management | inter-segment revenues | Consolidated | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Revenues External customers | 16,832,454 | 22,276,969 | 84,916 | 80,475 | - | - | 16,917,370 | 22,357,444 | |||||||
Inter-segment | 1,038 | 720 | 8,805 | 3,741 | (9,843) | (4,461) | - | - | |||||||
Total revenues | 16,833,492 | 22,277,689 | 93,721 | 84,216 | (9,843) | (4,461) | 16,917,370 | 22,357,444 | |||||||
Segment profit (loss) | 3,022,653 | 5,332,407 | (18,583) | (16,885) | - | - | 3,004,070 | 5,315,522 | |||||||
Unallocated income and expenses | 587,267 | 206,991 | |||||||||||||
Profit before income tax expenses | 3,591,337 | 5,522,513 | |||||||||||||
Income tax expenses | (882,175) | (1,266,447) | |||||||||||||
Profit for the period | 2,709,162 | 4,256,066 | |||||||||||||