MANAGEMENT DISCUSSION AND ANALYSIS
Index Creative Village Public Company Limited (“the Company”) reported total revenue of THB 696.69 million and net profit of THB 75.25 million for the fiscal year 2024 (B.E. 2567). Compared to 2023, total revenue decreased by THB 255.00 million, while net profit increased by THB 30.34 million, representing a change of 26.79% and 67.56%, respectively.
| Consolidated (Unit : THB million) | Separated (Unit : THB million) | |||||
| Analysis of Income Statement | 31 Dec. 2024 | 31 Dec. 2024 | ||||
| Total Revenue | 696.69 | 951.69 | (255.00) | 696.69 | 480.08 | 216.61 |
| Gross Profit | 101.94 | 210.98 | (109.04) | 101.81 | (11.12) | 112.93 |
| Share of Profit from Associates* | 106.95 | 0.81 | 106.14 | - | - | - |
| PPA Adjustment* | (43.67) | 63.43 | (107.10) | - | - | - |
| Earnings (Loss) before Tax (EBT) | 84.87 | 121.77 | (36.90) | 34.95 | (36.74) | 71.69 |
| Net Profit (Loss) | 75.15 | 103.77 | (28.62) | 25.23 | (20.76) | 45.99 |
| Profit (loss) attributable to Owners of the parent | 75.25 | 44.91 | 30.34 | - | - | - |
| Earnings (loss) per Share | 0.44 | 0.26 | 0.18 | 0.15 | (0.12) | 0.27 |
OPERATING RESULTS
| Division | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total income (million baht) |
|---|---|---|---|---|---|
| Marketing Service | 114.22 | 76.99 | 62.83 | 250.10 | 504.14 |
| Creative Business Development | 28.09 | 75.65 | 16.60 | 22.75 | 143.09 |
| Own Creation | 7.31 | 2.96 | 17.70 | 21.49 | 49.46 |
| Total income | 149.62 | 155.60 | 97.13 | 294.34 | 696.69 |
The Company’s Marketing Service segment generated revenue of THB 504.14 million in 2024, the highest among its three business segments. Compared to 2023, this represented a decrease of THB 373.18 million, or 42.54%. The main reason was the sale of the investment in Media Vision (1994) Co., Ltd. on 29 December 2023, which reduced the Company’s ownership interest from 51% to 49%, reclassified its status from a subsidiary to an associate.
Had Media Vision (1994) remained a subsidiary, total Marketing Service revenue would have been THB 1,129.13 million, a growth of THB 251.81 million or 28.70%. This growth was driven by a resurgence in luxury brand product launches in Thailand, new property marketing events, competition among real estate brands, Thailand’s appeal to tourists, and the ongoing recovery of exhibitions and concert events after the COVID-19 pandemic, all contributing to higher marketing service income.
The Creative Business Development segment generated revenue of THB 143.09 million in 2024, representing an increase of THB 105.85 million, or 284% from the previous year. This growth reflects the rising importance of Thailand’s “Soft Power” and increased interest in cultural exhibitions such as Khon (Thai masked dance) and traditional Thai performances, particularly in the Middle East, especially in Saudi Arabia, where the Company expanded Thai cultural Soft Power through modernized adaptations of Thai art performances suited to local contexts and venues.
The Own Creation segment generated revenue of THB 49.46 million in 2024, a decrease of THB 26.48 million, or 34% compared to 2023.
Total assets as of December 31, 2024, amounted to THB 794.29 million, an increase of THB 250.28 million or 46% from the previous year. The increase was mainly due to higher trade receivables and contract assets from providing services to more clients in Q4/2024, and an additional investment of THB 48 million in the associate Media Vision (1994) Co., Ltd. Additionally, property, plant, and equipment increased due to normal event-related equipment purchases.
Total liabilities as of December 31, 2024, amounted to THB 304.03 million, an increase of THB 62.00 million or 30% from the previous year, mainly due to an increase in short-term loans from financial institutions for normal business operations.
Total shareholders’ equity as of December 31, 2024, was THB 530.52 million, an increase of THB 188.28 million or 55% from the previous year, primarily due to an increase in unappropriated retained earnings of THB 75.15 million.