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Bangkok Post
Bangkok Post

More Return sees profit plummet in 2022

MAI-listed More Return (MORE) yesterday reported a huge drop in net profit for last year and the appointment of an acting chief executive following the resignation of Ummarit Klomchitcharoen, who has entered the investigation process into the company's alleged share price manipulation.

In a filing to the Stock Exchange of Thailand yesterday, MORE said Kavin Chalermroj had been appointed as the company's acting chief executive as of Feb 24, replacing Mr Ummarit.

Mr Ummarit, who is also MORE's largest shareholder with a stake of 23.69%, resigned from his post on Feb 10 as he is among 18 people accused by the Economic Crime Suppression Division of manipulating the company's share price in November last year.

Two more directors were also appointed. As of Feb 24, Wannisa Srisuchai succeeded Somkiat Chuasiripattana as a company director while Kanokwan Boonprakob also took office, replacing Arichai Raktham.

In 2022, MORE had a consolidated net profit of about 12 million baht, a fall of 98.9% from nearly 1.14 billion baht a year earlier. The huge drop mainly came from lower gains on sales of investments in subsidiaries for 1.05 billion baht.

The company last year had total revenue of 101 million baht, of which 34.1 million baht was from the service segment, 46.1 million baht from the utility segment, and 21 million baht from the trading business. Revenue fell by 20.7%, or 26.4 million baht, from 2021 mainly due to a decrease in the service segment.

However, the revenue contribution from the utility segment increased from 18% to 45% as the company started to recognise revenue from a new subsidiary in the water distribution business from March 2022. The gain was also attributed to the government's policy of opening up the country and relaxing pandemic measures in June 2022, resulting in more tourist arrivals and an increase in water usage.

As a result, revenue from the utilities segment increased by 22.9 million baht, or 99%, according to the company's statement.

Shares of MORE slumped by 12.5% as of late yesterday afternoon to 0.28 baht, in trade worth 22.2 million baht.

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