Dexon Reports Third Quarter Results Revenue surges by 58% On course to reach annual revenue target of 705 million baht

Dexon Technology Plc announced its promising Q3/2024 financial results, reporting a total revenue of 185 million baht – a 58.2% increase YoY. The rapid growth is attributed to increased revenue from operations in Thailand and subsidiaries in Latin America and Asia, reflecting the success of its expansion into international markets. The company remains confident that it will meet its annual revenue target of 704 million baht. Q3 Earnings Signal Strong Growth

Dexon was recognized for innovation for the second consecutive year with the SET Award in the Best Innovative Company category. The company secured this prize thanks to its development of high-resolution ultrasonic transducers. These advancements enhance the precision of ultrasonic testing by reducing signal oscillations, enabling accurate measurements of corrosion up to 1 millimeter and ensuring effective performance under high-pressure pipeline conditions.

Following the IPO, Dexon’s stated strategy was to use the money raised to invest in expanding its services abroad. Over the last year, the company has followed through on its strategy – investing in its overseas subsidiaries to further its reach. The company is on track to have half of its revenue from abroad, minimizing seasonal fluctuations and increasing revenue streams.

First Nine Months Record Rapid Development

For the first nine months of 2024, the company achieved a total revenue of 522 million baht, a 34.4% increase YoY. Net profit exponentially increased by 118.4%, jumping from a 38 million baht loss to 7 million baht profit YoY.

Dexon Wins SET Innovation Award Second Year Running Dexon was recognized for innovation for the second consecutive year with the SET Award in the Best Innovative Company category. The company secured this prize thanks to its development of high-resolution ultrasonic transducers. These advancements enhance the precision of ultrasonic testing by reducing signal oscillations, enabling accurate measurements of pipe walls as thin as 1 millimeter and ensuring effective performance under high-pressure pipeline conditions.

The innovative technology was developed in-house by Dexon’s engineering team, showcasing its expertise in materials science and electronics. The innovation not only decreases reliance on costly imported equipment but also addresses challenges in delivery times and varying production standards that impact inspection quality. Dexon Reinforces Financial Position

As of September 30, 2024, Dexon reported total assets of 1.064 billion baht, a 2.8% increase from the end of 2023. The increase followed upon investments in additional tools and equipment such as 52” calipers, 18” MFLs, and UT-MC modular units to meet growing customer demands. Operating cash flow was strong at 143 million baht, up 506% YoY, a result from better performance for the current period. Dexon also maintained a low debt-to-equity ratio of 0.3x.

Dr. Mallika Confident Dexon Will Reach Its Goal

“We are confident in achieving our 2024 revenue target of 704 million baht,” said Dr. Mallika. “Currently, 80% of the target has been met, supported by a new contract valued at over 300 million baht from a major oil producer in Thailand. The contract will span three years and three months, starting January 2025, and is expected to generate approximately 100 million baht annually.

Dr. Mallika concluded, “Our strong financial performance underscores the success of our international growth strategy and continuous innovation, particularly with the expansion of our customer base in Latin America and Asia. This will contribute to more consistent revenue throughout the year and foster long-term sustainable growth.”