ARROW Income Statement - Arrow Syndicate PCL - Alpha Spread

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Price: 5.7 THB Market Closed

Market Cap: ฿1.5B

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	1.4B	1.4B	1.5B	1.5B	1.3B	1.1B	1.3B	1.3B	1.3B	1.2B
Cost of Revenue	(906.8m)	(1.1B)	(1.1B)	(1.1B)	(926.3m)	(737.7m)	(1.1B)	(1.1B)	(978.6m)	(849.2m)
Gross Profit	448.7m	378.8m	306.2m	372m	367.8m	327.3m	231.4m	271m	311.1m	339.9m
Operating Expenses	(135.3m)	(144.7m)	(137m)	(149.5m)	(131.4m)	(149.2m)	(100.8m)	(135.3m)	(151.9m)	(159.5m)
Selling, General & Administrative	(140.8m)	(157.4m)	(158.5m)	(160.2m)	(141.6m)	(165.9m)	(111.8m)	(156.1m)	(170.7m)	(180.9m)
Depreciation & Amortization	(4.6m)	(5.4m)	(5.3m)	(5.8m)	(4.5m)	(8.3m)	(19.1m)	(8.2m)	(8.7m)	—
Other Operating Expenses	10.1m	18.1m	26.8m	16.5m	14.6m	24.9m	30m	28.9m	27.6m	21.4m
Operating Income	313.4m	234.1m	169.2m	222.5m	236.4m	178m	130.6m	135.7m	159.3m	180.4m
Net Interest Income (Expense)	(1.4m)	(4.7m)	(6.3m)	(7.9m)	(7.9m)	(7.9m)	(9.3m)	(9.2m)	(6.4m)	(7.1m)
Interest Expense	1.4m	4.7m	6.4m	7.8m	7.9m	6.6m	9.3m	9.2m	6.4m	7.1m
Non-Recurring Items	—	—	—	—	(16m)	0	(5.8m)	0	(11.3m)	0
Pre-Tax Income	312m	229.5m	162.9m	214.6m	212.5m	170.1m	115.4m	126.4m	141.6m	173.3m
Tax Provision	(45.9m)	(35.5m)	(18.6m)	(27.2m)	(54m)	(41.4m)	(22.8m)	(24.8m)	(29.4m)	(36.6m)
Income from Continuing Operations	266.2m	193.9m	144.3m	187.4m	158.5m	128.7m	92.6m	101.6m	112.1m	136.7m
Income to Minority Interest	(3.5m)	(2.6m)	9.5m	18.1m	10.5m	0	0	0	0	0
Net Income	262.7m	191.3m	153.7m	205.5m	169m	128.7m	92.6m	101.6m	112.1m	136.7m
EPS (Diluted)	1.04	0.76	0.61	0.81	0.66	0.50	0.36	0.40	0.44	0.53

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