SYNTEC Reports 2024 Net Profit of THB 547 Million, Up Over 200% YoY, Driven by Strong Core Construction and Hospitality Businesses
Syntec Construction Public Company Limited (SYNTEC) announced its 2024 full-year financial results, reporting a net profit of THB 547 million, an increase of more than 200% compared to THB 179 million in the previous year. The sharp growth was attributed to improved profitability in its core construction business and higher revenue from hospitality operations, as outlined below:
Construction business revenue rose from THB 6.88 billion to THB 7.61 billion.
The gross profit margin increased from 4.43% to 7.85%, leading to a gross profit gain of THB 293 million.
Hospitality business revenue grew from THB 424 million to THB 473 million.
The gross profit margin increased from 39.77% to 52.93%, resulting in an additional gross profit of THB 82 million.
The strong performance was a result of the management’s disciplined cost-control strategy, combined with a consistent commitment to maintaining high-quality operational standards. The company also closely monitored price trends of key construction materials, enabling more effective cost management. Additionally, the increase in labor costs had no significant impact on overall construction expenses.
The company’s efficient internal management has further strengthened client trust and enhanced its overall business performance compared to the previous year.
Looking ahead to Q1 2025, SYNTEC expects its backlog to exceed THB 10 billion, supported by its strong bidding pipeline for projects including school buildings, residential developments, data centers, and energy sector projects.
For 2025, the company is focusing on expanding its presence among multinational clients to elevate its construction business to an international level. SYNTEC has signed a Memorandum of Understanding (MOU) with a Japanese corporate group to enhance value creation and competitiveness across its construction and energy businesses, as well as to foster investment partnerships that generate mutual benefits. The collaboration also includes personnel exchanges in engineering design and construction technology to further strengthen technical capabilities.
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