Bangkok 10 Aug-Wave Exponential Shows performance in the second quarter of 2023, recovering strongly, taking advantage of the Wall Street English Language Institute, opening full classes. Confident that the performance in the second half of this year will continue to grow from carbon credit business
Mr. James Andrew More, Chief Executive Officer of Wave Exponential Public Company Limited or WAVE, revealed that the company's performance including its subsidiaries for the second quarter of 2023 ended June 30. Year 2023 has a total income of 109.80 million baht, an increase of 79% compared to the same period last year with an income of 61 million baht, because the English language institute Wall Street English is able to open full teaching continuously. Both on-site courses in all 13 branches and online As a result, the overall income of the language teaching business has grown exponentially. Which the company has the number 1 sales in Asia in the Wall Street English business group and also has income received in advance (Cash Sale) from students who buy courses in advance, increased by 20% from 158.70 million baht to 189.96 million baht compared to the budget. Financial as of December 31, 2022, which will be recognized as income in the financial statements when students use the service.
“The company plans to invest in opening new branches in potential areas. Including expanding the business through the franchise system. As the Company has entered into an agreement with 2 Sub-Franchisees to cooperate in franchising in Chonburi and Vientiane provinces, Laos. Branches are expected to open in September. 2023 and can increase revenue for the company in the fourth quarter / 2023, ”said Mr. James.
In the second quarter of 2023, the Group had a net operating loss of 6.05 million baht, compared to the same period of the previous year that had a loss of 10.84 million baht due to increased revenue and efficient cost management. resulting in the Company's operating results continually improving. If considered together with the profit received from the sale of shares of The Megawatt Company Limited in the amount of 14.40 million baht, including other items, the group of companies has a comprehensive profit for the second quarter of 2023 in the amount of 9.93 million baht as of June 30. 2023 The company has total assets of 1,190.48 million baht and has more products that are carbon credits 174. 58 million baht from the investment of buying carbon credits into the stock which is in accordance with the strategy of the group of companies who want to support Thai organizations in achieving carbon neutrality goals and is the largest carbon credit treasury in Thailand and Southeast Asia. which is according to the plan of the group of companies laid down therefore buying carbon credits to support future sales.- Thai News Agency
Source: Thai News Agency