Beryl 8 Plus Plc (BE8) posted a net profit of 31.4 million baht in the first quarter of this year, while the company expects strong growth in revenue in the second half of the year thanks to government spending and increased demand in innovation investment from both the government and private sectors.
Apisek Tewinpagti, chief executive of BE8, said the government's fiscal budget was recently approved and the company has seen government investments taking place since April.
In addition, the government's 2025 fiscal budget would also be approved in October of this year, which would drive investment in the technology sector and contribute to the company's significant growth in the second half of 2024, he said.
It has also been noted that the private sector has shown increasing demand for new innovation to increase competitive advantage in both technology and digital marketing, heading into full digital transformation which is a global mega-trend, along with cybersecurity.
Currently, the company boasts a backlog of 1.8 billion baht, Mr Apisek said.
In 2023, BE8 generated 1.09 billion baht in revenue from strategy and technology consulting, 740 million baht from licensing and subscription, and 570 million baht from maintenance and staff augmentation services.
For the first quarter of 2024, BE8 achieved total revenues of 570 million baht, a decrease of 2.67% from the corresponding period of 2023 due to the delayed approval of the government's fiscal budget, resulting in a net profit of 31.4 million baht.
"The government fiscal budget approval was delayed since the end of last year but from now, we expect to see accelerated investment and we are confident we'll see continuous growth this year from the growing demand in innovation and technology to increase competitive advantage from both the private and government sector," Mr Apisek said.