The Thai company, Millennium Group Corporation (Asia) Public Company Limited, has reported remarkable financial results for the fourth quarter of 2023, showcasing substantial growth across multiple sectors. The company announced on February 28, 2025, its quarterly financial results which highlighted significant growth, buoyed particularly by its automotive division and strategic partnerships.
According to the financial statement released via the Stock Exchange of Thailand, Millennium Group recorded total revenues of THB 5.977 billion for Q4 2023, marking a 32% increase from the previous quarter. Net profits soared by 888.4% to THB 95.2 million, reflecting strong operational performance across its diverse business segments. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached THB 468 million, also rising by 23% compared to Q3 2023.
Dr. Sanayut Thamchuanviriya, CEO of Millennium Group, attributed this remarkable performance to strategic moves within three key business areas, all contributing to what he terms the ‘New S-curve’ growth strategy. The automotive segment, particularly electric vehicle sales, has generated increased revenue from deliveries at the recent MOTOR EXPO event. The recognition of profits from joint ventures, such as Neo Mobility Asia, which recently delivered vehicles, played a significant role as well.
Dr. Thamchuanviriya emphasized the importance of these results, stating, "Our fourth-quarter performance has shown substantial growth due to the push from our automotive sector, which has seen increased deliveries and profitability from our joint ventures." He noted the delivery of over 1,000 electric vehicles during the year and acknowledged the positive response to models such as XPENG and ZEEKR, which have continued to attract significant consumer interest.
He also highlighted the growth of Alpha X, the company’s wealth lending segment, which recorded 45% growth year-on-year. Meanwhile, Howden Maxi, the company’s insurance brokerage service, improved by 2% due to expanded services to large clients.
The innovative use of technology has been pivotal, as Dr. Thamchuanviriya noted the importance of using artificial intelligence to optimize operational efficiency and reduce costs. "We are committed to growing our wealth lending efforts and enhancing operating processes with AI technology to drive sustainable growth," he remarked.
Looking forward, the company forecasts positive trends driven by the expected rise of international tourism, with the Tourism Authority of Thailand estimating 37.5 million inbound tourists for 2024, reflecting a 5.6% increase from the previous year. This surge is anticipated to benefit the automotive rental and service industries significantly, aligning with broader recovery trends witnessed post-pandemic.
Simultaneously, the company is preparing for the official launch of new models at the Bangkok International Motor Show, including the XPENG X9, marking its first electric passenger vehicle delivery due to widespread positive customer feedback.
Overall, Millennium Group has set itself strategically to continue reaping the benefits of its diversified business portfolio, ensuring it remains focused on its three major growth areas: the automotive sector, wealth lending, and insurance, which are well-positioned to meet growing market demands.