Home > News > Corporate > “Ngern Tid Lor” unveils Q2/2022 new high returns and net profit, affirming strong growth contributed

“Ngern Tid Lor” unveils Q2/2022 new high returns and net profit, affirming strong growth contributed by vehicle title loans and insurance brokerage agent business.

“Ngern Tid Lor” unveils Q2/2022 new high returns and net profit, affirming strong growth contributed by vehicle title loans and insurance brokerage agent business.

Ngern Tid Lor, or TIDLOR, announced Q2/2022 performance marking continuous high growth with net profit of 981 million baht and total revenue of 3.616 billion baht. The profitable returns were generated by the vehicle title loan sector, growing steady income generated from the insurance brokerage agent fees while reducing the Cost to Income Ratio. During the first half of 2022, Ngern Tid Lor opened 198 new branches, bringing its total to 1,484 outlets nationwide. Moreover 400,000 TIDLOR Cards were delivered to customers. In the second half of the year, the company said it will implement a new strategy to expand service outlets while continuing to develop digital technology.  

Piyasak Ukritnukun, Managing Director, Ngern Tid Lor, or TIDLOR, stated: “The overall performance of Q2/2022 indicates excellent growth reaching a new high of steady returns and profit contributed by growth of the company’s vehicle title loan portfolio as well as income generated from insurance premium and increasing agent fees. As concerns around COVID-19 eased in Thailand and the country moved forward with reopening, the overall economic outlook and tourism sector are signalling recovery. Business owners therefore require funds to start new ventures or support business liquidity in pursuit of opportunities. Meanwhile, domestic travel by personal cars returned to normal levels after easing of the lockdown measure, resulting in increasing demand for car insurance.”

The Q2/2022 performance included 981 million baht net profit, up by 26% Y-o-Y and 4% Q-o-Q, against total returns of 3.616 billion baht, projecting 24% growth Y-o-Y and 8% Q-o-Q. With such an outstanding performance, net profit in the first half of the year hit 1,921 million baht, an increase of 23% Y-o-Y.
The company’s Cost to Income Ratio was reduced due to higher income than expenses and lower financial cost entailed in the company’s A credit rating. 

“TIDLOR Card” issuance as of end Q2/2022 totalled 400,000 cards, increasing by 330,000 cards from the end of Q1/2022 which is over 50% of insurance policy sales, thanks to the success of the Tid Lor campaign that ran from March to May 2022.

Branch expansion is proceeding faster than planned, with 198 out of 300 new branches targeted for 2022 already established in the first six month of the year. The total number of branches had risen to 1,484 by end-Q2/2022.

NPL slightly increased from the previous quarter in accordance with overall industrial outlook. However, the company’s NPL remains low, meeting its target.

The TIDLOR Managing Director affirmed trends for vehicle title loan and insurance policies, saying strong demand is expected to ensure they perform well, particularly during the high season in the final quarter.
The company set a goal for vehicle title loan expansion of 20 – 25%. The accident insurance sector is expected to grow at 30 – 35%. The company’s key strategy is based on branch expansion and digital technology development to enable convenient customer access to services as well as launching trial new credit loans and insurance products. 

In countering rising interest rates, the company aims for efficient financial management to keep costs low. In April, it launched an 8,300-million-baht bond stock undertaken at a time when interest rates increased slightly, so that interest expense was relatively low. 

Meanwhile, the credit limit of the company’s loans and bonds issued under a flat rate of interest, ensured that the rising interest rate has little impact amid the current financial status. The company’s funding is supported by domestic and international financial institutions to secure business expansion as well as liquidity flows with strong affirmation of financial status and prospects.

For more information please visit www.tidlor.com or Facebook Fan page ngerntidlor or contact call centre 088-088-0880 for 24 hours. Please credit and share this article with others using this.