Ngern Tid Lor Public Company Limited, affectionately known as “TIDLOR” or simply the “Company,” has been making waves once again, capturing the spotlight with its impressive financial performance in 2024. The company reported a record-breaking net profit of THB 4,230.5 million, marking a commendable 11.6% year-on-year (YoY) growth. Such a feat didn’t just happen overnight; it was fueled by TIDLOR’s strategic expansion in lending operations, a tantalizing improvement in the net interest margin, and their insurance brokerage business achieving phenomenal results.
The year 2024 wasn’t just about net profits for TIDLOR; total revenue soared to THB 22,160.9 million. That’s a whopping 16.8% increase compared to the previous year! This financial crescendo was mainly orchestrated by a surge in interest income, combined with a delightful boost from fee and service income. Behind the curtains, the outstanding loan portfolio took a thrilling leap, reaching THB 103,933.7 million by the year’s end, displaying a robust 6.6% YoY climb. Keeping their non-performing loan (NPL) ratio at a sleek 1.81%, well below the 2% benchmark, TIDLOR showcased exceptional asset quality management. Their stellar performance continued as non-life insurance premiums amassed THB 10,176.8 million, signifying a notable 16.4% incline, thanks to their all-star integrated insurance brokerage, satisfying a diverse clientele.
Rolling into the final quarter of 2024, TIDLOR celebrated a net profit of THB 1,044.5 million, representing an impressive 15.9% YoY growth alongside a 5.4% increase quarter-over-quarter (QoQ). What pushed these numbers upwards? A strategic 30.2% reduction in credit loss provisions, paired with total revenue growth, was the maestro orchestrating this quarterly success. Loan portfolio expansion and a remarkable surge in non-life insurance premiums, skyrocketing 23.8% QoQ, added to the harmonious crescendo.
The year concluded with TIDLOR spreading its influence across 1,778 branches nationwide, leveraging technological prowess nurtured over decades. The Tidlor Card continued to be a star player, with over 735,000 cards shining brightly by December 2024—a splashy 14% YoY increase. Their E-Withdrawal feature, offering seamless cash transfer services via the NTL application, carved a significant impression, accounting for 70% of all loan disbursements across various channels.
Undeniably, TIDLOR’s inventive and customer-centric approach, aimed at reducing costs for accessing formal financial services and offering convenient emergency fund options, positioned the company as a stalwart leader in accessible financial solutions.
The dynamic growth of TIDLOR is underscored by its cutting-edge InsurTech platform, the backbone of its thriving insurance brokerage business housed under three optimally distinguished brands:
- Shield Insurance: Standing as the face-to-face insurance brokerage frontrunner, this brand is buoyed by over 5,000 savvy advisors nationwide and a relentless 24/7 Call Centre (1501).
- Areegator: This online platform caters to a vibrant ecosystem of over 10,000 member insurance brokers, making insurance transactions smooth and effortless.
- heygoody.com: A digital powerhouse allowing customers to purchase insurance at their convenience, round-the-clock, while garnering rave reviews from users. This platform is a linchpin, strategically enhancing TIDLOR’s comprehensive insurance brokerage ecosystem.
According to the delighted Mr. Piyasak Ukritnukun, Managing Director of TIDLOR, their non-life insurance premiums ventured beyond the THB 10 billion threshold, while outstanding loans surpassed the colossal THB 100 billion mark in 2024. Despite a gradual economic recovery, TIDLOR maintained unmatched portfolio quality with a crafty NPL ratio of 1.81%, improved from Q3 2024 and steadfast below the 2% target. All of this was attained through bolstered credit approval policies, enhanced loan origination quality, and remarkably efficient collections. Reflecting real resilience, the NPL coverage ratio stood firm at 242.7%.
Solid Financial Position and Strong Demand for Bonds
TIDLOR maintained a suave debt-to-equity (D/E) ratio of 2.5 times with robust support from THB 26 billion in available credit facilities. The company’s bond issuance adventure in 2024 met with wild enthusiasm, being oversubscribed, driven by its stellar “A/Stable” credit rating from TRIS Rating — the crème de la crème among its peers. This demonstrates the company’s financial dexterity and solidifies investor confidence.
Commitment to Sustainable Growth and Financial Inclusion
Looking forward into 2025, TIDLOR remains steadfast in its dedication to sustainable growth. The company continues to keep a close watch on economic trends and proactively adjusts its strategies. In 2024, over 362,000 customers were empowered to build financial credit, while more than 999,000 individuals received insurance protection. Moreover, TIDLOR’s commitment to fostering financial literacy led to the training of over 780 participants across communities, organizations, and universities.
The long-term growth strategy of TIDLOR emphasizes environmental sustainability, judicious resource usage, and nurturing community development to boost business operations while benefiting society.
Tender Offer Process Underway
In an exciting move, the Office of the Securities and Exchange Commission (SEC) granted approval for the application and registration of securities offering by Tidlor Holdings. The tender offer is anticipated to roll out in the first half of 2025, with all final details to be unveiled in the draft prospectus.
For those intrigued and eager for more updates, shareholders and investors can indulge their curiosity by visiting www.tidlorinvestor.com.
Amazing how TIDLOR managed to increase profits despite the economic challenges. Kudos to them!
Sure, but one must question the methods they used. Over-expansion can sometimes lead to a financial bubble.
That’s a valid point. Hopefully, they’re balancing growth with sustainability.
Bubbles can burst, but with a solid base in customer-centric approaches, TIDLOR might have sidestepped that risk. Let’s wait and see.
Tim, true, but I worry if their rapid growth led to compromising financial ethics somewhere.
Isn’t it crazy how little attention is given to non-performers? The NPL ratio is low, but what if it’s manipulated?
Good point, Larry. Companies sometimes make financial gymnastics look too easy to impress investors.
The NPL of 1.81% is indeed low, but it also speaks to their efficient collection strategies, which not all companies can claim.
I just hope they maintain transparency in the upcoming tender offer process. Trust is essential.
TIDLOR’s expansion to 1,778 branches? Sounds more like they are renting space everywhere rather than innovative strategies.
Branch expansion is a typical growth strategy, but maybe they could adopt more digital solutions for broader outreach?
Exactly, Nina. Use tech to scale bigger yet more effectively!
The Tidlor Card reached 735,000 in 2024. Impressive numbers! I wonder if they are giving those away LOL.
They must have made it appealing, perhaps offering incentives for new users is pushing these numbers.
As someone who uses it, I appreciate the ease of transactions. It’s not just handed over without reason, Henry.
TIDLOR’s commitment to sustainable growth sounds like corporate gobbledygook. If everyone claimed that without accountability, we’d be drowning in empty promises.
True, but TIDLOR seems proactive, having trained 780 people in financial literacy. That’s a step in the right direction!
Accountability shapes real sustainability. Hopefully, their actions match their words.
Emily and Tom, you’re right on that. It’s the consistent actions that count more than shiny reports.
I’m thrilled to see a company thriving and holding a solid D/E ratio of 2.5. It speaks volumes of their financial health.
Just hope they’re not relying too much on debt, Hilary. Such dependencies can be dangerous.
Rolling out a tender offer in 2025? What are they planning? An ironic twist where investors think all is rosy?
Could be a genuine growth opportunity for shareholders if handled wisely, Oscar.
Joe, optimism is admirable, but skepticism will keep us grounded.
Impressive returns and a low NPL ratio are good signs. Hope others in the industry can take a leaf out of TIDLOR’s book.
True. But results may vary depending on the execution and governance structure.
Is anyone else skeptical about these aggregated profit numbers? There’s more than meets the eye with such glossy reports.
Overall, TIDLOR has shown themselves to be a major player. Time will tell if they keep this momentum.
That’s the true mark of a groundbreaking company—sustained momentum and flexibility.