Asphere (AS) reveals 2023 results and 2024 plans, targeting 24% growth expanding into oversea markets and venturing into web 3.0

DATE : February 29, 2024

February 29, 2024: Asphere Innovations Public Company Limited (SET: AS) has announced its operating results for the year ended December 31, 2023. The company had revenue of Baht 1,449.2 million and a net profit of Baht 218.3 million for 2023. This represents a decrease of Baht 126.5 million (8%) and Baht 50.2 million (19%), respectively, from the previous year. The decline was mainly due to the postponement of the launch of two new mobile games from Q4/2023 to early 2024 and an impairment of Baht 98.6 million for online game licenses. The impairment charge is a non-recurring expense that occurred only in 2023.  

For the operating performance in Q4/2023, revenue was Baht 388.9 million and a net profit of Baht 63.4 million, showing decrease of THB 34.3 million (8%) and THB 19.2 million (23%), respectively, from the previous quarter. The decline was mainly because, in Q3/2023, the company had profits of Baht 66.4 million from the sales of the subsidiary in Malaysia, which resulted in a higher net profit than in other quarters. 

In terms of operations, the Online Games business group launched six new games, all of which were mobile games. The Blockchain & Innovation Technologies business group has invested in two leading technology companies: Bitkub Online Co., Ltd., the leading cryptocurrency exchange and token digital exchange in Thailand, and The Big Bang Theory Co., Ltd., a leading Metaverse company that provides the world’s first Metaverse Infrastructure as a Service platform. 

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For the 2024 business plan, the online game business group has set three main strategies to increase business growth, including:

1. Launching New Games: PlayPark is set to launch of 11 new games (9 mobile games, 2 PC games). In addition to offering captivating RPG (Role-Playing Game) experiences, PlayPark will expand its reach into the casual gaming sector, capitalizing on simple yet engaging gameplay to appeal to an even broader audience.

2. Overseas Game Market Expansion: The company aims to broaden its player base in the high-potential Indonesian and Vietnamese game markets. This endeavor will involve a focus on releasing more regional games, with an estimated 4-5 out of the 11 new games being regional releases. Additionally, the company will establish a dedicated team to oversee the Indonesian market and restructure the Vietnamese team to reduce costs, while also adjusting the strategy for releasing new games. 

3. Business Model Expansion: PlayPark is diversifying its business model within the “Service Platform” segment. This expansion aims to provide opportunities for game developers looking to enter the Southeast Asian game market, leveraging PlayPark’s existing capabilities and experience. Game developers will have the option to receive specialized services tailored to their specific business needs, such as marketing, community management, and payment channels.

For the Blockchain & Innovation Technologies business group, Kubplay officially launched the Astronize (Hybrid Web 3.0 Game platform) at a press conference on February 7, 2024. And the first play & earn game, TSX by Astronize, is currently in closed beta testing from February 29 to March 6, 2024, and is scheduled for an official launch in 26 countries in March 2024. There are also plans to launch an additional game in late 2024. Based on the above plan, Asphere aims to achieve revenue growth of Baht 1,800 million, or an increase of 24%, from 2023. 

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