Reading between the lines in the 2Q26 Management Discussion and Analysis of Ditto (Thailand) Public Company Limited (DITTO): Revenue up 32.8%. Net profit up 12.8%. Gross margin at 20.4%, with profit from operations down 5.9%.
The numbers
Engineering projects and product sales lift revenue
DITTO provides document and data management, cybersecurity services, and technology engineering projects, mainly for Thailand’s public sector. In 2Q26, revenue rose 32.8% YoY to Bt1,009m. The MD&A attributes 6M26 growth to its two core segments (technology engineering and data management and cybersecurity) and to sales of other technology products.
Gross margin narrows as dividend income rises
Gross margin fell to 20.4% from 27.5% in 2Q25, which the MD&A attributes mainly to revenue from equipment-heavy projects in their final stages, typically carrying lower margins. Profit from operations fell 5.9% YoY, while dividend income rose to Bt55m from Bt16m, mainly from Somapa Information Technology. Net profit rose 12.8% to Bt190m, with a net margin of 18.8%, down from 22.1% in 2Q25.
New Zoo advances expand both sides of the balance sheet
Total assets rose 10.6% to Bt5,457m from end-FY25, including Bt285m of advance payments for the New Zoo Phase 2 project and a Bt324m rise in unbilled completed work. Liabilities rose 30.9% to Bt1,479m, mainly due to Bt334m in advances received from the Zoological Park Organization in excess of work completed.
What the numbers don’t show
Comparing the 2Q26 MD&A with 1Q26, a couple of things stand out.
The token’s 17,531-rai base is not linked to the areas listed in 1Q26
The 1Q26 MD&A included a section on the subsidiary’s mangrove carbon-credit projects. It listed 10,959 rai allocated directly, a further 9,399 rai managed with a partner, and 154,838 rai across 93 communities: 175,196 rai in total, under 30-year project periods. An initial coin offering of up to Bt480m was being prepared.
The 2Q26 MD&A reports that subsidiary Siam TC Technology offered 400 million tokens at Bt1.20 each from 3 to 13 July 2026, a total offering value of Bt480m. The underlying asset is a mangrove reforestation project covering 17,531 rai. The filing does not say how this area relates to those listed in 1Q26, and the 1Q26 project section does not appear in 2Q26.
Other technology products: Bt246m in 1Q26, Bt265m for 6M26
The 1Q26 MD&A reported Bt246m of revenue from other technology products in the quarter. The 2Q26 MD&A, which discusses revenue on a six-month basis, reports Bt265m for 6M26 and gives no quarterly figure.
The 2Q26 filing adds a dedicated section describing the line as an expansion into cybersecurity products and smart security systems, and credits it with contributing to overall revenue growth.