Reading between the lines in the 2Q26 Management Discussion and Analysis of Floyd Public Company Limited (FLOYD): Revenue down 77.2%. Net profit down 84.7%. And a Bt817m backlog figure absent from the 1Q26 filing.
The numbers
Revenue collapses as project handovers run their course
FLOYD is a mechanical, electrical, and plumbing (MEP) engineering, procurement, and construction contractor, including MEP work for data centers, in Thailand. In 2Q26, revenue fell 77.2% YoY to Bt44m, as most projects were executed and progressively handed over. Residential projects made up 38.8% of quarterly revenue, followed by data center work at 37.8%.
Margins hold up, but net profit falls sharply
Gross margin rose to 42.9% in 2Q26 from 19.0% in 2Q25, as cost of services fell 84.0% against a 77.2% drop in revenue. Administrative expenses rose 34.2% YoY to Bt17m, continuing a rise the company attributes to personnel costs shifting back from cost of services to head office. Net profit fell 84.7% YoY to Bt3m, a net margin of 7.4% against 11.0% in 2Q25.
Equity falls as a dividend outpaces first-half profit
Total liabilities fell 14.9% to Bt105m from Bt123m at FY25, due to reduced payables. Equity fell 5.1% to Bt511m, as a Bt44m dividend paid during the first half exceeded the Bt17m net profit generated over the same period.
What the numbers don’t show
Comparing the 2Q26 MD&A with 1Q26, a few things stand out.
A Bt817m backlog is absent from the 1Q26 filing
The 2Q26 MD&A states that, as of June 30, 2026, the company holds ongoing projects with a total revenue backlog of Bt817m. The 1Q26 MD&A describes the company as bidding on projects across the same four customer groups but discloses no total backlog figure. Neither filing explains why the backlog total appears only in 2Q26, and the 1Q26 filing provides no earlier number for comparison.
The revenue decline deepens, but the explanation stays the same
The 1Q26 MD&A attributed a 52.3% YoY revenue decline to the fact that “most projects have been executed and progressively handed over.” The 2Q26 MD&A repeats identical language for a steeper 77.2% YoY decline. Both filings state that revenue reflects ongoing 2025 projects and new 2026 contracts, without disclosing how many new contracts have been secured this year.
Administrative expenses keep climbing on the same explanation
The 1Q26 MD&A attributed the 11.3% YoY rise in administrative expenses to personnel costs reallocated from the cost of services back to the head office, tied to the progressive handover of projects. The 2Q26 MD&A repeats this explanation word for word for a 34.2% YoY rise, even as quarterly revenue fell 77.2%. Neither filing addresses why staff costs continue to shift toward administration as revenue continues to shrink.