In 2017 the overall picture of past construction seemed to be down due to the problem on the payment of the investment by the public sector, and the downturn situations of the real estate sector. Meanwhile, in the foreign country of Myanmar in 2017 started to get better. Even though the overall picture of construction was reduced, but the operation results enabled the company group to profit more from the increased operations over 2016 by 35.25 percent. In 2017 it had the net profit of 212 million Baht.
In 2018 the construction situation deemed to have a trend of increased expansion in accordance with the plans on development of the state infrastructure. Moreover, the neighboring countries were in the period of accelerating the country, so there was an expansion in the infrastructure continuously, while the jobs in Myanmar in 2018 were rather good. It made the group profited from the increased operations from 2017 by 74.61 percent, with 2018 had a net profit of 368 million Baht.
In 2019 the industrial situations of construction trended to expand not too much due to the change to a new government. Moreover, the neighboring countries grew in line with the economy and the urban expansion. In Myanmar in 2019 the operations were rather good, so the group profited from the increased operations over 2018 by 11.22 percent, with 2019 the net profit was 410 million Baht.
Market Share
Market share information gathered from Ministry of Commerce information during the past three years is as following
| Market share | 2016 | 2017 | 2018 |
| Market value from research (million baht) | 5,890 | 6,162 | 9,141 |
| Share of the Company (percent) | 31 | 29 | 30 |
Note : The data from the Ministry of Commerce has the year 2017.
In collecting this information, it was found may have a discrepancy on the income base, because the way of classifying the jobs, some may count only for the labor and machine costs, so the income was lower. However, if the contract included the labor, machine and main material cost, so the job value was higher. Meanwhile, the ratio of contracting the jobs in 2017 to 2019 accepting only the labor cost were 38, 48 and 41 percent respectively, while those included the main materials accounted for 58, 52 and 59 percent respectively. Nevertheless, if in anything there was labor contracts included the main materials at a high rate, so the job value would be higher; thus, the overall market values collected as guidelines only.
Analysis of the operating results
(A) Incomes from the contracted work
The revenues of the group consisted of the incomes from the contract such as from the services of Bored Pile, Diaphragm wall, civil structural construction, foundations, pile testing, other services and beyond, e.g. profits from selling assets, received interest and profits from the currency exchanges, etc.
In the year 2018, the Group of Companies had the main revenue from service 2,765 million Baht, consisting of revenue from bored piles and diaphragm wall (only labor income), for 42%. The income for work of bored pile and diaphragm wall (including the material cost) for 52% and income from overseas jobs for 6%.
The revenue in 2018, compared to 2017, increased by 939 million Baht, 51.41%, coming from receiving work with wages and main materials in 2017, at 58% of the main income. In the year2018, the revenue was 52 percent of the main income.
In the year 2019, the Group of Companies had the main revenue from service 3,032 million Baht, consisting of revenue from bored piles and diaphragm wall (only labor income), for 38%. The income for work of bored pile and diaphragm wall (including the material cost) for 58% and income from overseas jobs for 4%.
The income in 2019 compared with 2018 increased 267 million Baht or 9.64 percent from the job on the labor cost included the main materials in 2019 at 58 percent of the main income, while in 2018 at 51 percent of the main income.
| Revenue from source revenue | 2017 | 2018 | 2019 |
| From government sector (percent) | 36 | 45 | 29 |
| From private sector (percent) | 64 | 55 | 71 |
(B) Cost of contract work and Administrative Expense
Cost of contractual work includes. The materials used in the construction, wages, fuel cost depreciation and other production costs.
Cost of employment work in 2018 was 2,140 million Baht, compared to 1,493 million Baht in 2017, increase of 43.40% resulting from the increase in receiving the jobs with wages and main materials from 2017, for 33% of the main revenue from services.
Cost of employment work in 2019 was 2,387 million Baht, compared to 2,141 million Baht in 2018, increase of 11.52% resulting from the increase in receiving the jobs with wages and main materials from 2018, for 25% of the main revenue from services.
Administrative expenses of 2018 were 193 million Baht, compared to 2017 to be equal to 137 million Baht, an increase of 40.67 percent. The increase was due to expense of debt reserve and category reclassification
Administrative expenses of 2019 were 158 million Baht, compared to 2018 to be equal to 202 million Baht, an increase of 22.16 percent. The decrease was due to expense of debt reserve and category reclassification
In the year 2018, the company set up an allowance for bad debt and still received payment from the debtor who set aside as reserve for 29.36 million Baht
In the year 2019, the company set up an allowance for bad debt and still received payment from the debtor who set aside as reserve for 6.98 million Baht.
In 2018 the company had the gross profit of 625 million Baht, compared with 2017 the gross profit of 334 million Baht, an increase of 291 million Baht, or an increase of 87.20 percent. It resulted from the contract in the project real estate development by the private sector and an infrastructure.
In 2019 the company had a gross profit of 645 million Baht compared with 2018 with the gross profit of 625 million Baht, an increase of 20 million Baht, or an increase of 3.21 percent.
It resulted from the contract in the project real estate development by the private sector and an infrastructure.
In 2018 the company had a profit from the parent company at 368 million Baht compared to 2017 with a profit by the parent company at 211 million Baht, an increase of 157 million Baht or 74.61 percent, which resulted from 2018 had an increase of the gross profit.
In 2019 the company had a profit from the parent company at 410 million Baht compared to 2018 with a profit by the parent company equaled to 368 million Baht, an increase of 42 million Baht, or an increase of 11.22 percent. It resulted from 2019 had an increase of the gross profit.
The investment in the year 2018 amounted to 663 million Baht. The purchase of crane, drilling machines and diaphragm wall machine, which was the purchase to replace the old machines and to support the expansion of work.
The investment in the year 2019 amounted to 442 million Baht. The purchase of crane, drilling machines and diaphragm wall machine, which was the purchase to replace the old machines and to support the expansion of work.
Due to increased operating results, therefore, it was increasing of the total profit.
In the year 2018, the Group had a return to shareholders of 25% due to increased operating result, thus increasing the total profit.
In the year 2019, the Group had a return to shareholders of 25% due to increased operating result, thus increasing the total profit.
Analysis of Financial Status
Total Assets and Liabilities
Total assets in 2017, 2018 and 2019 were equal to 2,466 million baht 2,993 million baht and 3,167 million baht.
In the year 2018, compared to 2017, the amount increased by 527 million Baht. The current assets increased by 80 million Baht due to temporary investments of 81 million Baht and the unbilled income increased by 40 million Baht. And advance payment for wages and purchases of 12 million Baht and in non-current assets increased by 451 million Baht due to the increase of land Building and equipment increased by 509 million Baht and non-current assets increased by 20 million Baht due to deferred tax assets.
In 2019 compared with 2018 had an increased asset of 174 million Baht, but the working capital was reduced by 50 million Baht due to the cash and its equivalent of 156 million Baht, the temporary investment of 48 million Baht and the unrealized income of 151 million Baht. In addition the wage prepayment and goods purchase of 12 million Baht. On the non-working capital increased 224 million Baht due to an increased value of the land, building and equipment of 156 million Baht, and an increase of the guarantee by 55 million Baht of the taxable income waiting for clearance of 18 million Baht.
The total liabilities of 2017, 2018 and 2019 equaled to 1,270, 1,586 and 1,531 million Baht respectively, which in 2018 and 2019 were at the trade creditors and other creditors as well as the long-term loans mostly. The trade creditors would increase or decrease depending on the ratio of contracting the job. If in any year that has the ratio of contracting the labor cost, included the main materials higher, the trade creditor increases, but if the labor contracts are higher, so the trade creditors declined proportionally.
In the year 2018, compared to 2017, the amount of liabilities increased by 316 million Baht, account payable and other current creditors increased for 182 million Baht. Part of long-term loan from financial institutes to be due for payment within one year for 78 million Baht. Money receiving in advance from creditors and construction income receiving in advance increased for 65 million Baht. Another amount of 13 million Baht was paid in installment creditor for machine cost.
In 2019 compared with 2018 had the liabilities reduced by 55 million Baht, the overdraft (O/D) and the short-term loans from the financial institution increased by 170 million Baht, the trade creditors and other working creditors decreased by 224 million Baht. It also had the long-term loans from the financial institution become due within one year by 32 million Baht, the prepayment from the contractor and the construction reduced by 72 million Baht, while another 25 million Baht is for machine installments.
In the year 2018, the amount of money increased because it was the money from bank loan and increased leasing for machines ordered and purchased for supporting the work expansion.
In 2019 the debts were reduced because there was a loan repayment from the bank and increased leasing of the machines ordered to support the job expansion.
On the equity in 2017, 2018 and 2019 were 1,196, 1407 and 1,637 million Baht, an increase of each year due to the continuously operating profit.
In 2018 the group had the debt-to-equity ratio (D/E ratio) at 1.13 times, while in 2017 at 1.06 times, an increase because in 2018 had a purchase of the machines, so the increased debts. However, it is still stayed within the criteria because the contract with the lenders had to maintain the debt level not to exceed 1.5 times and in the ratio of the net gearing of 2018 equals to 0.22 times, and in 2017 was 0.19 times. It shows that the liquidity on the bank or financial institution loans had a little higher ratio, but still maintained the norm.
In 2019 the group had the D/E ratio at 0.94 times, while in 2018 at 1.13 times, a decrease because in 2018 some debts were paid off, so the reduced debts. Nevertheless, it was within the criteria of the contract to maintain the debt level not exceeding 1.5 times at the ratio of net gearing of 2019 or 0.41 times and in 2018 at 0.22 times. It shows that the liquidity on the loan from the bank or financial institution at a little higher rate, but still within the range.
In 2017 the group had the conglomerated liabilities of 1,270 million Baht; in current liabilities of 1,063 million Baht and long-term debts at to 207 million Baht. The sources of its working capital came from the financial institutions and trade creditors.
In 2018 the group had the conglomerated liabilities of 1,586 million Baht; in current liabilities of 1,200 million Baht and long-term loans equal to 386 million Baht. The sources of its working capital came from the financial institutions and trade creditors. In 2018 there was re-classification of the items.
In 2019 the group had the conglomerated liabilities of 1,531 million Baht; in current liabilities of 1,080 million Baht and long-term loans at 451 million Baht. The sources of its working capital came from the financial institutions and trade creditors.
In Year 2019, The company and its subsidiaries paid audit fee to Bunchikij Co., Ltd..as follow:
| Companies | Audit's name | Audit's Fee 2018 | Audit's Fee 2019 |
| Seafco Public Company Limited | Mr. Thanakorn fakfaipol | 1,650,000 | 1,700,000 |
| Seafco Construction Co., Ltd | Mr. Thanakorn fakfaipol | 90,000 | 100,000 |
| Seafco Intertrade Co.,Ltd. | Mr. Thanakorn fakfaipol | 300,000 | 300,000 |
| Total | 2,040,000 | 2,100,000 | |
| Other Service (Non audit fee) | - | - | |
| Total | 2,040,000 | 2,100,000 |