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Introduction & Market Context
Humanica PCL (SET:HUMAN) presented its Q1 2025 results on June 5, revealing modest revenue growth of 1% year-over-year, while net profit declined by 2%. The presentation comes as the company’s stock has faced pressure, with shares closing at 7.85 baht, down 1.27% on the day of the presentation, continuing a downward trend that began after the company missed earnings expectations.
The self-proclaimed "#1 HR Solutions Provider in Southeast Asia" maintains a strong presence across the region with operations in Thailand, Singapore, Malaysia, Philippines, Vietnam, Indonesia, and beyond. Despite the challenging quarter, Humanica emphasized its 26-year history, 5,000+ active clients, and over 2 million employees under its care.
Quarterly Performance Highlights
Humanica’s Q1 2025 financial results showed mixed performance compared to the same period last year. While revenue grew slightly by 1%, net profit decreased by 1 million baht, representing a 2% decline. This performance fell short of market expectations, as reflected in the recent stock price movement.
As shown in the following quarterly comparison:
The company’s assets increased by 32 million baht from current assets compared to December 2024, while equity grew by 54 million baht. However, net cash changed by -45 million baht from Q1 2024, indicating some pressure on the company’s cash position.
The financial position as of Q1 2025 shows:
Product Portfolio Performance
Humanica’s business is built around multiple HR technology solutions targeting different market segments. The company’s flagship Workplaze platform reported 19 million baht in sales for Q1, with new clients including ISUZU, Asahi KASEI, Kashjoy, and PEPSICO.
The Workplaze platform features are illustrated here:
SunFish, another key offering, generated 80 million baht in recurring revenue and 32 million baht in non-recurring revenue during Q1. The platform serves 1,100 active customers across 16 countries with 1.2 million active users. The company reported acquiring 33 new customers representing 92,000 employees during the quarter.
The SunFish platform overview:
The company’s ERP solutions, which include SAP Business One, ORACLE NETSUITE, and SAP S/4 HANA, contributed 18 million baht in recurring revenue and 9 million baht in non-recurring revenue for the quarter.
Strategic Initiatives
Humanica outlined its growth strategy focusing on three main pillars: organic growth, mergers and acquisitions, and strategic partnerships. The company reported progress on its organic growth initiatives, including the first Thailand Workplaze implementation and expansion of sales teams.
The company’s ecosystem of solutions spans multiple categories:
Humanica continues to pursue M&A opportunities, though specific details were not disclosed in the presentation. The company also highlighted its investments in social and environmental innovation across FinTech, Health Tech, and EdTech sectors, including investments in companies like Rabbit Cash, Chess, Benix, Pharm Care, and Conicle.
Shareholder Returns & Capital Allocation
Humanica has shown a consistent increase in dividend payments, with dividend per share rising to 0.30 baht in 2024. The company also initiated a share repurchase program with a budget not exceeding 250 million baht for up to 31.25 million shares (3.6% of total shares). As of May 30, 2025, the company had repurchased 14.72 million shares at a total cost of 116.18 million baht.
The dividend trend is illustrated here:
Customer Satisfaction & Market Position
Despite the financial challenges, Humanica maintains strong customer metrics with a 98% retention rate across its 2,000+ active clients. The company’s SunFish products received high ratings on Gartner (NYSE:IT), including 9.3 for Ease of Use, 9.4 for Quality of Support, and 8.9 for Ease of Setup. SunFish was also recognized as a High Performer and Regional Leader on Gartner.
The customer satisfaction metrics are highlighted here:
Long-Term Performance & Outlook
Humanica emphasized its long-term growth trajectory, with a compound annual growth rate (CAGR) of 20.65% from 2004 to 2024. This historical performance provides context for the company’s current challenges and future potential.
The historical financial performance chart:
Looking forward, Humanica remains focused on technology transformation and expansion in the mid-market segment. The company’s commitment to a recurring revenue model and growth through partnerships aims to drive future performance, though specific guidance for the remainder of 2025 was not provided.
Conclusion
Humanica’s Q1 2025 presentation revealed a company navigating challenging financial headwinds while continuing to expand its HR technology solutions across Southeast Asia. The modest revenue growth of 1% and 2% decline in net profit underscore the competitive pressures facing the company, which were reflected in the market’s reaction to the earnings miss.
Despite these challenges, Humanica maintains strong customer metrics and continues to execute on its strategic initiatives, including product development, market expansion, and capital allocation through dividends and share repurchases. Investors will be watching closely to see if these efforts can translate into improved financial performance in upcoming quarters.
Full presentation:
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