Mr. Jittiporn Jantarach, the CEO of Exotic Food Public Company LimitedCo., Ltd. (mai: XO), a major exporter of seasoning sauce, dipping sauce, and Thai food ingredients, revealed to “Kaohoon Turakij” that the company’s business plan for the year 2024 expects to achieve a new all-time high in performance.
The company aims for a revenue growth of at least 20% from sales, with improved profitability compared to the previous year. In 2023, the company reported a total revenue of 2,533.85 million baht and a net profit of 785.04 million baht.
The revenue growth will primarily come from increasing orders from customers in expanded markets, particularly in Europe. This will lead to higher production capacity utilization, resulting in reduced production costs per unit or economies of scale, coupled with efficient cost management. This will enhance both the gross profit margin and net profit margin.
In Q1 2024, the company anticipates a strong performance compared to the same period in 2023, exceeding the set target with an expected sales revenue of no less than 700 million baht. This is in line with the business expansion in existing markets where orders have increased.
For Q2 2024, the company estimates that sales revenue will remain consistently strong, with figures similar to Q1 2024, expected to be no less than 650 million baht. This is due to the increasing orders from main markets in Europe and other continents, driven by consumer demand, marketing activities, and high-quality products at competitive prices. Despite a slight slowdown in orders from customers in the American market, overall growth is on track.
Mr. Jittiporn also mentioned the progress of investments in expanding new production lines in the Amata City Industrial Estate, Rayong Province. The completion and commercial operation of the new production line by the end of 2024 will enhance the company’s capability to accommodate more orders, with machinery capable of handling sales worth over 1 billion baht. Additionally, plans to construct a new factory in the Rojana Industrial Park, Chonburi Province is scheduled to commence in mid-2024 and complete by the end of 2025.
The share price of XO rose 5% in the morning session to reach THB32.00 per share.
