Prior to the first trading day in the Thai stock market on October 4, 2024, Pluk Phak Praw Rak Mae Public Company Limited (SET: OKJ) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss)
Million Baht |
59.45 | 40.45 |
| Earning Per Share
(Baht) |
0.1300 | 17.9800 |
| % Change | 46.97 | |
| 6 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
102.36 | 73.93 |
| Earning Per Share (Baht) | 0.2300 | 32.8600 |
| % Change | 38.46 | |
For the six-month period ended 30 June 2024, OKJ’s net profit increased to THB 102.4 million, representing a growth rate of 38.6%, compared to THB 73.9 million from the same period last year.
However, the net profit margin decreased to 9.2%, compared to 9.5% from the same period last year. This decrease was driven from the increase in raw material costs, marketing campaign, and higher administrative expenses associated with the company’s preparation for listing on the Stock Exchange of Thailand.
Revenue from sales increased to THB 1,097.0 million, representing a growth rate of 41.3%, compared to THB 776.5 million from the same period last year.
The expansion in the number of branches has driven growth, as the company opened 6 additional Full-service Restaurant branches since the second quarter of 2023, leading to an overall increase in sales. Furthermore, the company has recognized revenue from sales from new brands including Ohkajhu Wrap & Roll and Oh! Juice which opened the first store in April 2024 and May 2024, respectively.
Meanwhile, OKJ also announced its information memorandum, with details on the public offering for newly issued shares as follows:
About OKJ
Pluk Phak Praw Rak Mae Public Company Limited (SET: OKJ) is a business operator providing services and healthy cuisine including food, beverages, and other products under the concept “Be Organic from Farm to Table” as well as other food and beverage services, with a focus on cultivating organic vegetables, and offering food and beverages made from high-quality organic ingredients.
The offering price is set at THB 6.70 per share, with a maximum amount of 159,000,000 offered shares, equivalent to not more than 26.1 percent of the company’s total issue paid up shares after the offering of newly issued ordinary shares. However, the final number of this offering shares will be at the discretion of the company, and the underwriters.
OKJ expects to receive funds from the initial public offering (after deducting the cost of offering securities) of approximately THB 1,023.9 million and intends to use them as follows:
First, approximately THB 753.9 million for business expansion, including but not limited to the expansion of branches for Ohkajhu, Ohkajhu Wrap & Roll, and Oh! Juice, and/or the expansion of new businesses or brands, renovation, and increasing of distribution channels.
Second, approximately THB 190 million for investment in a new central kitchen and development of machinery, equipment, a vegetable washing room, and an information technology system to increase efficiency in relation to production, inventory management, logistics, the office, etc.
Third, approximately THB 30 million for investment in machinery, equipment, and utilities to increase cultivation efficiency and establishment of facilities for quality inspection of products (in-house lab), etc.
Fourth, approximately THB 50 million for the repayment of long-term loans from financial institutions.
The projected timeline for the first three is forecasted to conclude between 2024 and 2028, with the fourth expected to be completed between 2024 and 2025.
The foregoing estimates of the company are the best estimates of the expected use of the Net Proceeds from the Combined Offering, based on the current business plan and estimated expenses of the company as of the date of this Information Memorandum.
Future business plan and actual expenses may vary, causing the actual expenditure plan to differ from the estimates above. In addition, the final number of shares offered in the Combined Offering may be less than the maximum number of offered shares, as disclosed in this Information Memorandum, which may result in the Net Proceeds falling below the aforementioned estimates.
Consequently, the company may need to reallocate the net proceeds, although the company believes that this would not have a significant effect on the investment plan. OKJ shall carry out the business and investments in accordance with the relevant regulations of the Thai SEC and the SET.
