i-Tail Corporation Public Company Limited (SET: ITC), a global leader in the pet food manufacturing industry, reported strong financial results for the third quarter of 2024. Sales grew by 10.9 percent year-on-year, reaching THB 4,436 million. Gross profit rose impressively by 71.8 percent to THB 1,320 million, while net profit increased significantly by 51.5 percent year-on-year to THB 976 million. These strong outcomes demonstrate the company’s success in driving sales and profitability by focusing on key strategic priorities, including expanding the private label portfolio in the U.S. and Europe, enhancing premium product offerings, and targeting high-growth pet food markets worldwide.
Pichitchai Wongpiya, Chief Executive Officer of i-Tail Corporation PCL. stated “Building on the year’s progress, our focus remains on reinforcing i-Tail’s position as a trusted partner for global pet food brands and private label customers across the U.S. and Europe. We prioritize delivering innovative products that meet the diverse needs of pet owners worldwide while expanding both our product range and market presence. With our team’s dedication and a well-defined strategic roadmap, we are positioned to capitalize on emerging trends in pet health nutrition.”
For the first nine months of 2024, i-Tail achieved sales revenue of THB 13,031 million, a 20.3 percent increase over the same period last year. Gross profit rose by 87 percent to THB 3,723 million, while operating profit demonstrated strong growth, increasing by 129.9 percent, reflecting the increased petfood demand, effective cost management and operational efficiency, as a result, net profit surged by 85.3 percent to THB 2,807 million. The company’s global pet food revenue footprint was led by the Americas, representing 50 percent of total sales, followed by Asia and Oceania at 34 percent and Europe at 16 percent. i-Tail’s sales were driven by three main product categories: cat food was at 72 percent, dog food was 17 percent, and pet treats was 11 percent. The company has introduced 890 new high-quality products to meet the rising demand for our products across all regions worldwide.
“i-Tail’s project pipeline remains robust, with key customer partnerships driving significant contributions to revenue. In response to growing global demand for pet food, i-Tail is capitalizing on the trend toward functional pet food products, aligning with consumer preferences for health-focused items. Furthermore, consumer interest in private label products is on the rise, presenting significant growth opportunities for i-Tail, enabling the company to expand high-quality offerings across diverse channels and market segments.” added Pichitchai Wongpiya.
Reflecting a commitment to sustainability, i-Tail received the “Green Industry Level 4” recognition for 2024 from the Department of Industrial Works. This award emphasizes the company’s dedication to producing high-quality pet food while prioritizing environmental responsibility and social contribution, aligning with the SeaChange® 2030 sustainability strategy. The company also actively engages with local communities through CSR programs in supporting sustainable coexistence.
“Looking forward, i-Tail is dedicated to leading the pet food industry and pet nutrition through innovation, aligning our growth strategy with the preferences of today’s pet owners who prioritize health-oriented products. With our experienced team and robust portfolio, we are well-prepared to improve the well-being of pets globally and expand our market presence through strategic partnerships and sustainable practices.” concluded Pichitchai Wongpiya.
