Pichitchai Wongpiya, CEO of i-Tail Corporation Public Company Limited (SET: ITC) revealed that the prospect of 4Q24 performance has been positively compared to the same period of previous year and quarter, due to total orders covered 95% of the company’s target and despite a marginal impact to gross profit from rising costs.
Currently, the company’s customer base can be categorized into three groups including:
- Customers from the United States accounted for around 50%, which has greatly expanded from the fourth global brand’s customer added to the company’s portfolio, this group would also see a new product lineup in the future.
- Customers from Europe accounted for 16%, which saw expansion from the United Kingdom and Germany’s market.
- Customers from Asia and Oceania accounted for 34%, which saw a decrease from the Japanese market’s reduced orders caused by the currency issue, additionally, newer customers from Australia may increase future revenue.
Meanwhile, the state of the economy that would influence pet owner buying decisions has greatly improved, and the pet food market perspective in five to six years from now would see an annual growth of 6%. ITC aims to focus on fast-growing countries, including both countries that ITC already has a foothold or newer countries.
i-Tail is highly confident that 2024 revenue will grow approximately 15-17% from last year. The company has revised its gross profit margin goal to 26-28%, while setting sales and administrative costs to 8-9%, and maintaining the investment budget at THB 1.4 billion. At present, the company has already used THB 800 million of its budget.
Simultaneously, the Chief Financial Officer of Thai Union Feedmill Public Company Limited (SET: TFM) has also expressed a positive outlook on the company’s 4Q2024 performance from a delay in shrimp nursery, and a price hike in fish and shrimp, causing the company’s peak growth period to shift from the third quarter to fourth.
