Osotspa Public Company Limited (SET: OSP) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q23 | 1Q22 |
| Net Profit (Loss) Million Baht |
777.90 | 749.71 |
| Earning Per Share (Baht) |
0.1100 | 0.1300 |
| % Change | 3.76 | |
The company delivered Q1’23 net profit of THB 778 million, increased by +3.8% YoY and +131.1% QoQ, with net profit margin of 11.9%, +190 bps YoY and +670 bps QoQ.
Excluding the THB 300 million dividend received from investment in other companies, the adjusted Q1’23 net profit showed an impressive increase of 41.8% QoQ.
Q1’23 revenue from sales declined by 12.4% when compared to record-high quarter last year but increased by +1.8% QoQ to THB 6,545 million, driven by volume recovery of domestic energy drinks and strong growth in international beverages.
In terms of gross margin, it expanded by 170 bps YoY and 350 bps QoQ to 33.4%. The strong QoQ improvement came as the improved production efficiency of both beverage and glass factories, and favorable commodity and natural gas prices, which partly offset electricity cost hike. Also, production efficiency has been improved in the existing glass furnaces, shutdown and postpone cold tank repair of an end-of-life, resulting in higher yield and lower energy consumption. Moreover, volume recovery helped leveraged production fixed costs.
Categorizing growth by sectors, CLMV achieved record-high quarterly sales in Q1 ’23 despite the challenging political and economic environment in regional countries from border closure, economic slowdown, and currency fluctuation. The segment reported a growth of 15.1% YoY and normalized FX growth of 25.9% YoY.
Domestic energy drinks recovered QoQ after escalating the two-price tier strategy implementation with M-150 original for THB 12 segment and M-Honey for THB 10 segment.
OSP’s personal care revenue in Q1’23 reached THB 556 million, showing a slight increase from last year.
Overall, other segment revenues showed strong growth of 26.4% YoY to THB 710 million, mainly driven by an increase in OEM of glass bottles. This helped maximizing the utilization of the manufacturing facilities and leveraging fixed operating costs.
