The share price of Exotic Food Public Company Limited (mai: XO) rose THB2.30 or 9.50% to trade at THB26.50 per share on Wednesday after the company reported strong 2Q23 earnings last night.
| Quarter | 2Q23 | 2Q22 |
| Net Profit (Loss) Million Baht |
212.84 | 94.81 |
| Earning Per Share (Baht) |
0.5000 | 0.2200 |
| % Change | 124.49 | |
| 6 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
309.31 | 189.97 |
| Earning Per Share (Baht) | 0.7300 | 0.4500 |
| % Change | 62.82 | |
XO reported a net profit of Baht 212 million in 2Q23, increased 125% from a net profit of Baht 94 million in 2Q22. The increase was mainly due to an acceleration in revenue from sales and gross profit margin.
In 2Q23, the company’s total revenue from sales was Baht 616.26 million, which increased by Baht 224.64 million or 57.36% when compared with the same period in 2022. Such an increase stemmed from an increase in sales volume of sauces and condiments in Europe and Americas as well as an increase in products’ selling prices.
Gross profit margin has increased to 48.24% in 2Q23 as compared to the same period of last year. This is because the customers’ purchase orders had increased, and as a result, the overall utilization rate was higher, and consequently, the production cost per unit has decreased.
Moreover, the company also raised products’ price during 1Q23. When compared to 1Q23, gross profit margin in 2Q23 increased due to an increase in the customers’ purchase orders, and as a result, the overall utilization rate was higher, and consequently, the production cost per unit has decreased.
In addition, the Board of Directors approved a dividend payment of THB0.358 per share to be paid on September 14, 2023. The ex-dividend date is August 31, 2023.
