- SABINA’s H1/2023 performance highlights 10.2% revenue growth,
- Board greenlights interim dividend payment at 0.66 baht per share,
- H2/2023 to move full steam on overseas market following Philippines’ outstanding growth
SABINA posted its operating results for the first half of 2023 (January to June), reporting 1,730.7 million baht of revenue, a 10.2% YoY increase, with 230.1 million baht of net profit, a 9.1% YoY increase. The key growth driver is the momentum sustained since the start of 2023 after the company’s rebranding move. SABINA also launched a new product called ‘Braless: Feel Like No Bra’ that generated continuous sales for the past six months. The Board of Directors approved the interim dividend payment for the first-half performance at the rate of 0.66 baht per share. SABINA states that for the second half of the year, it will run overseas marketing campaigns at full throttle, seeing that its investment in the Philippines has been more successful than projected. As SABINA prepares to go forward with its promotional events, it is confident that this year’s revenue will be record-breaking as targeted.
Ms. Duangdao Mahanavanont, CEO of Sabina Public Company Limited (SET: SABINA), manufacturer and distributor of SABINA lingerie, revealed that SABINA continues to maintain the growth rates of its revenue and net profit at satisfactory levels. For the first half of the year, SABINA’s total revenue was 1,730.7 million baht, a 10.2% YoY increase, and its net profit reached 230.1 million baht, a 9.1% YoY increase, while the net profit margin stood at 13.3%. Such growth stemmed from two main sales channels, namely the retail channel’s 7.7% YoY growth and the non-store retailing (NSR) channel’s 20.9% YoY growth, while the OEM channel contracted by 5.2% in alignment with the economic slowdown in Europe and the United Kingdom.
“The main contributory factor in the first half of 2023 is the momentum built up since the start of the year upon our decision to ‘rebrand’ and launch a new product in the Braless Collection–a new innovation from SABINA which gives you a comfortable feeling like you’re not wearing a bra. The Braless trend gained traction and sales soared continuously, especially in the first three months of 2023. The uptrend, combined with the strong rebound in domestic consumption, catapulted this product into our bestseller items. In the second quarter, sales will still be buoyed by the rising number of tourist arrivals to Thailand, leading to a more dynamic economy and boosting consumer spending. At the same time, SABINA has diversified our business so that in addition to lingerie, we also offer new customer experiences in the form of casual wear, swimwear, sleepwear, including other goods in forms and designs from collaboration with partners that have unique characteristics, which better suit customers’ lifestyles,” the CEO of SABINA said.
Based on the performance for the first half of the year which showed consistent growth, the Board of Directors’ Meeting resolved to approve the payment of interim dividend from SABINA’s operating results for the six-month period (January to June) of 2023 at the rate of 0.66 baht per share, with the record date set as 29 August 2023 and the payable date set as 12 September 2023
As regards the outlook for the second half of 2023, SABINA is positive that it is moving in the right direction, particularly after its acquisition of 77% of shares of Moda SBN, a local retailer that is the distributor of SABINA brand goods in the Philippines. Currently, Moda SBN’s sales growth rate has exceeded SABINA’s expectations, with Q2 as the first full quarter that SABINA recognized its revenue per shareholding proportion from Moda. Looking ahead, SABINA is preparing to organize events to raise brand awareness and stimulate purchasing power in the Philippines, though it will also keep its eyes open for more opportunities to expand into overseas markets in accordance with SABINA’s five-year plan to become a regional brand, starting from Southeast Asia.
“Ever since the disruptions during the COVID-19 period to date, we can say that things have returned to a semblance of normality for us, given that the pandemic indeed reshaped several aspects, especially consumer behaviors in terms of product preferences and buying channels. All of this has taught us to learn, adapt, and transform in sync with the altered landscape, which is why we believe that SABINA’s sales in this year will most assuredly reach a record high according to our target,” Ms. Duangdao said.
