Sri Trang Agro-Industry Public Company Limited (SET: STA) has has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q24 | 1Q23 |
| Net Profit (Loss)
Million Baht |
-329.70 | 287.92 |
| Earning Per Share
(Baht) |
-0.2100 | 0.1900 |
STA reported a net loss of THB 329.7 million in 1Q24, representing a decrease in net loss of 21.9% QoQ but declining 214.5% YoY from a net profit in 1Q23, mainly attributable to the lower profit margin of the Natural Rubber (NR) business.
Meanwhile, the company recorded a total revenue of THB 23,677.8 million, growing 9.1% QoQ, and THB 914.8 million in EBITDA, increasing 64.6% QoQ. The NR business recorded higher revenue in 1Q24, driven by an increase in selling prices, which were buoyed by demand from non-China tired producers that had started to recover in late 2023. Sales volume also rose QoQ. However, the rise in raw materials costs put a pressure on the gross profit margin as selling prices did not increase to the same extent.
For the second consecutive quarter, the glove business broke a new record in sales volume, reaching 10,091 million pieces in 1Q24. The gross profit margin of the glove business slightly decreased to 8.4%.
Sri Trang Group has implemented Digitalization and Digital Transformation technologies across all its operations, aligning with its identity as a Green Rubber Company, a commitment that has been upheld for over a decade. This initiative marks the beginning of the ‘Sri Trang Ecosystem,’ a system that gathers and connects a wealth of data, ensuring transparency and traceability throughout the entire supply chain. The company emphasizes its leadership role in differentiating itself and pursuing sustainable growth, spearheading a global revolution in the natural rubber industry.
