Ichitan Group Public Company Limited (SET: ICHI) announced stellar financial results for the first quarter of 2024, with revenue and profit reaching unprecedented levels.
Highlights for Q1/2024:
- Revenue surged 17% year-over-year to THB 2,140.3 million, an all-time quarterly high
- Net profit soared 64% to THB 363.8 million compared to Q1/2023
- Gross profit margin expanded to 26% from 20.8% in the prior year period
- All beverage segments exhibited robust growth driven by strong domestic demand
“Our outstanding Q1 results showcase the incredible momentum at Ichitan, fueled by our innovative product portfolio and effective execution across markets,” said Tan Passakornnatee, CEO of Ichitan Group. “The early arrival of the hot season this year catalyzed consumer demand for our refreshing beverages.”
The ready-to-drink tea segment continued its strong growth trajectory, while the non-tea category gained significant traction. The “Tansansu” Korean-style soda and “Ichitan pH Plus” alkaline water brands emerged as standout performers, catering to evolving consumer preferences. Creative marketing campaigns like #HoneyLemonWarrior for the popular “Tansansu Honey Lemon Soda” variety resonated well with young audiences.
Ichitan’s manufacturing facilities operated at nearly full capacity of 100 million bottles per month to meet the surging demand. Leveraging economies of scale and strategic OEM partnerships further augmented profitability.
Looking forward to Q2/2024, the company anticipates the positive trend to persist during the peak hot weather seasons. A series of product launches is in the pipeline, including the “Tan Power” energy drink and the revival of “Ichitan Chew Chew” green tea with coconut jelly snack drink. Aggressive marketing campaigns across all segments will reinforce Ichitan’s brand identity.
“With our expanded production capabilities coming line in Q4, coupled with our proven brand-building strategies, we are confident in achieving our revenue target of THB 9 billion for fiscal 2024,” added Tan. “Ichitan will continue delivering outstanding value to our shareholders.” Ichitan’s operations in Indonesia have also rebounded, re-establishing a solid profit base and a positive outlook for the future.
