Thai Beverage announced a 4.9% decline in net profit to 7 billion baht (S$257 million) for the second quarter ending on March 31, 2024, down from 7.4 billion baht in the corresponding period last year. The decrease attributed primarily to a reduced share of profits from its associated companies and joint ventures.
Earnings per share dropped to 0.28 baht from 0.29 baht in the same period last year. Despite the decline in net profit, sales revenue for the second quarter increased by 6.3% to 71.6 billion baht, up from 67.4 billion baht. This growth was driven by heightened sales across its beer, non-alcoholic beverages, food, and spirits businesses.
Sales revenue of the spirits business saw a rise of 0.6% to 31.6 billion baht, attributed to price adjustments and portfolio mix. The segment’s net profit increased by 2.3% to 5.8 billion baht. Meanwhile, sales revenue of the beer business recorded a robust growth of 12.8% to 29.9 billion baht, fueled by increased sales volume and the benefits of price adjustments from the previous year, resulting in a 35.1% surge in net profit to 755 million baht.
Sales revenue in the non-alcoholic beverages increased by 8.6% to 5.2 billion baht, driven by a rise in sales volume across all categories, leading to a notable 81.3% growth in net profit to 281 million baht. The food segment achieved a 4.5% uptick in sales revenue to 4.9 billion baht, attributed to expanded brand visibility and accessibility through new stores. However, the segment reported a net loss of 30 million baht, contrasting with a profit of 7 million baht in the previous year after considering costs.
The company approved an interim dividend of 0.15 baht per share for the half-year, consistent with the previous year. The dividend payout is scheduled for June 12, following the books closure on May 29. Overall, for the half-year period, sales revenue slightly decreased by 0.4% to 147.7 billion baht, with the decline in beer sales offset by increases in spirits, non-alcoholic beverages, and food sales. The net profit for the half year declined by 5.6% to 15.2 billion baht, largely due to a significant drop in contributions from associated companies.
