i-Tail Corporation Public Company Limited (SET: ITC) reports business results for the second quarter of 2024, achieving total sales of THB 4,567 million, marking a 41 percent increase, and a net profit of THB 1,009 million, a remarkable 127 percent increase compared to the same period last year. This growth was driven by the increased global demand for pet food products, the increased proportion of premium product sales and price adjustment, significantly contributing to i-Tail’s record-high quarterly gross profit margin of 30 percent. These results reflect the company’s robust business and ability to generate profit, despite facing economic fluctuations and intense competition in the global market.
Pichitchai Wongpiya, Chief Executive Officer of i-Tail Corporation PCL, said, “We have observed a continuous recovery in the pet food market across many regions worldwide. However, economic pressures continue to impact i-Tail’s business operations and the industry. Despite the challenges, we remain optimistic about achieving higher sales growth driven by our innovative product launches in the remaining quarters of this year. In addition, the Company has been actively progressing a growth acceleration program designed to drive positive changes within our business to achieve the long-term goal of reaching sales of USD 1.5 billion by 2030.”
For the business results of the first half of 2024, i-Tail Corporation reported total sales revenue of THB 8,596 million, reflecting a 26 percent increase, and a net profit of THB 1,831 million, representing an exceptional 110 percent growth compared to the same period last year. The company decided to approve the interim dividend of THB 0.40 per share. This represents a notable 66 percent payout ratio of the total net profit for the first six months. Dividends will be paid to shareholders on September 3, 2024, and the list of shareholders entitled to receive dividends will be announced on August 20, 2024, with the XD sign scheduled to be posted on August 19, 2024.
In terms of total sales for the first six months of 2024, i-Tail had a sales proportion in the Americas accounting for 49 percent of total revenue, while Asia and Oceania contributed 34 percent, and Europe accounted for 17 percent. By product segments, cat food was at 70 percent, dog food was at 15 percent, pet treats was at 11 percent, and the other segment was at approximately 2 percent. The Company has launched over 700 new products to meet the increasing demand for our products and places a strong emphasis on expanding our presence in private label and pet specialty store channels, recognizing the positive opportunities in the U.S. and many countries in Europe.
In response to the growing pet humanization trend in Thailand, i-Tail has introduced brand presenters for ‘Bellotta,’ a premium cat food, and ‘ChangeTer,’ a kidney-friendly formula for both cats and dogs. The initiative aims to strengthen our market position and demonstrate our ability to deliver pet food products that stand out for palatability and offer complete nutritional value. Through our commitment to world-class technology standards, we aim to win the hearts of pet parents in Thailand.
Furthermore, the company has demonstrated outstanding performance in the first half of 2024 by achieving a significant milestone with an inclusion in the SET50 Index for the second half of the year, as announced by the Stock Exchange of Thailand (SET). The recognition highlights the company’s strong fundamentals and organizational management and robust financial policies. This inclusion will enhance the confidence among investors both domestically and internationally.
Last but not least, the company’s cat food research center, ‘i-Cattery,’ has achieved a groundbreaking milestone by becoming the first private-sector company in Thailand and the only pet food manufacturer worldwide to receive accreditation from the Association for Assessment and Accreditation of Laboratory Animal Care (AAALAC) International. The accreditation affirms that i-Cattery’s operations adhere to rigorous international standards and demonstrate a strong commitment to the ethical treatment and welfare of laboratory animals. Consequently, the research conducted at the center is characterized by high quality, accuracy, and reliability, further strengthening i-Tail’s position as a leader in the pet food industry.
“I am confident that our strategy to drive positive change through organizational excellence, effective cost management, and consistent innovation development that enhances the value of our business will ensure that i-Tail remains on the right path. This strategic approach will not only enable us to maintain robust performance throughout 2024 but also foster sustainable growth for the future,” concluded Pichitchai Wongpiya.
