Carabao Group Public Company Limited (SET: CBG) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
690.74 | 481.52 |
| Earning Per Share (Baht) |
0.6900 | 0.4800 |
| % Change | 43.45 | |
| 6 Months | 6M24 | 6M23 |
| Net Profit (Loss) Million Baht |
1,318.97 | 745.31 |
| Earning Per Share (Baht) | 1.32 | 0.75 |
| % Change | 76.97 | |
CBG reported a net profit of THB 691 million, up by 43% YoY, resulting from the increase of sales, cost reduction, efficient operational expenses for the reasons mentioned above, and sharing EFL fee of the sponsorship rights to its beer brewing business partners for their marketing purposes.
Total revenue from sales was THB 4,954 million, up by +5% YoY. Of which, revenue from sales of its branded own products was THB 2,900 million, down by -4% YoY but growing by +2% QoQ. This growth was driven by improved domestic sales of Carabao Dang energy drinks following the sales strategy with partners to maintain optimal inventory levels, as well as a continuous increase in market share.
Furthermore, revenue from 3rd party products for distribution was THB 1,723 million, up by +19% YoY. The increase was mainly due to the distribution of alcohol beverages. Revenue from other product segments was THB 261 million, up by +50% YoY, which was mainly derived from producing and supplying the packaging materials including glass bottles, aluminum cans and various packaging materials, to the 3rd parties and Carabao beer and Tawandang beer producers.
Gross profits were THB 1,372 million, up by +9% YoY, which was equivalent to the gross profits margin of 28% compared to 27% the same period in the previous year while the changing of product mix as well as a higher proportion of revenue from lower margin of 3rd party products for distribution.
Selling and administrative expenses were THB 533 million, down by -25% YoY, representing 11% of the SG&A to total revenue from sales which gradually decreased compared to 15% from the previous year, as a result of the cost planning including marketing, sales promotion, and operational costs, to maximize efficient core strategy consistently.
Meanwhile, sponsorship fees were down by -36% YoY, resulting from sharing the sponsorship rights of EFL to CBG’s beer brewing business partners, with 50% portion of the amount paid by the company to EFL for each season starting from the 2023/2024 season onwards.
Additionally, CBG approved an interim dividend payment of THB0.60 per share to be paid on 6 September 2024. The ex-dividend date is 22 August 2024.
