Carabao Group Public Company Limited (SET: CBG) has announced 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
741.04 | 529.62 |
| Earning Per Share
(Baht) |
0.7400 | 0.5300 |
| % Change | 39.92 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
2,060.01 | 1,274.93 |
| Earning Per Share (Baht) | 2.0600 | 1.2700 |
| % Change | 61.58 | |
CBG reported a net profit in 3Q24 of Baht 741.04 million, an increase of Baht 211.42 million or 39.92% compared to the same period of the previous year.
Meanwhile, the operating results for the nine months ended 30 September 2024, the company reported a net profit according to the consolidated financial statements of Baht 2.06 billion, an increase of Baht 785.08 million or 61.58% compared to the same period of the previous year.
The increase in net profit is a result of the increase of sales, cost reduction, efficient operational expenses, and sharing EFL fee of the sponsorship rights to the company’s beer brewing business partners for their marketing purposes.
Total revenue from sales was THB 5,098 million, up by +8% YoY. Of which, revenue from sales of the company’s branded own products was THB 3,020 million, up by +8% YoY, driven by the strong growth in domestic sales of Carabao Dang energy drinks. This growth is attributed to a continuously increasing market share, supported by the company’s continued core strategy of maintaining a retail selling price of 10 Baht. Additionally, the company expanded its distribution strategy, broadening its coverage through partnerships with small wholesalers to enhance distribution channels.
Furthermore, revenue from 3rd party products for distribution was THB 1,824 million, up by +26% YoY. The increase was mainly due to the distribution of alcoholic beverages. Revenue from other product segments was THB 175 million, down by -56% YoY, which was mainly due to significant supplying packaging materials including glass bottles, aluminum cans and various packaging materials, to Carabao beer and Tawandang beer producers in Q3/2023, in preparation for new product launches in Q4/2023.
Selling and administrative expenses were THB 576 million, down by -12% YoY, representing 11% of the SG&A to total revenue from sales which gradually decreased compared to 14% 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 -38% YoY, resulting from sharing the sponsorship rights of EFL to the company’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.
