- Q3 sales reach 2,141.9 million baht (+3.1% YoY)
- Net profit hits 357.3 million baht with 25.7% gross margin
- Interim dividend of 0.60 baht/share (7.2% yield)
- Nine-month profit grows 36.6% to 1,099.9 million baht
Ichitan Group Public Company Limited (SET: ICHI) continues its growth trajectory with robust third-quarter results and announces its latest shareholder reward program. The company’s stellar performance is backed by strong product portfolio performance and efficient cost management strategies.
Financial Performance and Dividend Net profit for the first nine months of 2024 reached 1,099.9 million baht, representing a 36.6% increase year-over-year, with earnings per share of 0.84 baht. The Board has approved an interim dividend of 0.60 baht per share, offering an attractive yield of approximately 7.2% (based on October 30, 2024 stock price). The XD date is set for November 22, 2024, with payment scheduled for December 6, 2024.
Operational Excellence “Our diversified beverage portfolio continues to drive growth,” says Tan Passakornnatee, CEO of Ichitan Group PCL. The ready-to-drink tea market grew 14.04% in the first nine months of 2024, with Ichitan Green Tea leading the segment. The company maintained an impressive 79% machine utilization rate, contributing to the strong 25.7% gross profit margin.
Additionally, the company has received a 5-star or “Excellent” rating in corporate governance for the eighth consecutive year in the Corporate Governance Survey of Thai Listed Companies (CGR) 2024 by the Thai Institute of Directors Association (IOD). ICHI also earned the CAC Change Agent Award 2024 from the Private Sector Collective Action Coalition Against Corruption (CAC). These accolades reflect ICHI’s commitment to high standards, transparency, and corporate governance, as well as its dedication to fostering anti-corruption efforts in the Thai private sector for sustainable development aligned with good governance principles for the economy, society, and environment.
In the final quarter of this year, ICHI will continue to introduce innovative beverages that prioritize quality and environmental responsibility. The latest offerings include the charming “Ichitan x Mackcha” collaboration featuring “Chalotte, The Girl of an Enchanting Underwater Kingdom” on 100% recyclable rPET packaging, aimed at Gen Z, and the exciting new “Ichitan Candy Apple” with a delightful apple scent. Additionally, the popular “Ichitan Chrysanthemum Tea with Honey” returns for the year-end celebrations, a product eagerly anticipated by consumers. The newly installed production line, expected to commence operations by the year’s end, will further support the company’s 2024 sales target of 9 billion baht.
