HaadThip Public Company Limited (SET: HTC) has released its Q3 2024 financial results, reporting a sales revenue increase of 1.87 billion baht, a rise of 0.3% compared to the same period last year. This growth was achieved despite challenging weather conditions, including widespread flooding in multiple areas. Meanwhile, the 9-month sales revenue for 2024 amounted to 6.2 billion baht, representing a growth of 5.4% year-on-year. According to Nielsen Thailand, the non-alcoholic ready-to-drink beverage market in Southern Thailand experienced growth of 10.8% during the first nine months of 2024. The positive trend is expected to carry into Q4, traditionally a peak season for tourism and celebrations, further stimulating market activity in the region.
HaadThip, the licensed manufacturer and distributor of Coca-Cola products across 14 provinces in Southern Thailand for The Coca-Cola Company (USA), reported sales revenue of 1.87 billion baht for Q3 2024, reflecting a year-on-year increase of 0.3%. The monsoon season, which traditionally slows consumer goods sales, and regional flooding contributed to slightly softer demand. HaadThip’s Q3 2024 net profit is at 129 million baht, decreasing by 3.6% compared to the same period last year driven by the high cost of key raw materials e.g. sugar and aluminum cans.
For the 9-month period of 2024, the company continued its growth, achieving sales revenue of 6.2 billion Baht, an increase of 5.4% compared to the same period last year. However, net profit amounted to 471 million Baht, a decrease of 2.6% from the previous year, primarily due to rising raw material costs. The company maintained a net profit margin of 7.6% and demonstrated strong financial standing with a debt-to-equity ratio of only 0.7 times.
Major General Patchara Rattakul, Chief Executive Officer, expressed confidence in the company’s prospects for the final quarter, stating: “Despite a slowdown in Q3 sales, driven by seasonal market cycles, data from Nielsen Thailand shows a 10.8% growth in the non-alcoholic ready-to-drink beverage market in Southern Thailand over the first nine months of 2024. This includes 10.2% growth in sparkling soft drinks, 12.4% growth in bottled water, and 17.9% growth in ready-to-drink juices. We are optimistic that the upcoming Q4 high season for tourism and festive celebrations will further invigorate market demand, supporting our ongoing sales growth.”
The Tourism Authority of Thailand (TAT) recently noted that foreign tourist arrivals in the final four months of 2024 (September to December) are expected to surpass 12 million, marking a 20% increase over the previous year. This uptick in tourism is anticipated to generate national revenue of 652.826 billion baht, providing a significant boost to market activity and consumer spending.
