On Thursday, share price of Maguro Group Public Company Limited (mai: MAGURO) at the time of 11.00 a.m., were at THB 19.70, or 5.91% gain.
On Wednesday, MAGURO reported a net profit of THB 34 million for 4Q24, a 17% quarter-on-quarter and 150% year-on-year growth, which is in accordance with experts estimation, while also reaching its new high. The increased net profit was due to strong revenue growth that also broke the company’s record.
In 4Q24, total revenue has expanded 12% QoQ and 45% YoY, the jump was attributed to same store sales growth (SSSG) widen 1.8% YoY, and the expansion of the six new branches QoQ, and 13 branches YoY. In 2024, MAGURO had a total of 38 stores.
Gross profit margin (GPM) was sustained at 47.5% QoQ, and has extended by 44.5% from 4Q23 despite the inflating price of salmon. However, MAGURO may be able to contain the cost due to inventory management and revenue mix, which come from Hitori and newer brands that have higher profit margin than MAGURO proper.
Cost went up by 14.6% QoQ and 41% YoY, due to expenses in its new restaurants, bringing selling, general and administrative expenses (SG&A) to sales up to 35.7% from 35% in 3Q24, although it is lower than 36.7% in 4Q23 due to stronger revenue growth.
In 2024, net profit rose to THB 97 million, or 33% YoY. The gain was contributed by 32% increased revenue, and GPM has expanded 70 bps to 45.9%.
Finansia Syrus Securities stated that MAGURO profit in 1Q25 is expected to grow YoY and relatively flat QoQ. Despite higher salmon cost from seasonal factors, the company could realize full quarter revenues from the new branches opened in 4Q24.
MAGURO has announced dividend pays at THB 0.3 per share for 2H24, representing a 1.6% dividend yield. Totaling to a full year dividend of THB 0.67 per share from an 87% payout ratio.
