ICHI announced its Q2/2023 financial report with continuous growth. It achieved sales revenue of 2,029.7 million Baht, a change of 25.6%, and a net profit of 255.6 million Baht, a remarkable increase of 67.6%. This marks the 29th consecutive quarter of surpassing records. Looking ahead to Q3/2023, the company’s prospects are promising, driven by a robust beverage business supplemented by income from export markets and OEM. The company’s production capacity and margins are also expected to increase. As a result, the management has promptly adjusted its target. Previously projected at 7,300 million Baht for this year, the new target is set at 7,600 million Baht, reflecting a growth of around 20% from the previous year. The management emphasizes that ICHI is poised for further growth.
Mr. Tan Passakornnatee, CEO of Ichitan Group PCL (SET: ICHI), announced its Q2/2023 performance, reporting a revenue of 2,029.7 million Baht (up 25.6%) and a net profit of 255.6 million Baht (up 67.6%) compared to the same period last year. This marks a new record for the 29th consecutive quarter, with a solid initial profit margin of 23%. In H1/2023 (January-June), the company’s revenue increased by 26.3% to 3,862.3 million Baht, and the net profit rose by 86.1% to 477.3 million Baht.
The Ready-to-Drink (RTD) Tea segment experienced continuous growth in both volume and value, contributing to the company’s strong market position as of June 2566 (YTD), driven by the success of its domestic beverage business, including popular brands such as Yen Yen Herbal Tea, Tansansu Korean soda, and Ichitan Alkaline Water Plus CBD. Additionally, the company’s exports to CLMV countries (Cambodia, Laos, Myanmar, and Vietnam) increased by 5.83% in Q2, reflecting the recovering economy and anticipating a further improvement in the latter half of the year.
While Ichitan OEM Service observed an increase in revenue from significant partners during Q2, the utilization rate also surpassed 70%, and it is anticipated to remain favorable in the latter half of the year as customers are waiting for production. Confident that OEM will be a shining business this year, the company aims to exceed the target of 100 million Baht.
For Q3/2023, positive trends continue, focusing on market penetration and planning to introduce new products in several SKUs, including expanding negotiations with new partners to enhance production capabilities and sustain continuous profitability.
Recently, ICHI has demonstrated sustainable growth and received the prestigious Thailand Best Managed Companies 2023 award from Deloitte Private, recognizing its excellent management and contribution to the country’s industry and economy. Ichitan takes great pride in receiving this international-standard award, held in 46 countries worldwide for the past 25 years. Additionally, the company was honored with a Green Industry Level 5 award from the Department of Industrial Works (DIW), Ministry of Industry, reaffirming its role as an environmentally conscious model factory. This further emphasizes Ichitan’s commitment to delivering value back to consumers, shareholders and being socially responsible.
