SINGAPORE (Feb 14): Thai Beverage (ThaiBev) has achieved a positive set of results for the first quarter ended Dec 31, 2019, following changes in accounting rules and a reshuffling of some its beverages.
During the quarter, its earnings grew 14% y-o-y to THB8.42 billion ($375 million) from THB7.42 billion and revenue rose 4% y-o-y to THB75.68 billion from THB72.63 billion.
The improvements in top and bottom lines came largely from its spirits and non-alcoholic beverages businesses.
ThaiBev sold more spirits, up 4.2% y-o-y, to 189.4 million litres. It also sold more soda, up 15% y-o-y, to 12.8 million litres. As a result, the spirits business’ revenue and earnings contributions were higher y-o-y.
Its non-alcoholic beverages business, meanwhile swung into the black as total sales volume rose 1.9% y-o-y to 399.4 million litres.
It recorded earnings of THB27 million on the back of higher revenue of THB4.21 billion.
However, the performance of the company’s beer business was mixed.
While it recorded higher sales revenue of THB33.22 billion, earnings more than halved to THB178 million as beer volume fell.
Its flagship Chang beer — including those of its subsidiary Saigon Alcohol Beer and Beverages Corp (Sabeco) — recorded lower volume of 731.4 million litres, down 0.1%.
Chang Soda and Chang Water, which are now under the beer business, also recorded lower volume of 18.3 million litres, down 43%.
The food business also posted a mixed performance.
While sales revenue increased to THB3.87 billion on the back of higher revenue contribution from Oishi food, earnings declined 13.2% y-o-y to THB131 million.
As at Dec 31, 2019, ThaiBev has a net debt to equity ratio of 1.17 times, down from 1.3 times the year before.
Shares of ThaiBev closed up 0.5 cent or 0.6% at 78.5 cents today, with 10 million shares changed hands.
