Thai Beverage (ThaiBev) has reported earnings of 27.43 billion ($1.05 billion) for the FY2023 ended Sept 30, 9% lower y-o-y.
Total revenue rose by 2% y-o-y to 279.09 billion baht on the back of an overall improvement in Thailand’s economic activity.
Total cost of sales and services rose by 2% y-o-y to 196.28 billion baht.
Gross profit rose by 3% y-o-y to 82.80 billion baht.
Operating profit, however, fell by 9% y-o-y to 29.44 billion baht due to higher distribution costs, administrative expenses, finance costs and a net loss on foreign exchange (forex).
Net operating profit fell by 6% y-o-y to 32.94 billion baht due to higher interest income and other income.
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Earnings per share (EPS) on a diluted basis stood at 1.09 baht.
During the year, ThaiBev’s spirits business was the only one to see y-o-y growth in attributable profit while its beer, non-alcoholic beverages (NAB) and food businesses saw attributable profit decline. Its spirits business reported a record ebitda and net profit while its beer business was bogged down by unfavourable market environments, cost push, and brand investment. While NAB saw net profit increase due to higher ebitda, its attributable profit fell due mainly to higher finance costs. The group’s food business also saw lower net profit due to its lower ebitda, which fell due to higher operating expenses.
For the period, the group has declared a final dividend of 0.45 baht per share, bringing the full year dividend to 0.60 baht per share. The final dividend will be paid on Feb 28, 2024.
As at Sept 30, cash and cash equivalents stood at 14.83 billion baht.
Shares in ThaiBev closed flat at 54 cents on Nov 22.
