Singapore & Thailand: ThaiBev records 4.9% increase in Q1 sales revenue
Thai Beverage (ThaiBev) recorded a 4.9 per cent year-on-year increase in sales revenue to 80.9 billion Thai baht (S$3.2 billion) in the first quarter (Q1) ended Dec 31, in line with the reopening of Thailand and Vietnam, the mainboard-listed company said on February 10.
The company’s earnings before interest taxes, depreciation and amortisation (Ebitda), however, fell 7.7 per cent to 13.5 billion baht, according to its business update for Q1.
This performance reflects the company’s rise in revenue, brand investment and cost push, ThaiBev said.
Its spirits business logged a 6.4 per cent fall in sales revenue to 33.7 billion baht, with total sales volume having declined 15.2 per cent year on year. ThaiBev said this was due to the high base in Q1 FY22, which was driven primarily by trade-inventory loading ahead of price increases.
Ebitda margin for this segment grew to 26.5 per cent year on year, from 25 per cent, despite a 1 per cent decline in Ebitda to 8.9 billion baht, ThaiBev noted.
It said the margin expansion was driven by changes in portfolio mix in Thailand amid higher consumption of brown spirits.
ThaiBev’s beer business reported a 13.7 per cent year-on-year rise in sales revenue to 37.9 billion baht, boosted by a combination of price increase, improvement in product mix and a 4.5 per cent increase in total sales volume year on year, following the recovery of economic activity in Thailand and Vietnam.
However, Ebitda fell 18.3 per cent to 3.7 billion due to the increase in brand investment and marketing activities during the festive season.
Sales revenue for non-alcoholic beverages rose 15.6 per cent to 4.6 billion baht, lifted by a 7.1 per cent increase in sales volume as consumption improved post-pandemic, ThaiBev said.
But its increase in brand investment, marketing activities and general cost push, which partially offset its production efficiency gain, led to Ebitda falling 31.4 per cent to 409 million baht.
The company’s food business recorded a 24 per cent year-on-year increase in sales revenue to 4.7 billion baht, helped by the upswing in dine-in traffic at restaurants as well as its effort to increase brand penetration and accessibility.
ThaiBev said Ebitda fell 4 per cent to 523 million baht, noting that the opening of new stores and general cost push had incurred pre-operating costs.
ThaiBev shares closed flat at S$0.70 on February 10.
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