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CASTLE MALTING NEWS in partnership with Chinese
26 November, 2022

Brewing news Singapore & Vietnam: ThaiBev says beer business revenue was up 23.5 per cent in FY2021

Thai Beverage on Friday, November 25 posted earnings of 30.1 billion baht (S$1.2 billion) for the full FY2022, up 22.2 per cent from net profit of 24.6 billion baht in FY2021. On a per-share basis, earnings came in at 1.2 baht, up from 0.98 baht, The Business Times reported.

The group has proposed a final dividend of 0.45 baht per share, higher than the final dividend of 0.35 baht last year. The dividend will be paid out to shareholders on Feb 24, 2023, after the book closure date of Feb 7.

In a filing to the Singapore bourse, the company said sales revenue for the year rose 13.2 per cent year on year to 272.4 billion baht, with the easing of pandemic and travel restrictions driving growth across all its business segments.

The healthier figures came despite higher raw material and packing costs across several business segments.

Segmentally, sales revenue from the group’s spirits business for the year inched up 1 per cent to 116.2 billion baht. Gross profit for the business, however, fell 0.5 per cent to 38.6 billion baht, due chiefly to the product mix, as well as an increase of packaging costs, although the cost of molasses started to come down in the third quarter. The group also faced a price adjustment to mitigate the impact of this, it said.

Revenue for the beer business was up 23.5 per cent to 122.5 billion baht.

Total sales volume of beer, including Sabeco’s beer, was up 14.5 per cent to about 2.4 billion litres. Excluding that beer, sales volume rose by a more muted 3.7 per cent to 790.3 million litres. Total sales volume of Chang Soda and Chang Water rose 30.2 per cent to 94 million litres.

Gross profit for this segment rose 28.8 per cent to 28.1 billion baht. The group attributed this to an increase in sales revenue despite the increase in the cost of key raw materials (such as malts) and in packaging costs (such as those for bottles). These were, however, offset by an improvement in the group’s production efficiency and price adjustment.

Revenue for the non-alcoholic beverages business rose 14.6 per cent to 17.4 billion baht, while revenue from the food business was up 45.7 per cent to 16.4 billion baht.

Thai Beverage’s total cost of sales and services for FY2022 was up 14 per cent to 191.9 billion baht.

In its outlook statement, the group noted that the continued recovery of the Thai economy in FY2022 was driven by a gradual improvement in economic activity, as well as the relaxation of travel restrictions in Thailand and other countries.

The reopening of entertainment venues such as pubs, bars and nightclubs also bumped up beverage consumption and an improvement in beverage sales, Thai Beverage said.

However, flooding in some parts of Thailand reduced agricultural productivity, tourism activity, and consumer spending. Inflation, rising energy costs and commodity prices have similarly caused a slowdown in domestic private consumption, the group noted.

Shares of Thai Beverage ended the week at S$0.61, down 0.8 per cent or S$0.005.

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