Thai Beverage reports fiscal 2Q22 net profit rose 23 percent

Chang Beer, made by Thai BeverageChang Beer, made by Thai Beverage

Thai Beverage (ThaiBev) reported Friday its fiscal second quarter net profit rose 23.2 percent on-year to THB6.54 billion on higher sales, led by improvement in the beer business.

Total revenue for the January-to-March period increased 11 percent on-year  to THB65.83 billion baht on increased sales across all segments, led by the beer business’ 20.3 percent increase, the beverage maker said in a filing to SGX.

For the beer segment, revenue increased 20.3 percent to THB28.58 billion baht in the fiscal second quarter, from THB23.76 billion in the year-earlier quarter, the filing said.

The beer segment reported fiscal second quarter net profit of THB1.61 billion, up 234.9 percent from the year-ago quarter.

In the spirits business, fiscal second quarter sales revenue edged up 0.2 percent on-year to THB29.17 billion, while net profit fell 3 percent on-year to THB5.47 billion due to higher packaging and key raw material costs and higher distribution costs, the filing said.

In the non-alcoholic beverages business, fiscal second quarter sales revenue rose 8.5 percent on-year to THB4.22 billion, while net profit slipped 0.5 percent on-year to THB197 million, the filing said. Higher sales of drinking water and ready-to-drink tea were offset by higher materials costs, the filing said.

In the food business, fiscal second quarter sales revenue rose 41.6 percent on-year to THB3.9 billion, mainly as the restaurant business posted higher revenue after dine-in was allowed to resume, ThaiBev said. The food business swung to a net profit of THB49 million for the quarter, from a year-earlier net loss, the filing said.

ThaiBev declared an interim dividend of THB0.15 a share, unchanged on-year.