Financial Highlights

1Q24 sales were at THB 4.0bn, increased 12% YoY, mainly driven by increased sales from key customers, particularly in Europe, solid growth in Asia & Oceania markets, higher sales of premium products, as well as our price adjustment strategy. The net profit in 1Q24 was THB 0.8bn, up 93% YoY, with basic EPS at 0.3 THB/share.

1Q24 Sales

YoY

+12%

4,029 Million Baht

*Compared to proforma consolidated financial statements in 2021-2022

YoY

+93%

821 Million Baht

1Q24 Net Profit

*Compared to proforma consolidated financial statements in 2021-2022

1Q24 Revenue by Region (Unit: Million Baht)

* Others comprises of Australia, Japan, Taiwan, Thailand, and other countries

Financial Performance 1Q24

(Unit: Million Baht)

	1Q24	2023	2022	2021
Financial Performance
Total Revenue	4,029	15,577	21,420	14,529
Gross profit	1,034	3,038	5,349	3,356
Operating profit	711	1,856	4,110	2,374
EBIT	830	2,426	4,532	2,781
Net Profit	821	2,281	4,401	2,721
Financial Position
Total Assets	26,375	25,431	28,178	11,509
Total Liabilities	2,806	2,312	3,133	4,691
Total Shareholders' equity	23,569	23,119	25,045	6,818
Per Share Data
Basic EPS*	0.3	0.8	2.5	7.6
DPS	N/A	0.6	2.5	4.0
BVPS	7.9	7.7	8.3	189.4

Remark:

*2022 basic EPS is calculated based on average weighted number of shares of 1,772.7mn shares of par value at 1 THB per share.

Key Financial Ratios

	1Q24	2023	2022	2021
PROFITABILITY RATIOS
Gross profit margin (%) ⁽¹⁾	25.7	19.5	25.0	23.1
EBIT margin (%) ⁽²⁾	17.7	15.6	21.2	19.1
Operating margin (%) ⁽³⁾	20.6	11.9	19.2	16.3
Net profit margin (%) ⁽⁴⁾	20.4	14.6	20.6	18.7
ROE (%) ⁽⁵⁾	14.1	10.0	27.6	43.9
LIQUIDITY RATIOS
Current Ratio ⁽⁶⁾	9.0	10.9	9.0	1.7
Quick Ratio ⁽⁷⁾	5.0	7.7	6.7	0.7
Days sales outstanding ⁽⁸⁾	81.7	83.2	48.3	53.0
Days of inventory outstanding ⁽⁹⁾	107.8	117.8	93	96
Days payable outstanding ⁽¹⁰⁾	30.9	35.4	30.6	29.0
EFFICIENCY RATIOS
ROA (%) ⁽¹¹⁾	12.68	8.9	22.2	24.4
Asset turnover (times) ⁽¹²⁾	0.65	0.6	1.1	1.3
LEVERAGE RATIOS
Debt to equity (times) ⁽¹³⁾	0.1	0.1	0.1	0.7
IBD to Equity (times) ⁽¹⁴⁾	0.0	0.0	0.0	0.3
Interest coverage ratio (times) ⁽¹⁵⁾	646.6	269.1	61.9	104.4

⁽¹⁾ Gross profit margin is calculated as gross profit (loss) divided by sales, multiplied by 100.
⁽²⁾ EBIT margin is calculated as EBIT divided by sales, multiplied by 100.
⁽³⁾ Operating margin is calculated as operating profit exclude other income and other gain (loss) divided by sales, multiplied by 100.
⁽⁴⁾ Net profit margin is calculated as profit (loss) for owners of the parent divided by sales, multiplied by 100.
⁽⁵⁾ Return on equity is calculated as profit (loss) for the period attributable to owners of the parent divided by average total shareholders’ equity attributable to owners of the parent, multiplied by 100.
⁽⁶⁾ Current ratio is calculated as total current assets divided by total current liabilities.
⁽⁷⁾ Quick ratio is calculated as the combined total of cash and cash equivalents, short-term investments and trade and other receivables, net divided by total current liabilities.
⁽⁸⁾ Days sales outstanding is calculated as 365 divided by account receivable turnover.
⁽⁹⁾ Days of inventory outstanding is calculated as 365 divided by inventory turnover. Inventory turnover is calculated as cost of sales divided by average inventories.
⁽¹⁰⁾ Days payable outstanding is calculated as 365 divided by account payable turnover. Account payable turnover is calculated as cost of sales divided by average trade payable.
⁽¹¹⁾ Return on assets is calculated as profit (loss) for the period divided by average total assets, multiplied by 100.
⁽¹²⁾ Assets turnover is calculated as total sales divided by average total assets.
⁽¹³⁾ Debt to equity ratio is calculated as total liabilities divided by total shareholders’equity.
⁽¹⁴⁾ Interest-bearing debt to equity is calculated as total interest-bearing debt divided by total shareholders’ equity.
⁽¹⁵⁾ Interest coverage ratio is calculated as EBITDA divided by finance costs.
⁽¹⁶⁾ Total sales is calculated as the sum of sales and other income.