ThaiBev Q1 revenue up 2.4% at 92.3 billion baht

THAI Beverage on Thursday (Feb 13) reported that its revenue was up 2.4 per cent at 92.3 billion baht (S$3.7 billion) for the first quarter ended Dec 31, 2024, compared with the same period in the previous year.

The food and drink company attributed this to improved sales in its beer, non-alcoholic beverages and food businesses that were offset by weaker performance of its spirits and others segments.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) dropped 0.8 per cent to 16.4 billion baht in the same period.

The group’s beer sales revenue for the quarter increased 8 per cent year on year to 36.1 billion baht, driven by an 11.8 per cent bump in sales in all key markets. This delivered a 16.6 per cent increase in Ebitda to 4.4 billion baht, thanks to lower raw-material costs and effective brand investment and marketing activities.

Its non-alcoholic beverages segment posted a 7.2 per cent rise in revenue on year to 17 billion baht, again thanks to an increase in total sales (7.5 per cent) in all key markets. Ebitda was up 15.6 per cent at 3.3 billion baht on improved efficiency and a favourable cost environment.

The company’s food operation also saw improved revenue in Q1: a 2.2 per cent year-on-year increase to 5.7 billion baht on the back of efforts to improve brand visibility and sales through new store openings. However, Ebitda for the segment declined 6.6 per cent to 662 million baht due to higher raw-material and labour costs.

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Losses in the spirits business dampened the results. Revenue from the segment fell 4.8 per cent to 32.2 billion baht, and Ebidta was down 12 per cent at 7.9 billion baht, a result of increased raw-material costs and marketing spending for the debut of a new product.

The group also recorded a decline in revenue from its publishing business of 6.6 per cent to 1.3 billion baht on lower licensing income and title rights. Ebitda fell 55.1 per cent to 66 million baht.

Shares of ThaiBev finished down S$0.015 or 2.9 per cent at S$0.50, before the update.