Carabao Group Public Company Limited (SET: CBG) announced its consolidated financial results for the three-month period ended 31 March 2025. The company reported total revenue from sales of THB 5,328 million, an increase of 8% year-on-year (YoY).
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss) Million Baht |
760.48 | 628.23 |
| Earning Per Share (Baht) |
0.7600 | 0.6300 |
| % Change | 21.05 | |
The growth was significantly driven by sales of branded own products, which rose by 6% YoY to THB 3,009 million. This segment saw a substantial 30% increase in domestic sales, primarily due to strong growth in Carabao Dang energy drinks. This domestic success is attributed to maintaining the 10-Baht retail price strategy, expanded distribution networks, and effective marketing campaigns. Overseas sales of branded own products, however, decreased by 14% YoY, mainly impacted by challenges in CLMV countries. The company is addressing this with a new manufacturing facility in Myanmar, expected to open in Q3/2025.
Revenue from third-party products for distribution also saw robust growth, increasing by 13% YoY to THB 2,062 million, largely driven by alcoholic beverages supported by effective distribution and a focused beer strategy.
Gross profits increased by 11% YoY to THB 1,462 million, maintaining a consistent gross margin of 27%. The gross profit margin for branded own products improved to 40% due to efficient cost management and economies of scale, despite rising packaging costs. Selling, general, and administrative (SG&A) expenses decreased by 7% YoY to THB 537 million, partly due to the termination of a football club sponsorship agreement. Financial expenses also decreased by 46% YoY, thanks to loan repayments and effective liquidity management.
As a result, net profits attributable to shareholders reached THB 760 million, marking a significant increase of 21% YoY. This performance was attributed to increased sales, cost reductions, and efficient operational and financial management.
As of 31 March 2025, total assets stood at THB 19,505 million, total liabilities were THB 5,515 million, and total shareholders’ equity was THB 13,990 million. The company maintained its “A” credit rating for unsubordinated and unsecured debentures from TRIS Rating.
