Berli Jucker Public Company Limited (SET: BJC) reported softer third-quarter results, with both revenue and net profit declining year-on-year (YoY), pressured by high base effects, ongoing retail renovations, and subdued performance in the Healthcare and Technical Supply Chains.
Consolidated total revenue for the third quarter of 2025 (3Q25) came in at THB 40,123 million, down 4.0% YoY, leading to a 3.1% YoY decrease in EBIT. The weakness stemmed mainly from lower sales in the Healthcare and Technical segments. Net profit attributable to equity holders fell 9.2% YoY to THB 637 million, despite continued efficiency improvements. Total expenses dropped 3.8% YoY, supported by disciplined cost control and lower raw material costs in the Packaging Supply Chain.
Key Factors Influencing Performance
The Modern Retail Supply Chain remained the biggest drag, with total revenue down 4.4% YoY and net profit plunging 37.2% YoY to THB 383 million. The decline was amplified by a high comparison base from the government’s THB 10,000 cash handout scheme launched in late September 2024, which had boosted prior-year sales, as well as temporary store renovation impacts. Same-store sales growth (SSSG) slowed to -3.8% YoY during the quarter.
The Consumer Supply Chain delivered robust growth, with sales up 4.5% YoY and net profit rising 9.4% YoY to THB 300 million, driven by strong performance in both Food and Non-Food categories.
Despite a 3.8% YoY drop in sales, the Packaging Supply Chain saw net profit increase 10.5% YoY, as the EBIT margin expanded by 229 basis points. Profitability benefited from lower input costs, including soda ash, cullet, and natural gas prices, within the Glass Packaging business.
Sales in this segment fell 16.1% YoY, primarily due to the divestment of Thai-Scandic Steel Co., Ltd. (TSS). However, net profit increased 17.0% YoY to THB 245 million, supported by a more favorable product mix and cost savings following the divestment.
