Ichitan Group Public Company Limited (SET: ICHI) has released its full-year 2025 financial results. While the beverage giant saw a contraction in its top-line revenue, strategic tax benefits and joint venture successes allowed it to post a modest increase in net profit.
ICHI reported a total revenue of 8,086.2 million baht for 2025, representing a 5.9% decline compared to the 8,594.4 million baht recorded in 2024. This dip was primarily driven by the domestic market, where sales fell 8.6% due to a local economic downturn and an uncharacteristically short summer season. Conversely, the international segment provided a significant bright spot, surging 37.2% to 686.6 million baht, fueled by robust growth in contract manufacturing (OEM) for exports.
The company’s cost of sales decreased in absolute terms to 6,124.5 million baht, though the cost-to-sales ratio climbed to 75.7% from 74.3% in the prior year, a result of lower production volumes. Administrative expenses also saw a sharp 29.2% increase, rising to 264.7 million baht. Management attributed this rise to higher employee-related costs and investments in community and social development programs.
ICHI’s net profit grew by 1.6% to reach 1,327.6 million baht. A critical factor in this bottom-line growth was the dramatic 56.9% reduction in tax expenses, which fell to 173.2 million baht. This was largely due to benefits received from the Board of Investment (BOI) under investment promotion measures. Additionally, the share of profit from joint ventures jumped 78.5%, bolstered by the successful launch of “Ichitan Green tea & Cheese milk tea” and an expanded distribution network.
Ultimately, ICHI managed to improve its net profit margin to 16.4%, up from 15.2% in 2024, signaling that even with a challenging domestic climate, the company successfully optimized its profitability.
Additionally, the Board of Directors approved a THB 0.60 per share dividend payment to be paid on 21 May 2026. The ex-dividend date is 9 March 2026.
