Exotic Food Public Company Limited (mai: XO) delivered strong financial results in the third quarter of 2026, driven by accelerating international demand and operational leverage. Total revenue reached Baht 710.61 million, up 39% year-over-year, while revenue from product sales climbed 38.91% to Baht 708.11 million. Net profit nearly doubled, surging 95.64% year-over-year to Baht 257.8 million compared to Baht 131.77 million in 3Q25. On a sequential basis, net profit expanded 134.85% from 2Q26.
Key Financial Highlights:
- Total Revenue: Baht 710.61 million, up 38.90% YoY.
- Net Profit: Baht 257.79 million, up 95.64% YoY and 134.85% QoQ.
- Gross Profit Margin: Expanded to 50.96%, up from 46.39% in 3Q25.
- Sales Volume: Reached 7,041 tons, a 32.12% YoY increase.
Segment & Margin Analysis Top-line growth was anchored by higher shipment volumes of seasoning sauces and dipping sauces across European markets. Total export sales volume reached 7,041 tons, representing a 32.12% year-over-year increase. Higher production throughput elevated factory capacity utilization, lifting the gross profit margin to 50.96%, compared to 46.39% in 3Q25.
Earnings Drivers Profitability was bolstered by operating cost control and non-recurring factors. Selling expenses fell 16.35% year-over-year to Baht 27.68 million due to reduced advertising spending. Administrative expenses decreased 2.22% to Baht 56.25 million as fixed overhead absorption improved. Additionally, earnings rebounded as the Baht 59.65 million inventory write-down recorded in 2Q26 did not repeat. Shifting production to lines benefiting from Board of Investment (BOI) tax privileges reduced the effective tax rate to 7.60% from 9.64%.
Financial Health & Outlook XO maintains a low-leverage balance sheet. Total assets reached Baht 2,406.33 million as of September 30, 2026, backed by Baht 2,039.22 million in equity against Baht 367.11 million in total liabilities. Finished goods inventory increased by Baht 68.66 million to fulfill fourth-quarter deliveries. To support long-term capacity, management is executing an investment plan of approximately Baht 1,299.48 million to construct a new production plant at Rojana Industrial Park, Laem Chabang.
An analyst at Finansia Syrus Securities noted that XO’s 3Q26 net profit of Baht 258 million set a 10-quarter high, signaling a complete recovery following the resolution of pickled chili inventory write-downs. The broker highlighted that European revenue surged +44.2% YoY to Baht 578 million—nearly touching its historical peak of Baht 582 million in 2Q24—while gross margin expanded to a peak of 51% as higher shipment volumes optimized plant utilization
