KEX’s Net Loss Narrows to THB675 Million in 3Q22 as Expenses Fall

Kerry Express (Thailand) Public Company Limited (SET: KEX) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
(674.64) 12.84
Earning Per Share (Baht) (0.3872) 0.0074
% Change -5,355
6 Months 2022 2021
Net Profit (Loss)
Million Baht
(1,898.09) 651.26
Earning Per Share (Baht) (1.0892) 0.3743
% Change -391.45

In 3Q22, KEX reported a net loss of THB675 million, dropping from a net profit of THB13 million in 3Q21. However, the net loss was reduced by 7.9% compared to the previous quarter. The narrowing loss was primarily driven by the continuous execution of cost-control approach together with the strong determination to enhance operating efficiency and to achieve continuous volume growth. In addition, revenue management actions including Smart Pricing approach and fuel surcharge, have carried on to nurture sustainable yield

Revenue is recorded at THB4,218.6 million, slightly dipped compared to the previous quarter following dampened market sentiment and ongoing economic slowdown induced by inflationary pressures. 

KEX continues to achieve YoY volume growth of 5.0% in the third quarter, despite a notably high-volume base during the same period last year driven by the first wave of aggressive pricing approach. Revenue contribution in all segments bear no substantial change, despite relatively weaker sales effort and fewer promotions offered by e-commerce markets compared to the previous quarter.