KEX Posts THB2.8 Billion Loss in 2022 as Expenses Surge

Kerry Express (Thailand) Public Company Limited (SET: KEX) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
(2,830) 46.9
Earning Per Share
(1.624) 0.027
% Change -6,131.5

In 2022, KEX reported a net loss of THB 2,830 million compared with net profit of THB 47 million incurred during the previous year. The sharp decline in 2022’s financial performance was due to rapid fuel price increase and supply and wage increases, bringing the company’s operating expenses to rise 9.7% from THB18,858.1 million in 2021 to THB20,681.5 million in 2022.

Selling and administrative expenses (SG&A) also grew 44.7% YoY because of the core competency reinforcement, capacity ramp-up and business expansion since the beginning of the year. Unfortunately, compared with KEX’s initial plan, the speed of the reduction of our unit costs was not satisfactory due to both internal administration and external macro factors.

In addition, KEX announced the omission of dividend payment for the 2022 performance.