i-Tail Corporation Reports 180% Profit Growth in 2022 from Strong Sales and Efficient Expenses Management

i-Tail Corporation Public Company Limited (SET: ITC) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
4,470.18 1,598.68
Earning Per Share
2.5200 4.4400
% Change 179.62

ITC reported a net profit of THB 4,470mn in 2022, increased 179% from a net profit of THB 1,598mn in 2021. The increase was mainly due to strong sales and gross profit, well-managed SG&A expenses, and higher FX gain.

Sales were at THB 22,528mn (+217.0% YoY), driven by higher sales of pet food (+284.8% YoY) in Samut Sakhon plants following its acquisition of TUM’s pet food business in connection with the business restructuring, and other businesses (+512.0%) from the sales by-products from its seafood raw materials. This was partially offset by lower ambient seafood sales (-42.2% YoY) primarily due to the transition away from the ambient seafood business to focus on the pet food.

FY2022 gross profit was THB 5,424.5.0mn +409.4% YoY, mainly from the acquisition of a pet food business from TUM. Gross profit margin was at 24.1% from higher selling prices, cost management efficiency, and a greater mix of premium pet food products.

SG&A expenses increased 118.3% YoY, mainly due to an increase in sales commission, higher freight expenses, personnel costs in relation to employees transferred from TUM, and one-time expenses related to the IPO and consultancy fees (detailed in p. 13). SG&A to sales ratio improved to 5.6% compared to 8.2% in the same period last year, mainly from sales increasing higher than SG&A expenses.

The company reported FX gain of THB 199.2mn in FY2022 (vs THB 142.2mn in FY2021), mainly from the appreciation of USD/THB.