GLOBAL Reports Lower 1Q23 Profit of THB883 Million, Down 24% YoY

Siam Global House Public Company Limited (SET: GLOBAL) has announced its 1Q23 financial statement through the Stock Exchange of Thailand as follows;

Year 1Q23 1Q22
Net Profit (Loss)
Million THB
569 318
Earning Per Share
0.14 0.08
% Change 79

In 1Q23, GLOBAL reported a net profit of THB882.606 million, a decrease of 23.69% from a net profit of THB1,156.561 million a year ago, mainly due to the decline of sales from slowing economic conditions and a price reduction of steel products according to global market prices, which resulted in a decrease in overall sales and gross profits.

Total revenues for the first quarter of 2023 were THB9,103.87 million, decreasing from the same period of 2022 by THB701.26 million or 7.15%. Sales revenue was THB8,933.42 million, decreasing by THB700.27 million or 7.27% due to the decrease of sales amount. Other income was THB170.45 million, decreasing by THB1.00 million or 0.58%. It was mainly due to the decrease of revenue from warehouse management of Distribution Center and sales promotion revenues according to the inventory management policy.

Distribution costs & administrative expenses (exclude depreciation, unrealized gain (loss) on exchange rate, and unrealized gain (loss) on current investment) for the first quarter was THB991.94 million, an increase of THB59.75 million or 6.41% from the same period of 2022, these expenses represented 11.10% of the sales amount. It was mainly driven by the increase of salary expenses of new 2 stores.

EBITDA for the quarter was THB1,446.59 million, down from the same period of 2022 by THB338.03 million or 18.94% due to the decrease of total revenue.