Betagro’s 1Q23 Profit Drops 80% to THB393 Million as GPM Falls

Betagro Public Company Limited (SET: BTG) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
392.78 1,970.03
Earning Per Share
0.20 1.31
% Change 80.1

In 1Q23, BTG reported a net profit of THB392.8 million, a decrease of 80.1% from THB1,970.0 million in 1Q22 and net profit margin was at 1.4%, down from 7.6% in the same period last year. 

The decrease in net profit and net profit margin was mainly attributable to a decrease in gross profit margin although BTG was able to control expenses more efficiently in the situation where production costs were rising. 

The company’s gross profit was at THB3,517.0 million in 1Q23, a decrease of 25.5% from THB4,718.9 million in 1Q22 and gross profit margin was at 12.7% in 1Q23, down from 18.6% in 1Q22. The decrease in gross profit and gross profit margin was primarily due to pork smuggling which resulted in a significant decrease in domestic pork prices. Meanwhile, the pig production costs continued to increase from rising feed prices.  

BTG’s total income was at THB27,959.7 million in 1Q23, an increase of 7.6% from THB25,986.2 million in 1Q22 which was attributable to the growth of revenue from sale of goods and rendering of services from all business groups.