ILM reported its Q1/2023 net profit of 174.3 million baht, an increase of 8.5% YoY. Net profit in Q1/2023 was the best Q1 performance in several years. The Company is confident its 2023 operating results will continue to grow and make a new record again after the previous record high in 2022.
Miss Kridchanok Patamasatayasonthi, Managing Director of Index Living Mall Public Company Limited (ILM), Thailand’s leading integrated retailer of furniture and home furnishing products, revealed the Q1/2023 operating results that the Company recorded total revenue of 2,212.5 million baht, an increase by 2.9% YoY. Net profit in Q1/2023 was 174.3 million baht, an increase by 8.5% YoY, which was the best Q1 operating results in several years, supported by continuous growth of retail sales, especially significant growth from stores in tourist cities, the boost from ‘Shop Dee Mee Kuen’ campaign, sales from Index Living Mall – Lat Krabang opened in December 2022, and online sales growth.
Miss Kridchanok further clarified that the Company’s performance over the past six quarters has grown steadily compared to the previous year’s results after the ease of the COVID-19 breakdown situation in Q4/2021 until Q1/2023, supported by sales growth, revenue from rental and rendering of services growth, and improved profitability resulting from effective cost management, despite the considerably increased cost of raw material and energy prices over the year.
Despite the in-downside-risk world economy due to inflation and banking turmoil in major countries, the Thai economy tends to continue to expand, supported by the significant expansion in tourism and the continuous recovery of private consumption. The Company is therefore confident in the continued growth of the operating results in 2023, supported by increased sales and revenue from rental and rendering of services, improved gross profit margin, and effective cost management. With the anticipation of the Company’s continuous retail sales growth, especially from stores in tourist cities, the online sales growth, and the opening of Little Walk – Krungthep Kreetha in Q3/2023, all factors will enhance operating revenue in 2023 to achieve double-digit growth, concluded Miss Kridchanok.
