KEX Reports Widen Net Loss of THB788 Million in 1Q23 as Incomes Plunge

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

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
(787.49) (491.09)
Earning Per Share
(0.452) (0.282)
% Change -60.4

In 1Q23, KEX reported a net loss of THB787.5 million, 15.5% narrower loss than that of 4Q22, when a substantial amount of one-off expenses were incurred at the initiation of the LEAN Programme. 

KEX’s sales and service income was reported at THB 3,130.6 million, decreased by 23.4% compared to the previous quarter. The decline was seen at a slower rate than that of delivery volume due to a slight increase in revenue per parcel during the quarter, on the backdrop of relatively stable competitive landscape as well as our differential market segmentation approach. 

KEX’s delivery volume declined by 26% QoQ during the low season of 1Q23. This mostly came as a result of a substantial drop in online retail transactions during the first quarter following the lackluster economic outlook, lower domestic private consumption as well as impact from country’s reopening, which shifted consumer behaviors towards physical shopping, According to the Bank of Thailand economic statistics, retail sales index in the category of sales via mail order houses and via internet fell to 83,807.75 in February 2023 from 114,322.07 six months earlier, representing a 26.7% drop.

Selling and administrative expenses (SG&A) decreased from 1Q22 and the previous quarter by 9.9% and 40.9%, resulting from the stringent cost control approaches of the company.