‘Ichitan Group’ Books THB255 Million of Net Profit in 2Q23 as Revenue Tops THB2,000 Million

Ichitan Group Public Company Limited (SET: ICHI) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
255.56 152.54
Earning Per Share
0.2000 0.1200
% Change 67.53
6 Months 2023 2022
Net Profit (Loss)
Million Baht
477.29 256.47
Earning Per Share (Baht) 0.3700 0.2000
% Change 86.10

ICHI reported a net profit of 255 million baht in 2Q23, an increase of 67.53% from 152 million baht in 2Q23. This represents an increase in net profit margin to 12.6% in the second quarter of this year, compared to 9.4% in 2Q22.

ICHI recorded sales revenue of 2,029.7 million baht, which increased by 413.2 million baht or equivalent to 25.6% from the same period of previous year that earned sales revenue of 1,616.5 million baht, resulting from domestic sales increased by 26.0% from the growth of the ready-to-drink tea market segment and new products, export sales increased by 22.5% due to the economic recovery of trading partner countries and revenue from contract manufacturing (OEM).

In 2Q23, the company had a cost of sales of 1,563.7 million baht or equivalent to the cost of sales to revenue of 77.0%. The cost of sales in the same period of the previous year was 1,325.3 million baht or 82.0% of sales, the cost of sales ratio decreased due to producing much more products according to market demand (Economy of Scale), the adjustment of the sugar reduction formula in some groups of products and the price of some raw materials decreased.

Distribution costs in 2Q23 and 2Q22, were accounted for 111.5 million baht and 74.6 million baht, respectively, or equivalent to 5.5% which was increased from the same quarter of previous year that was 4.6% due to increased marketing budget for new products.