“Ichitan” Reports 70% Increase of 3Q23 Earnings with THB0.50 Dividend Payment

Ichitan Group Public Company Limited (SET: ICHI) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
328.01 192.23
Earning Per Share
0.2500 0.1500
% Change 70.63
9 Months 2023 2022
Net Profit (Loss)
Million Baht
805.30 448.71
Earning Per Share (Baht) 0.6200 0.3500
% Change 79.47

ICHI reported a net profit of 328 million baht in 3Q23, increased by 70.63% from a net profit of 192 million baht in 3Q22.

In 3Q23, ICHI had sales revenue of 2,076.6 million baht, which increased by 412.4 million baht or equivalent to 24.8% from the same period of previous year. The increase was a result of domestic sales that increased by 26.9% from the growth of the ready-to-drink tea market segment and new products. Meanwhile, export sales increased by 4.5% due to the economic recovery of trading partner countries and revenue from contract manufacturing (OEM).

ICHI also recorded lower cost of sales in the third quarter as cost of sales was 1,554 million baht or equivalent to the cost of sales to revenue of 74.8%. The cost of sales in the same period of the previous year was 1,338.9 million baht or 80.5% of sales. The decrease was due to the production of many more products according to market demand (Economy of Scale), and the adjustment of the sugar reduction formula in some groups of products and the price of some raw materials decreased.

In addition, the company announced a dividend payment of THB0.50 per share to be paid on December 6, 2023. The ex-dividend date is November 21, 2023.