COCOCO Reports 43% Gains of Net Profit in 9M23 with Higher Revenue and Profit Margin

Thai Coconut PCL (SET: COCOCO) reported its financial result on 9 November which details the following.

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
152.81 126.59
Earning Per Share
0.1300 0.1200
% Change 20.71
9 Months 2023 2022
Net Profit (Loss)
Million Baht
351.04 297.81
Earning Per Share (Baht) 0.31 0.27
% Change 17.87


COCOCO reported its nine-month period of 2023 net profit of 350.65 million baht, a 42.92% YoY increase, due to the 26.26% YoY growth of sales revenues to 3,258.62 million baht from the expansion of coconut water products sales in China and Thailand, also pet food products in Thailand as well.


COCOCO gross profit margin from sales increased to 26.01% from 23.90% YoY. This is because the company now sells higher gross profit margin coconut water products more than coconut milk products. In addition, the ratio of gross profit margin of services was 35.21% YoY, due to the economy of scale in the service revenues.


As for the cost items, the cost of sales and services of 2,409.68 million baht, increased by 22.38% YoY. This is because COCOCO is able to control the raw material costs and enhance production processes continuously, which has led to a decrease in costs and quantity of raw materials in production processes as compared to the same period last year.


The distribution expenses of 199.44 million baht, increased by 38.73% YoY. These expenses involved marketing activities, exhibitions and building the company brand, which paralleled the growth of sales revenues.


The administration expenses of 245.52 million baht, increased by 21.94% YoY. This is due to the rising benefits of employees and the cost of research and development, also the fees of consulting and public relations which related to the Initial Public Offering (IPO).