Outstanding Sales in the US Boost ‘Exotic Food’ Performance in 3Q23 to Record 260% Profit Growth

Exotic Food Public Company Limited (mai: XO) has announced its 3Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
248.15 68.40
Earning Per Share
0.5800 0.1600
% Change 262.81
9 Months 2023 2022
Net Profit (Loss)
Million Baht
557.46 258.37
Earning Per Share (Baht) 1.31 0.61
% Change 115.76

XO reported a net profit of Baht 248.15 million in 3Q23, increased by 262% from the same period of last year, which was recorded at Baht 68.40 million. The increase was mainly due to higher sales in the third quarter as well as an increase in gross profit margin.

In 3Q23, the company’s total revenue from sales was Baht 698.96 million, which increased by Baht 369.82 million or 112.36% when compared with the same period in 2022. Such an increase stemmed from an increase in sales volume of sauces and condiments in Europe and Americas as well as an increase in products’ selling prices.

Gross profit margin has increased to 48.17% in 3Q23 as compared to 39.77% from 3Q22. This is because the customers’ purchase orders had increased, and as a result, the overall utilization rate was higher, and consequently, the production cost per unit has decreased. Moreover, the company also raised products’ price during 1Q23.

Cost of sales in 3Q23 was Baht 362.29 million which increased by Baht 164.05 million or 82.75% as compared to the same period in 2022. XO stated that the increase was in line with an increase in sales volume.