Kerry Thailand Reports THB3.8 Billion of Net Loss as Delivery Plunges 30%

Kerry Express (Thailand) Public Company Limited (SET: KEX) announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
-3,880.64 -2,829.84
Earning Per Share
-2.227 -1.624
% Change -37.13

KEX reported a net loss of THB 3,880.6 million in 2023, a wider loss than the previous year by 37.1% attributable mainly to the dropped in delivery volume which mainly affected from the drop in E-commerce platform volumes and the shift of consumer behaviour towards physical shopping after the country’s reopening.

Delivery volume reduced 30% YoY in 2023, driven down mainly by unexpected e-commerce volume fluctuations, which also increased the difficulty to maintain operations stability. In 2H2023, both B2B and C2C volume (i.e. higher yield segments) stabilized and started to trend close to 40% of total volume. In terms of revenue contribution, these two segments were trending above 50% thanks to their higher price per unit. KEX continues to target in acquiring more high yield customers (including senders who are individuals, SMEs, big corporations, local farmers, fishermen and craftsmen, event organizers and attendees, etc.) to increase their revenue contribution while retaining our market share of E-commerce platforms with our distinguished service.

In addition, the Board of Directors came to a resolution to omit a dividend payment for the year.