CBG Records THB1.9 Billion of Net Profit in 2023, Offering THB0.50 Dividend Payment

Carabao Group Public Company Limited (SET: CBG) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
1,924.24 2,286.20
Earning Per Share
1.9200 2.2900
% Change -15.83

CBG reported a net profit of THB 1,924 million in 2023, decreased 16% YoY. The decrease was mainly due to lower gross profit margin from sales of its own products from overseas sales, while main raw materials and utility costs in productions also grew. 

Total revenue from sales in 2023 was THB 18,853 million, down 2% YoY. However, sales in the fourth quarter rose 18% YoY and 13% QoQ to THB 5,316 million. Sales were mainly boosted by domestic consumption, with annual growth showing 9% increase, while the quarterly growth showed 28% increase YoY and 10% increase QoQ. 

In the meantime, sales in overseas fell 22% for the year and 3% in the fourth quarter when compared to the same period of 2022, but still growing 21% when compared to the third quarter. This is attributable to sales in CLMV that grew 26% QoQ in the fourth quarter. 

Gross profits in 2023 were THB 4,879 million, down by -13% YoY, which was equivalent in gross profits margin of 26% compared to 29% the previous year, resulting from the changing of product mix as well as increased in sugar, glass shards, and utility costs in productions. Also, a higher proportion of revenue from lower margin of 3rd party products for distribution.

In addition, the Board of Directors approved a dividend payment of THB 0.50 per share to be paid on 14 May 2024. The ex-dividend date is 29 February 2024.