SNNP Reports 23% Profit Growth in 2023 with Dividend Payment of THB0.25

Srinanaporn Marketing Public Company Limited (SET: SNNP) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
635.79 515.72
Earning Per Share
0.6600 0.5400
% Change 23.28

SNNP reported a net profit of 635 million baht in 2023, increased 23.28% from a net profit of Baht 515 million in 2022.The growth drivers were driven from both domestic and overseas business. Overseas sales increased by 7.6% YoY (its contribution was 27.0% to revenue from sales). Sales in Vietnam had a positive impact from the economic recovery. Viz, Vietnam’s Gross Domestic Product (GDP) in 2023 and 4Q2023 were raised by 5.1% YoY and by 6.7% YoY, respectively. Vietnam has maintained its policy interest rate at 4.5% per annum., (down from peak period by 6.0% in April 2023). Moreover, Vietnam’s consumption goods and services in 2023 were increased by 9.6% YoY, while the unemployment rate of the working age was reported to be 2.0%, improved from 2.2% in 2022.

SNNP stated that it successfully installed the machine for Bento and Jele brand in Vietnam. Hence, it has been ready to expand its operation and anticipate that ongoing economic recovery in Vietnam will enhance its business growth.

The revenue from sales for the Q4/2023 was Baht 1,639.7 million, compared to Q3/2023, increased by 10.3% and Q4/2022, increased by 0.5%. For 2023, the revenue from sales was Baht 6,015.9 million, increased by 8.3% compared to the year of 2022.

In 2024, the company targets a robust business expansion, mainly from overseas business (chiefly Vietnam). Moreover, the company plans to escalate its sales in Philippines, Korea, China, Australia, and Indonesia. The increase of overseas sales should bolster the revenue from sales in tandem with enhancing the gross profit margin rise trend. While in the domestic market, the company plans to continually engage its market leadership for Bento and Jele brands. In addition, the company also focuses to construct new product champion to boost sales and mitigate the fluctuations of seasonality effect

In addition, the Board of Directors approved a dividend payment of THB0.25 per share to be paid on 24 May 2024. The ex-dividend date is 7 May 2024.