XO Posts 130% Profit Growth at THB785 Million for All-Time High Record, Offering THB0.53 Dividend

Exotic Food Public Company Limited (mai: XO) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
785.04 340.16
Earning Per Share
1.8400 0.8000
% Change 130.79

XO reported a net profit of Baht 785.04 million in 2023, increased 130% from a net profit of Baht 340 million in 2022.

Revenue from sales was Baht 2,521.09 million, which increased by Baht 1,066.43 million or 73.31% when compared with the revenue from sales in 2022. Such increase stemmed from market expansion in Europe and America. By the end of 2023, the company’s products are sold in more than 1,500 modern trade retail stores in the United States. In addition, the Company has increased product selling prices since the first quarter of 2023. 

Cost of sales in 2023 has increased by Baht 489.23 million or 57.35% from the previous year to Baht 1,342.35 million. The increase was in line with an increase in sales. 

Gross profit margin increased from 41.35% in 2022 to 46.76% in 2023. 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 since the first quarter of 2023. 

In addition, the company also announced a dividend payment of THB0.53 per share to be paid on 15 May 2024. The ex-dividend date is 7 March 2024.