TOA’s 2023 Earnings Jump 81% as Paints and Demand for Construction Material Returns

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

Year 2023 2022
Net Profit (Loss)

Million Baht

2,569.23 1,417.17
Earning Per Share


1.2700 0.7000
% Change 81.29


TOA reported a net profit of THB 2,569.2 million, an increase of THB 1,152 million or 81.3%, from THB 1,417.2 million for the year ended December 31, 2022, which was primarily attributable to an increase in gross profit.

For the years ended December 31, 2022 and 2023, gross profit was THB 6,003.3 million and THB 7,533.4 million, respectively, or as a percentage of sales revenue, 29.1% and 33.9%, respectively. The increase in gross profit margin was primarily attributable to improved management of raw materials and production costs in the fourth quarter and an increase in premium-grade product sales, which had higher gross margin.

Sales revenue amounted to THB 22,237.8 million, an increase of THB 1,588.4 million or 7.7%. The increase was primarily attributable to the recovery of economic and tourism activities in Thailand after COVID-19 pandemic, along with an increasing trend in the need for residential renovation in urban areas. This led to an increase in the demand for paints and construction materials. Furthermore, expanding business into the construction chemical and gypsum board sectors had also contributed to the income growth through increased sales revenue.

Moreover, the majority of the income increase was attributed to higher sales volumes in Thailand across all sales channels and product categories from the increase in volume and average sales price.

In addition, TOA announced a dividend payment of THB 0.35 per share to be paid on 28 May 2024. The ex-dividend date is 8 May 2024.