COCOCO Aims 40% Revenue Growth in 2024 with an Expansion in Global Markets

Mr. Worawat Chinpinkyo, CEO of Thai Coconut Public Company Limited (SET: COCOCO), stated that the company targeted the revenue for 2024 to grow by 30-40%, as it expanded the client base and added market strategies to increase international sales and advertise the brand to be known overseas. The target was also supported by the positive trend of products related to coconut water, which conformed to the global megatrend in health and wellness with a sustainable growth potential. Thus, the company expected 2024’s business operation to grow larger than last year.

COCOCO planned its investment capital this year for THB 1.5 billion, divided into 1) THB 1.472 billion for coconut related products and new products; 2) THB 23 million for pet food business (ThaiAwesome); and 3) THB 5 million for plant-based food business (TPF).

The company expected its production capacity for Coconut Water Product in 2026 to increase to 391,000 tons from 295,000 tons in 2024.

Mr. Worawat added that after the company was listed in the Stock Exchange of Thailand (SET) on 14 September 2023, COCOCO had an opportunity to travel overseas, exhibit its products, meet its valuable clients, and check up on its main ingredient. The company received an immense amount of demand for its product, leading it to expand the business to larger markets.

Miss Pattara Tasjun, Chief Financial Officer of COCOCO, noted that the company’s corporate earnings in 2023 recorded an all-time-high, with a net profit of THB 540 million, an increase of 76% compared to 2022 of THB 307 million, and a total revenue of THB 4,680 million, an increase of 38% compared to 2022 of THB 3,387 million. The figures grew from the company’s international sales in both Asia and other regions, especially from the increasing sales of coconut water in China.

Miss Pattara stated that the international sales proportion in 2023 was at THB 4,016 million, an increase of 52% compared to 2022, which was mainly from an increase in product distribution in China, especially the coconut water. Moreover, the company also added more market channels and distribution channels to cover several countries, causing the sales in the Asia region to significantly rise. The most favorite product in the foreign market was products related to coconut water. COCOCO’s exports accounted for 86% of its sales revenue in 2023.