GLOBAL Reports a 18% Drop in Net Profit as Sales Decrease

Siam Global House Public Company Limited (SET: GLOBAL) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

723.59 886.25
Earning Per Share


0.1450 0.1765


In 1Q24, GLOBAL reported a net profit of Baht 723.59 million, decreasing by Baht 162.66 million, or 18.35% YoY, mainly due to the decrease in sales in line with competitive business conditions and the economic slowdown conditions.

The company recorded a total revenue of Baht 8,980.11 million, decreasing by Baht 123.76 million, or 1.36% YoY, as sales revenue declined by Baht 165.98 million, or 1.86%, due to the decrease in sales.

This resulted in a drop in EBITDA of Baht 1,315.10 million, decreasing by Baht 131.50 million, or 9.09% YoY.

Gross profit for the first quarter of 2024 was Baht 2,189.87 million, decreasing by Baht 47.92 million, or 2.14%, representing 24.98% of sales revenues.

Distribution costs and administrative expenses (excluding depreciation, unrealized gain (loss) on exchange rate, and unrealized gain (loss) on current investment) were Baht 1,139.07 million, increased by Baht 147.12 million, or 14.83% YoY, mainly driven by the increase in salary expenses of the new six stores.

Financial cost was Baht 86.03 million, increased by Baht 22.25 million or 34.88% YoY, due to the interest rate hike on financial institutions’ loans.