CBG Reports a 138% Jump in 1Q24 Earnings from Sales Increase and Costs Reduction

Carabao Group Public Company Limited (SET: CBG) has has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

628.23 263.79
Earning Per Share


0.6300 0.2600
% Change 138.15


CBG reported a net profit in 1Q24 of THB 628 million, up by +138% YoY, resulting from the increase of sales, cost reduction, efficient operational expenses, and sharing EFL fee of the sponsorship rights to beer brewing business partners for their marketing purposes.

Total revenue from sales was THB 4,935 million, up by +20% YoY. Of which, revenue from sales of branded own products was THB 2,838 million, up by +14% YoY both domestic and overseas sales, especially the CLMV countries, which resulted in significant sales growth recovery.

Furthermore, revenue from 3rd party products for distribution was THB 1,823 million, up by +24% YoY. The increase was mainly due to the distribution of alcoholic beverages.

Revenue from other product segments was THB 202 million, up by +65% YoY, which was mainly derived from producing and supplying the packaging materials including glass bottles, aluminum cans and various packaging materials, to the 3rd parties and Carabao beer and Tawandang beer producers.

Gross profits were THB 1,321 million, up by +30% YoY, which was equivalent to a gross profits margin of 27% compared to 25% the same period in the previous year. The increase was mainly caused by the gross profit margin from sales of branded own products that have both YoY and QoQ improved. Whereas the gradual increase in sugar prices, which is a key raw material according to market conditions, the company has been able to effectively manage other raw materials to reduce costs.

Additionally, energy costs used in the production process have decreased compared to the same period in the previous year. Also, the increase in production volumes aligned with both domestic and overseas sales particularly in the CLMV countries, where sales recovered significantly. This resulted in reduced production costs due to economies of scale. Meanwhile, the product mix has not changed YoY and QoQ.

Selling and administrative expenses were THB 575 million, down by 21%, representing 12% of the SG&A to total revenue from sales which gradually decreased compared to 16% from the previous year, as a result of the cost planning including marketing, sales promotion, and operational costs, to maximize efficient core strategy consistently.

Meanwhile, sponsorship fees were down by 36% YoY, resulting from sharing the sponsorship rights of EFL to our beer brewing business partners, with 50% portion of the amount paid by the company to EFL for each season starting from the 2023/2024 season onwards.