XO’s 1Q24 Earnings Jumps 173% with Higher Revenue from Sales and GPM

Exotic Food Public Company Limited (mai: XO) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

263.67 96.47
Earning Per Share


0.6200 0.2300
% Change 173.30


XO reported a net profit in 1Q24 of Baht 263.67 million, an increase of 173.32% compared to the same period last year, mainly from an increase in revenue from sales and gross profit margin.

The company booked the total revenue from sales in the amount of Baht 709.09 million, which resulted in an increase of Baht 314.14 million or 79.54%. Such an increase stemmed from an increase in sales volume of sauces and condiments in Europe.

Sales in the U.S. showed the highest growth in 1Q24 in terms of volume, increasing 115.55% compared to the same period last year to 2,190 tons from 1,016 tons. Sales in Europe were the second highest growth with an increase of 66.55% compared to the same period last year to 493 tons from 296 tons. Sales in Thailand were the third highest growth with a rise of 52.21% compared to the same period last year to 4,618 tons from 3,034 tons. Overall, the total sales volume increased by 67.99% compared to 1Q23 to 7,301 tons from 4,346 tons.

Gross profit margin was 50.22%, which increased from 44.33% as compared to the same period 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. In addition, the proportion of revenue from sales of high-margin products also increased and Baht had depreciated.