KCE’s 1Q24 Earnings Increase 49% amid Lower Material and Utility Costs

KCE Electronics Public Company Limited (SET: KCE) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)
Million Baht
515.38 345.47
Earning Per Share
0.4400 0.2900
% Change 49.18

KCE reported a net profit of Bt515.4 million in 1Q24, increased 49% from a net profit of Bt345 million in 1Q23 as a result of lower costs from material and electricity costs reduction, production efficiency improvement and gain from exchange rate.

Meanwhile, total sales are Bt3,779.7 million, decreased 6% YoY. The company noted that in 1Q24, there was an annual sale prices adjustment, resulting in a decrease in revenue of approximately Bt50 million. However, the company benefited positively from the weakening of the Thai Baht against the US Dollar has resulted in increased revenue recognition in Baht terms, amounting to approximately 156.27 million Baht, compared to the same period in the previous year.

The gross profit margin in 1Q24 was 23.1% of sales, which is an improvement compared to both Q-o-Q and Y-o-Y, where the gross profit margin was 22.4% and 19.6%, respectively. This improvement is a result of the favorable impact of foreign exchange rates and the initiating process changes include efficiency enhancements as part of the cost reduction plan for the year.