Exotic Food Public Company Limited (mai: XO) has announced its 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 1Q25 | 1Q24 |
| Net Profit (Loss) Million Baht |
113.19 | 263.67 |
| Earning Per Share (Baht) |
0.2600 | 0.6200 |
| % Change | -57.07 | |
In the first quarter of 2025, XO recorded a net profit of THB 113.19 million, a decrease of 57.07% compared to THB 263.67 million YoY. The decline was mainly due to a decrease in revenue from product sales and gross profit margin, an increase in selling and administrative expenses, as well as higher corporate income tax expenses.
The company booked the total revenue from sales in the amount of THB 483.84 million, which resulted in a decrease of THB 225.25 million or 31.77% YoY. Such a decrease stemmed from a decrease in sales volume of Europe and America.
Cost of sales was THB 258.96 million which decreased by THB 94.04 million or 26.64% YoY. This decrease was in line with sales volume.
As for the gross profit margin, the company reported a rate of 46.48%, which decreased from 50.22% as compared to the same period in 2024. This is because the customers’ purchase orders had decreased, and as a result, the overall utilization rate was lower, and consequently, the production cost per unit has increased. In addition, the proportion of revenue from sales of high-margin products also decreased and Baht had appreciated.
Selling expenses were THB 41.02 million, which increased by THB 11.11 million or 37.14% YoY. Such an increase was in line with an increase in promotional expenses.
Administrative expenses were THB 55.81 million, which increased by THB 5.23 million or 10.34% YoY. Such an increase stemmed from an increase in information technology-related expenses.
The expiration of two investment promotion certificates also resulted in an increase in XO’s effective tax rate. In 1Q25, the company recorded income tax expenses of THB 17.74 million, representing 13.55% of profit before tax, up from 3.48% in the same period of 2024.
However, XO has obtained an investment promotion certificate for a new production line, which is scheduled to commence commercial operations in the second quarter of 2025. This is expected to help reduce the company’s effective tax rate starting from the second quarter of 2025 onwards.
