Carabao Group Public Company Limited (SET: CBG) has announced 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2Q25 | 2Q24 |
| Net Profit (Loss)
Million Baht |
800.50 | 690.74 |
| Earning Per Share
(Baht) |
0.80 | 0.69 |
| % Change | 15.89 | |
| 6 Months | 2025 | 2024 |
| Net Profit (Loss)
Million Baht |
1,560.98 | 1,318.97 |
| Earning Per Share (Baht) | 1.56 | 1.32 |
| % Change | 18.35 | |
In the second quarter of 2025, CBG reported a net profit of THB 800 million, up by +16% year-on-year, resulting from the increase in sales, cost reduction, and efficient operational expenses. Also, financial expenses decreased due to the company’s cash flow generation capability improved and more efficient working capital management.
Total revenue from sales was THB 5,577 million, representing an increase of 13% year-on-year. Of which, revenue from sales of the branded own products was THB 3,216 million, up by +11% year-on-year, driven by the strong growth of +27% year-on-year in domestic sales of Carabao Dang energy drinks. This growth is attributed to a continuously increasing market share, supported by the company’s continued core strategy of maintaining a retail selling price of 10 Baht.
Additionally, the company expanded its distribution strategy, broadening its coverage through partnerships with small wholesalers, including increasing the number of distribution partners for energy drinks through the product portfolios of alcoholic beverage distributors to expand its extensive and comprehensive network and enhance distribution channels.
Overseas sales were THB 1,404 million, a slight decrease of -3% year-on-year and were mainly due to overseas sales to CLMV countries, which significantly contributed to overseas sales and dropped by -4% year-on-year, resulting from the sudden restriction on land border crossings between Thailand and Cambodia. Consequently, the company had to switch its transportation route and method to sea freight, which entails a longer transit time than land transport, leading to initial shipping delays beyond schedule.
Nevertheless, to mitigate long-term uncertainties regarding product imports, the company has accelerated its plan to establish a manufacturing plant in Cambodia, which is now expected to commence commercial operations by the end of 2025.
Meanwhile, overseas sales to Myanmar continued to grow robustly, driven by seasonal factors and a recovering economy. The manufacturing plant in Myanmar is slated to commence commercial operations in Q3/2025, aiming to resolve import uncertainties. The company anticipates additional benefits from reduced transportation costs and enhanced competitiveness in the Myanmar energy drink market.
Furthermore, overseas sales to Vietnam continued its strong growth at +38% year-on-year, and more than doubled compared to the previous quarter, following collaboration with a new partner capable of comprehensive distribution and deep market understanding. The company anticipates Vietnam to be a market with significant potential for increased sales.
Gross profits were THB 1,504 million, up by +10% year-on-year, representing a gross margin of 27%, a decrease from 28% during the same period last year. This is primarily attributed to changes in the product mix as well as a higher proportion of revenue from the lower margin of 3rd party products for distribution (Q1/2025: 39%, Q1/2024: 37%).
Selling and administrative expenses were THB 553 million, up by +4%, representing 10% of the SG&A to total revenue from sales which gradually decreased compared to 11% from the same period last year, as a result of the cost planning including marketing, sales promotion, and operational costs, to maximize efficient core strategy consistently.
Financial expenses were THB 17 million, down by -53% year-on-year, primarily due to the ongoing repayment of long-term loans. Additionally, the drawdown of short-term borrowings in the form of promissory notes has decreased in line with the company’s effective liquidity management practices.
Additionally, the Board of Directors approved an interim dividend payment of THB 0.70 per share to be paid on 5 September 2025 with an ex-dividend date on 21 August 2025.
