i-Tail Corporation Public Company Limited (SET: ITC) has released its full-year 2025 financial results, revealing a year of robust top-line momentum in international markets tempered by significant bottom-line headwinds. While the company achieved record sales in U.S. Dollars, a combination of currency appreciation, rising operational costs, and new tax obligations led to a double-digit decline in net profit.
For the fiscal year ending December 31, 2025, ITC reported a standout 9.2% year-on-year (YoY) increase in USD-denominated sales, reaching $554 million. This performance was underpinned by a 17.8% surge in America sales, driven by private label expansion and new product launches. However, the appreciation of the Thai Baht significantly diluted these gains when converted to local currency, resulting in a more modest 2.8% increase in THB sales to THB 18,223 million.
The company’s bottom line faced notable pressure. Reported net profit fell 17.2% YoY to THB 2,978 million, down from THB 3,597 million in 2024. The net profit margin (NPM) contracted to 16.3% from 20.3% the previous year. Similarly, the gross profit margin (GPM) declined by 2.6 percentage points to 25.1%. Management attributed this decline to a lower proportion of premium products in the first half of 2025 and necessary tariff sales support for U.S. clients.
Profitability was further squeezed by a 15.3% surge in SG&A expenses, which reached THB 1,909 million. Key drivers for this increase included transformation project consulting fees, higher personnel costs, and elevated freight expenses in the fourth quarter. Additionally, income tax expenses rose by 5.7%, primarily due to the recognition of the global minimum top-up tax.
Despite these challenges, the pet treats segment emerged as a bright spot, growing 36.5% YoY. Looking ahead to 2026, ITC has issued guidance targeting 9-12% USD sales growth, focusing on innovation-led products to sustain its market position.
Additionally, the Board of Directors approved a dividend payment of THB 0.45 per share to be paid on 24 April 2026. The ex-dividend date is 2 March 2026.
