Carabao Group Public Company Limited (SET: CBG) has released its fiscal year 2025 results, showing a year of domestic triumphs tempered by international geopolitical headwinds and a significant one-time accounting adjustment. The company reported total sales revenue of THB 22.04 billion, representing a 5% increase over 2024.
The top-line growth was propelled by a standout performance in the domestic market, where revenue surged 17% to THB 17.89 billion. This was anchored by the Carabao Dang energy drink, which achieved record-high sales. Management attributed this success to maintaining a THB 10 price point, aggressive marketing campaigns like the “Carabao Dang Supporting Thai People’s Careers,” and a robust distribution network.
Additionally, revenue from third-party distribution services—largely driven by the growing popularity of alcoholic beverages—jumped 17% to THB 8.94 billion. Conversely, international operations faced a difficult environment, with export revenue declining 26% to THB 4.14 billion. The slump was primarily due to geopolitical tensions and border conflicts in Cambodia, which adversely affected CLMV market sales in the second half of the year.
On the profitability front, gross profit rose 2% to THB 5.84 billion, with the margin remaining stable at 27% thanks to effective raw material procurement and packaging weight reductions. SG&A expenses totaled THB 2.4 billion, a slight increase of 2% YoY, though they improved as a percentage of sales to 10.9%. Notably, finance costs plummeted 78% to THB 81 million following the repayment of THB 1.55 billion in debentures.
The net profit figure, however, was impacted by a THB 518 million non-cash impairment loss on goodwill related to past investments in the U.K. and Hong Kong. Consequently, while normalized net profit was nearly flat at THB 2.83 billion (-0.2% YoY), the statutory net profit stood at THB 2.32 billion.
Despite this adjustment, CBG maintains an “A” credit rating and is eyeing future growth through its new manufacturing facility in Myanmar and a 10% increase in Vietnam exports. Furthermore, The board has approved a dividend payment of THB 0.60 per share, with an Ex-Dividend (XD) date of March 5, 2026, and a payment date of May 15, 2026.
