UBE Reports THB199 Million in 1H22 Profit on Strong Ethanol Business Recovery

Ubon Bio Ethanol Public Company Limited (SET: UBE) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
84 69
Earning Per Share (Baht) 0.021 0.025
% Change 21.92
6 Months 2022 2021
Net Profit (Loss)
Million Baht
199 107
Earning Per Share (Baht) 0.051 0.039
% Change 87.0

UBE generated total revenue of THB3,365.9 million for 6 months ended 30 June 2022, increased THB416.7 million or +14.1% from the same period of last year (YoY) and recorded the company’s total profit at the amount of THB199.4 million, increased THB92.8 million or +87.0% YoY.

Thus, 1H22 earning per share was THB 0.05, increased THB0.02.

An increase in total revenue and net profit was mainly attributable from a strong recovery of ethanol business from low base impacted by COVID-19 widespread and travel restrictions last year, coupled with higher selling price from baht weakening particularly in organic starch product, and lower interest expense.

As travel restrictions were lifted and economic activities resumed, this boosts up demand for ethanol usage from the same period last year. This is reflected in a higher volume of both fuel-grade and industrial-grade ethanol. 

Starch sales increased slightly by 0.2% YoY to THB1,487.4 million as the sales of flour enjoyed significant growth with 1H22 volume of 961 tons, compared to 199 tons in 2021. Sales of other segments rose significantly by 59.3% YoY to THB149.4 million, mainly from outstanding sales of coffee products.