Thai Beverage Public Company (Y92) Q4 2024 earnings summary

Executive summary

• Completed a share swap, increasing stake in Fraser & Neave Limited (F&N) from 28.31% to 69.64%, making F&N a subsidiary and ceasing interest in Frasers Property Limited.

• FY2024 consolidated financials restated for comparability due to business combination under common control.

• Total sales revenue for FY2024 was THB 340,289 million, up 2.2% year-over-year, with growth across all beverage and food segments.

• EBITDA increased 4.5% to THB 61,650 million, driven by operational efficiencies in Beer and Non-alcoholic Beverages.

• Net profit reached THB 35,270 million, a 0.6% increase year-over-year, with gains in beer, non-alcoholic beverages, and other businesses, offset by declines in spirits and food.

Financial highlights

• Proposed full-year dividend of THB 11,810 million (THB 0.62/share), payout ratio 53.9%, higher than last year.

• Gross profit increased 4.6% to THB 103,208 million; EBITDA margin at 18.1%, net profit margin at 10.4%.

• Attributable profit to owners was THB 27,215 million, down 0.8% year-over-year.

• Earnings per share rose to THB 1.15 from THB 1.09 after business restructuring.

• Spirits business sales revenue rose 0.8% to THB 120,728 million; net profit declined 4.6% to THB 21,385 million due to higher costs and marketing spend.

Outlook and guidance

• Beer business expects continued positive trends in cost efficiency and SG&A, with Vietnam's cost of goods expected to decline as high-cost inventory runs out by Q1 next year.

• Brown spirits anticipate low single-digit growth in the coming months after a period of decline.

• White spirits sales remain stable; beer and non-alcoholic beverages expected to benefit from tourism and economic measures.

• No forward guidance on price increases or specific growth targets for non-alcoholic beverages.

• Management notes forward-looking statements are subject to risks and uncertainties, with actual performance potentially varying significantly from targets.