ThaiBev net profit rose by 20% in Q2 as gov’t restrictions loosen

Net profit went up to $285m (THB 7b).

SGX-listed ThaiBev posted a net profit of $285m (THB 7b) in the second quarter (Q2) of 2022, which is up by 20% from $237m (THB 5.9b) in the same period last year after the health crisis improved.

Under sales revenue, the beverages firm reported an increase of 10.7% from $2.38b (THB 59.4b) in Q2 2021, which is until March 2021, to $2.63b (THB 65.8b) in Q2 2022, which ended March 2022.

Under its spirits business, sales revenue inched up by 0.2% from $1.167b (THB 29.105b) in Q2 2021 to $1.169 (THB 29.171b) in the same quarter this year.

The beer business also improved its sales revenue, recording a 20.3% increase from $952m (THB 23.757b) in Q2 2021 to $1.146b THB 28.580b in Q2 2022.

The growth was on the back of improvement in its beer business in Thailand and Vietnam, ThaiBev said.

For non-alcoholic beverages (NAB), sales revenue climbed by 8.5% from $1.557b (THB 3.885b) in Q2 2021 to $1.690b (THB 4.216b) in Q2 2022. The NAB business also recorded a 31.5% growth in net profit, which is attributed to prudent cost management.

ThaiBev’s food business also grew by 41.6% from $1.105b (THB 2.757b) in Q2 2021 to $1.565b (THB 3.903b) in Q2 2022. Its net profit rose by 261.5% YoY due to loosened government restrictions and the revival of dining-in services.

$1 = THB 24.94