GFPT Public Company (GFPT) Q1 2025 earnings summary

Executive summary

• Q1 2025 consolidated revenue was THB 4,650 million, up 2.7% year-over-year, mainly driven by higher farm segment sales and export growth, especially to Malaysia and Japan.

• Net profit for Q1 2025 reached THB 638 million, a 37% increase year-over-year, supported by lower feed raw material costs and higher profit from associates.

• Gross profit margin improved to 14.0% from 12.6% in Q1 2024, driven by higher export volumes and operational efficiency.

• The group maintains a fully vertically integrated chicken production model and strong market position as the 2nd largest Thai chicken exporter and 6th in production.

• Ongoing expansion projects include new slaughterhouse, broiler farm, and further processing plant to boost capacity over the next 3-5 years.

Financial highlights

• Q1 2025 gross profit was THB 652 million (+14.8% YoY); EBITDA reached THB 1,132 million (+21.9% YoY), with EBITDA margin at 24.4%.

• Net profit margin increased to 13.7% from 10.3% YoY; EPS for Q1 2025 was THB 0.51.

• Total assets as of March 2025: THB 26,528 million; shareholders' equity: THB 20,134 million.

• Interest-bearing debt as of March 2025: THB 3.97 billion; debt-to-equity ratio: 0.32x; all loans in Thai baht.

• Dividend payment in 2024 was THB 0.2 per share (12.7% payout ratio expected); 2024 dividend payout ratio was 58.8%.

Outlook and guidance

• 2025 sales expected to grow 2%-3% over 2024, with anticipated gross profit margin of 13%-14%.

• SG&A expense projected at 8%-8.5% of sales; CapEx for 2025 set at THB 1.1–1.2 billion, mainly for farm and processing expansion.

• Plans to increase chicken production by 10% annually, subject to market conditions.

• Effective tax rate for 2025 projected at 10–15%.

• Expansion projects in Chonburi to meet rising demand, with annual investment budget of THB 1,200–1,500 million, subject to adjustment.