GFPT Public Company (GFPT) Q2 2024 earnings summary

Executive summary

• 2Q2024 consolidated revenue was THB 4,838.62 million, nearly flat year-over-year, with a significant increase in net profit and margins driven by higher export volumes and improved operational efficiency.

• Maintains a fully integrated chicken production model, with strong domestic and export market presence and ongoing expansion projects.

• Gross profit rose 23.26% to THB 689.33 million, driven by lower feed raw material costs.

• Net profit surged 67.11% to THB 583.08 million, with EPS at THB 0.47, reflecting improved margins and higher profit from associates.

• EBITDA increased 37.4% year-over-year to THB 1,098.86 million, with margin up to 22.71%.

Financial highlights

• 2Q2024 net profit attributable to shareholders rose 67.1% year-over-year to THB 583.08 million.

• Gross profit margin improved to 14.25% from 11.51% in 2Q2023.

• EBITDA margin increased to 22.71% in 2Q2024 from 16.47% in 2Q2023.

• 6M2024 net profit attributable to shareholders up 62.1% year-over-year to THB 1,049.02 million.

• Cash and cash equivalents at June 30, 2024: THB 2,417.84 million, up THB 1,038.45 million YoY.

Outlook and guidance

• 2024 revenue expected to grow 3-5% from 2023.

• Gross profit margin guidance at 12.5%-13.5%; SG&A at 8.0%-8.5%; financial cost at 1.5%-2.5%.

• Effective tax rate projected at 10%-15%; CAPEX planned at THB 1-1.5 billion.

• Ongoing expansion with new chicken processing and further processing factories and additional broiler farms in Chonburi to meet rising demand.

• Expansion aims to increase processing capacity to 150,000 birds/day and further processing to 30,000 tonnes/year.