GFPT Public Company (GFPT) Q3 2024 earnings summary

Executive summary

• 3Q2024 consolidated revenue reached THB 5,050.62 million, up 5.78% year-over-year, with net profit for shareholders rising 69.82% to THB 541.80 million and EPS at THB 0.43.

• Gross profit margin improved to 15.53% from 11.89% in 3Q2023, mainly due to higher export volumes and lower feed raw material costs.

• EBITDA for 3Q2024 reached THB 1,094.82 million, up 37.14% year-over-year, with an EBITDA margin of 21.68%.

Financial highlights

• 9M2024 consolidated revenue grew 1.68% to THB 14,416.07 million, with net profit for shareholders up 64.66% to THB 1,590.83 million.

• 3Q2024 gross profit increased 38.19% year-over-year to THB 784.56 million.

• Profit from operating activities rose 49.74% to THB 436.15 million.

• Share of profit from associates more than doubled to THB 206.45 million, mainly from McKey and GFN.

• Operating cash flow for 9M2024 was THB 2,392.13 million, up THB 783.27 million year-over-year.

Outlook and guidance

• 2024 revenue expected to grow 2–3% from 2023 sales.

• Gross profit margin guidance at 13.5–14.5%; SG&A at 8.0–8.5% of sales; financial cost at 1.5–2.5%; effective tax rate at 10–15%.

• 2024 CAPEX planned at THB 1–1.2 billion, with ongoing construction of new processing and further processing factories and annual investment budget of THB 1,200–1,500 million.

• Plans to expand chicken feed production capacity to support integrated operations.