ThaiBev's Q1 profit up 14% to $375.63m

Net profit of its beer business skyrocketed 158.4% YoY.

Thai Beverage (ThaiBev) saw its profits rise by 14% YoY in Q1 to $375.63m (฿8.42b) from $330.87m (฿7.42b) in 2019, according to an SGX filing. Revenue edged up 4% YoY to $3.38b (฿75.68b) to (฿72.63b).

The revenue growth was attributed to an increase in sales of spirits business of 8.8%, beer business of 0.2%, non-alcoholic beverages business of 4.4% and food business of 1.5%.

Net profit of ThaiBev’s non-alcoholic beverage operations surged 150%, whilst profits in its beer business skyrocketed 158.4% YoY. The profit of its spirits business also jumped 23.6% YoY, whilst its food business posted profit growth of 17.1%. In contrast, its F&N/FPL profits fell 30.7%.

Gross profit also rose 6.4% YoY to $965.53m (฿21.64b), whilst earnings before interest, tax, depreciation and amortisation (EBITDA) went up 14.5% YoY to $626.71m (฿14.05b).