Mitihoon – Ichitan Group PCL (ICHI) announced financial results for the fiscal year 2024, reporting a net profit of 1,306.3 million baht, an increase of 18.7% compared to the previous year. The company’s sales revenue reached 8,594.4 million baht, representing a 6.8% growth.
“2024 was a momentous year for Ichitan, demonstrating our resilience and growth potential,” said Mr. Tan Passakornnatee, CEO of Ichitan Group. “We achieved our highest-ever net profit, driven by the strong performance of our diverse product portfolio, including Ichitan Green Tea, Yen Yen Cooling Herbal Drink, Shizuoka Premium Tea, and our Non-Tea beverages such as Ichitan PH Plus Alkaline Water, Tansansu Korean Soda, and Tan Power Energy Drink. Our ability to maintain efficient production and cost management also contributed to our success.”
Ichitan’s strong performance is attributed to its well-established brands, effective cost control measures, and efficient production planning, which resulted in a gross profit margin of 25.7%. The company’s Non-Tea beverages, particularly Ichitan PH Plus Alkaline Water, saw significant growth, with an 86.54% increase in sales compared to the previous year.
“Meanwhile, prudent production planning allowed us to maintain an average machine utilization rate of 76% for the year. This, combined with intensive production cost management, resulted in the 25.7% gross profit margin and the strong full-year net profit of 1,306.3 million baht, up 18.7%. A one-time special item in the fourth quarter of 2024, involving a tax adjustment due to the tax difference on joint venture investments of 62.9 million baht, and an over-recorded prior period tax of (1.5) million baht. These were one-off adjustments and did not impact ongoing operations.”
The Board of Directors has proposed a final dividend of 0.50 baht per share, which, when combined with the interim dividend of 0.60 baht per share, brings the total dividend for the year to 1.10 baht per share. The record date for the dividend is set for March 10, 2025, and the payment date is May 21, 2025. This dividend payment is subject to final approval at the 2025 Annual General Meeting of Shareholders.
Looking ahead to 2025, Ichitan aims to sustain its growth momentum by leveraging its increased production capacity. With the addition of new production lines, the company now has a total of 8 lines, capable of producing 1,700 million bottles per year. This will enable Ichitan to meet the growing demand for its existing products and accommodate OEM customers. The company expects its Non-Tea beverages, especially Ichitan PH Plus Alkaline Water, to continue their strong growth trajectory, particularly in the e-commerce channel.
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