- Thai Beverage reported 1HFY25 revenue of THB177.6bn, a modest 1% y-o-y increase, while net earnings fell to THB14.7bn, down 3.2% y-o-y. The earnings decline was due to softness in the spirits and ‘others’ segments, partially offset by stronger contributions from the beer and non-alcoholic segments.
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Maintained interim dividend at THB0.15.
- Despite the 3.2% y-o-y drop in earnings, Thai Beverage kept its interim dividend payout unchanged at THB0.15, signalling management’s continued commitment to shareholder returns in the face of macro and segment-specific challenges. See Thai Beverage's dividend payout dates .
Spirits
1HFY25 revenue fell 1.5% y-o-y largely driven by 1.9% decline in volume y-o-y.
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- Notably, the company observed no significant downtrading from brown to white spirits, diverging from past patterns, suggesting a broader decline in spirits consumption in 1QFY25 rather than a shift in consumer preference.
1HFY25 earnings fell 10.8% y-o-y on higher raw material and marketing spend.
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