- Thai Beverage (SGX:Y92) delivered a softer-than-expected performance in FY25. Its revenue declined 2.1% y-o-y to THB333.3b, while PATMI fell 6.8% y-o-y to THB25.4b, weighed down by weaker consumer sentiment, higher operating expenses, and increased investment in brand-building and distribution.
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- A final dividend of THB0.47 per share was declared (flat y-o-y), taking the full-year Thai Beverage's dividends to THB0.62 per share (also flat y-o-y).
Subdued performance across segments.
Spirits
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- Higher brand-building expenses, marketing activities, and FX losses led to declines in EBITDA and net profit, which dropped 7.1% and 7.0% y-o-y, respectively.
Beer
- Beer revenue fell 2.5% y-o-y, despite a 3.1% y-o-y increase in sales volume. Excluding SABECO, sales volume growth would have been stronger at 10.7% y-o-y. Although the group continued to face challenges in Vietnam, Thailand beer operations recorded a recovery.
- EBITDA and net profit rose 5.4% and 24.6% y-o-y respectively, supported by favourable raw material cost.
NAB
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