SINGAPORE – Thai Beverage (ThaiBev) posted a 3.4 per cent rise in net profit to 7.4 billion baht (S$291 million) for the second quarter ended March 31, from 7.1 billion baht the year before.

This comes as the alcoholic and non-alcoholic beverage industry in Thailand has made a gradual recovery so far in the first half of 2023 due to a rise in domestic consumption by both locals and foreign visitors, amid a resurgence in economic activity, said the food and beverage company in a regulatory filing on Thursday.

Earnings per share for the quarter stood at 0.29 baht, up 3.6 per cent from 0.28 baht previously.

Revenue for the quarter rose 2.4 per cent to 67.4 billion baht from 65.8 billion baht in the preceding year-ago period. This was due to higher sales from the company’s spirits, non-alcoholic beverages and food businesses.

An interim dividend of 0.15 baht per share was declared for the quarter, unchanged from the year before. The dividend will be paid out on June 9 after books closure on May 29.

For the half year ended March 31, net profit was down 1.2 per cent to 16.1 billion baht, while revenue was 3.7 per cent higher at 148.3 billion baht.

By segment, the group’s spirits business contributed 31.4 billion baht in sales revenue from 29.2 billion baht previously.

Meanwhile, sales revenue from non-alcoholic beverages came in at 4.8 billion baht, up from 4.2 billion baht previously.

The group’s food segment contributed 4.8 billion baht in sales revenue, up from 3.9 billion baht in the year before.

In contrast, the beer business segment saw sales revenue drop to 26.5 billion baht from 28.6 billion baht in the previous year.

Shares of ThaiBev closed 1.5 cents or 2.4 per cent lower at 60 cents on Thursday before the results were announced. THE BUSINESS TIMES