Mr Witon Suriyawanakul, CEO of Siam Global House Public Company Limited or GLOBAL, reported through the Stock Exchange of Thailand that the company achieved a net profit for the first quarter of 2024 of 723.59 million baht, a decrease of 162.66 million baht or a decrease of 18.35% compared to the same period of the year. 2023 If compared to sales representing 8.25% of sales, the main factors are as follows:
1) Total income for the first quarter of 2024 amounted to 8,980.11 million baht, down from the same period in 2023 by 123.76 million baht or decreased by 1.36% and consists of
Sales revenue amounted to 8,767.43 million baht, a decrease of 165.98 million baht, or 1.86%, due to lower sales.
Other revenues amounted to 212.67 million baht, an increase of 42.23 million baht or an increase of 24.77% due to higher warehouse management income and promotional income that the company received from product distributors.
2) Gross profit for the first quarter of 2024 amounted to 2,189.87 million baht, down from the same period in 2023 by 47.92 million baht or 2.14% in line with the decline in sales. It represents 24.98% of sales revenue.
3) Distribution costs and administrative expenses (excluding depreciation, unrealized gains (losses) from exchange rates and unrealized gains (losses) from temporary investments) for the first quarter of 2024 amounted to 1,139.07 million baht, an increase of 147.12 million baht over the same period in 2023. Or an increase of 14.83% of sales due to increased employee salaries expenses. Of 6 newly opened branches
4) Financial costs: The amount for the first quarter of 2024 amounted to 86.03 million baht, an increase over the same period in 2023 in the amount of 22.25 million baht or an increase of 34.88% due to higher interest rates on loans by financial institutions.
5) Income tax expenses: The amount for the first quarter of 2024 was 178.89 million baht, a decrease of 30.45 million baht or 14.55% over the same period in 2023 due to a decrease in pre-tax profits.
6) EBITDA for the first quarter of 2024 amounted to 1,315.10 million baht, down from the same period in 2023 by 131.50 million baht or a decrease of 9.09% due to lower total income.
For the 3-month operating period in 2024, the company generated net cash flow from operating activities of 1,116.88 million baht, a decrease of 2,245.36 million baht from December 31, 2023. Net cash flow used in investing activities was 441.84 million baht.
Mostly for land purchases. The value of buildings and equipment reached 494.65 million baht, and investment in debt instruments increased by 100.00 million baht. Net cash flow came from financing activities of 209.04 million baht, derived from short-term loans from financial institutions, an increase of 863.14 million baht, which generated cash and funds. Cash equivalents as of March 31, 2024 amounted to 1,949.57 million baht.
The current ratio for the first quarter of 2024 is 1.25 times and is higher than the end of 2023 due to the company repaying long-term loans due within one year to financial institutions.
-The ratio of total debt to total shareholders’ equity during the first quarter of 2024 amounted to 0.67 times, and decreased from the end of 2023 due to the company repaying long-term loans that were owed to financial institutions.
As of March 31, 2024, the company had a total of 84 branches, an increase of 6 branches over the same period in 2023.
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