Bustling shopping, which was triggered by economic recovery, together with soaring purchasing power and consumer confidence on the ride of election sentiment have driven MC Group's (MC) revenue up to 2,832 million baht and profit up to 525 million baht in a nine-month period. The amount of profit is the highest ever and is even bigger than the profit from the whole Fiscal Year 2022 thanks to growing sales across all channels. The company now plans to expand its Mc Outlet network further to accommodate consumers' rising purchasing power.
Mr. James Richard Amatavivadhana, CEO of MC Group Public Company Limited or MC that retails fashion / lifestyle products under "Mc Jeans" brand, announces MC's operating results in the nine-month period of Fiscal Year 2023 (1 July 2022 - 31 March 2023). During these nine months, the company's net profit totaled 525 million baht or jumped by 44.3% from 364 million baht in the same period a year earlier. The net profit margin, meanwhile, soared to 18.6% year-over-year from 16.8%. The gross profit margin also stood high at 64.9%, up slightly from 64.4% a year before. During the nine-month period in Fiscal Year 2023, MC's total sales revenue was 2,832 million baht, increasing by 662 million baht or 30.5% from the same period a year before.
"Our revenue and profit from this nine-month period mark a solid growth and the highest record. During the period, our sales reached 2,832 million baht. This amount was so close to our revenue from the whole fiscal year 2022, during which we earned 2,949 million baht in revenue. Our net profit in the nine-month period was also as high as 525 million baht, which was bigger than the net profit of 486 million baht from Fiscal Year 2022," the CEO says.
On operating results from Q3/2023 (1 JAN 2023 - 31 MAR 2023), MC earned the net profit of 163 million baht. The amount marked an increase of 49% from the same period a year earlier, which registered the net profit of 110 million baht. The net profit margin also rose to 17.0% from 14.8% year-over-year. MC's sales revenue reached 957 million baht, up by 219 million baht or 29.7% from the same period a year earlier.
Mr. James Richard says MC's performance has improved in line with Thailand's economic recovery. The number of visitors to Thailand has continued to rise while retail oil price has gone down. The government's economic-stimulus measures including Rao Tiew Duay Kan (We Travel Together) Phase 5 and subsidies to lower living expenses, and the election rallies that come with more economic activities have also boosted consumers' confidence and purchasing power. MC's sales therefore have been rising across all channels. The company, moreover, has continuously expanded its sales channels. While the number of Mc Outlets has already reached 100 in March, MC intends to expand their network. More such outlets will be set up to match soaring purchasing power as normalcy is now returning.
In Q3/2023 or the third quarter of Fiscal Year 2023, free-standing shops - which account for about 65% of MC's distribution channels - generated 624 million baht in sales revenue or achieved 39.7% sales growth. In the nine-month period, their sales revenue totaled 1,855 million baht or went up by 41.2%. Department stores - which accounts for about 22% of MC's distribution channels - generated 214 million baht in sales revenue or achieved 19% sales growth. In the nine-month period, their sales revenue totaled 640 million baht or went up by 33.7%. E-Commerce, which accounts for 9% of MC's distribution channels - generated the sales revenue of 87 million baht or 26.5% sales growth. In the nine-month period, its sales totaled 240 million baht or dropped slightly from the same period a year earlier. Other distribution channels account for the remaining 3%.
As of 31 March 2023, MC's equity was 3,613 million baht - down by 61 million baht from 3,675 million baht on 30 June 2022 - because of 582-million-baht dividend payment.
MC's amount of cash and short-term investments stood at 1,774 million baht - down by 222 million baht from 1,995 million baht on 30 June 2022 - because the company has lately made more investments.