Betagro Public Company Limited or ?BTG?, a leading integrated food company in Thailand, announced its operating results for Q2/2024. The company achieved a total revenue of 27,394.3 million baht, an increase of 2.9% compared to the same period last year, with a net profit of 627.8 million baht, reversing from a net loss of 350.6 million baht in the same period last year. This propelled the company's performance in the first half of 2024 to a total revenue of 54,530.6 million baht, while the net profit was 503.7 million baht, growing more than 10 times. The company plans for the second half of the year to be dedicated to enriching people?s lives with better food and achieving sustainable growth.
Mr. Vasit Taepaisitphongse, Chief Executive Officer and President of Betagro Public Company Limited, revealed that BTG managed to return to profitability and strong growth in Q2/2024 (April-June). The company recorded a total revenue of 27,394.3 million baht, an increase of 2.9% compared to the same period last year, and a net profit growth to 627.8 million baht, reversing from a net loss of 350.6 million baht in the same period last year. This achievement was driven by strategies to expand production capacity to meet market demand and focus on higher-margin products. Additionally, the recovery of pork and chicken prices in Thailand, along with reduced animal feed costs, contributed to the company's total revenue of 54,530.6 million baht in the first half of 2024 (January-June), maintaining the same level as the same period last year, and a net profit of 503.7 million baht, more than 10 times higher than the same period last year.
The gross profit for the first six months of 2024 (January-June) improved due to better livestock prices and lower raw material costs. Betagro overcame the challenges of the first half of the year, including the gradual economic recovery which was slower than expected, affecting consumer purchasing power. In the second half of the year, the company aims for continuous growth driven by the expanding economy, boosted by the growth in the tourism sector and government economic stimulus policies, leading to significant growth in domestic consumption. Additionally, the demand in international markets is improving, and prices for pork, chicken, and eggs are expected to rise from the first half.
For the business plan in the second half of 2024, the company is committed to sustainable growth by strategically choosing and fine-tuning both product offerings and distribution channels that can increase value and achieve higher profit margins. This includes improving production efficiency and supply chain cost management, expanding distribution channels, and dedicating efforts to research and development to enhance the quality and safety of products for everyone.
"We are committed to working hard to achieve our performance targets and deliver high-quality, safe products. This year, Betagro takes great pride in winning three major awards. These are:
These awards inspire Betagro to continue creating and enhancing even better food products", said Mr. Vasit.