NRF’s Earnings in 2020 Spike 205% to ฿124Mn due to a Higher Demand in Food Products

NR Instant Produce Public Company Limited (NRF) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

For the year 2020, NRF reported net profit of 124 million baht, an increase of 205.25% from the year 2019, while consolidated operating revenue was 1,408 million baht, increased by 297 million baht or 26.7% mainly due to higher demand in ready-to-eat, recipe mix, and beverages for Ethnic Food products and higher order volumes of konjac and jackfruit Plant-based products from existing customers in all regions. 

 

Gross profit margin was 30.8% increased from 29.4% due to product mix adjustments to higher-margin Ethnic Food products and increase in plant-based food product and functional product sales. EBITDA Margin was 21.0%, improved from 17.1% mainly due to improved cost control and higher revenues. 

 

Normalized Net profit was 252 million baht increased by 69 million baht or 37.7%, mainly due to the strong operating revenues performance, improved margins product mix adjustment and better cost management.

 

As of 31 December 2020, the total liabilities of NRF were 784 million baht, decreased by 639 million baht or 44.9% from 31 December 2019 mainly due to long-term Loan, net of current portion and short-term loan.