XO’s Net Income Jumps 122% to ฿104Mn, Stemming from a Higher Sales in Europe

Exotic Food Public Company Limited (XO) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

For the first quarter ended March 31st, 2021, XO’s net profit increased by 121.62% to Baht 104.85 million from Baht 47.31 million in the comparable quarter of 2020. During the 1st quarter of 2021, the company booked the total revenue from sales in the amount of Baht 351.54 million, which resulted in an increase of Baht 79.08 million or 29.02%. Such increase stemmed from an increase in sales volume of sauces and condiments in Europe.

 

Gross profit margin is 45.46%, which increased from 33.74% as compared to the same quarter of 2020. This is because the customers’ purchase order had increased, and as a result, the overall utilization rate was higher. Consequently, the production cost per unit has decreased. In addition, the proportion of revenue from sales of high-margin products also increased.