XO’s 2Q21 Earnings Up 68% from an Increase in Sales Revenue and Gross Profit Margin

Exotic Food Public Company Limited (XO) has reported its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

For the second quarter ended June 30th, 2021, XO’s net profit increased by 68.23% or equal to Baht 154.64 million as compared to the same quarter of 2020 which was recorded at Baht 91.92 million. During the 1H21, the company recorded a net profit of Baht 259.49 million, which increased by 86.38%, as compared to the 1H20’s net profit which was Baht 139.23 million. An increase stemmed from an increase in revenue from sales and gross profit margin.

In 2Q21, XO’s total revenue from sales was Baht 456.40 million, which increased by Baht 117.06 million or 34.50% when compared with the same period in 2020. Such an increase stemmed from higher numbers of retail stores that managed to sell the company’s products. The total revenue from sales during 1H21 was recorded at Baht 807.94 million which resulted in an increase of Baht 196.14 million or 36.02%.

Gross profit margin has increased to 46.51% in 2Q21 as compared to the same period of last year including 1Q21. This is because the customers’ purchase orders had increased, and as a result, the overall utilization rate was higher, and consequently, the production cost per unit has decreased. Moreover, the company also managed to increase its proportion of sales of high profit margin products.

In addition, XO has passed a resolution to offer an interim dividend payment at the rate of 0.398 baht per share to be paid on September 10, 2021, with an Ex-dividend date on August 30, 2021.