SABINA’s 3Q Profit Drops 26% to ฿85Mn as Sales Have Yet to Recover from the Pandemic

Sabina Public Company Limited (SABINA) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

SABINA reported a net profit of 85 million baht in 3Q20, decreased 26.43% compared to the same period of last year. The decrease was due to a drop in total revenue by 3.8% to record at 815.1 million baht, but increased 23.9% from 2Q20.

In 3Q20, the revenue from sales and service was 808.9 million baht, decreased 4.2% from 3Q19 and increased 22.8% from 2Q20.

SABINA stated that retail sales have not yet returned to normal despite having opened a full service in both Sabina Shop and Sabina counter in the department store because the purchasing power of consumers has not returned to normal. Selling in online channels (NSR) has a lot of feedback from customers, as a result, sales continued to grow from the second quarter to the third quarter of this year.

Sabina Export sales have not yet recovered because the CLMV countries are still affected by the COVID-19 epidemic, this caused a slowdown in customer orders in the segment. Sabina’s OEM sales with a customer base in Europe and the UK sales have grown and are not affected from cutting preferential tariffs on the US GSP.