Thailand & Vietnam: ThaiBev sees 8.2% increase in 9-month sales revenue

Thai Beverage (ThaiBev) has reported sales revenue of 207.92 billion baht ($8.06 billion) for the 9MFY2022 ended June, 8.2% higher y-o-y, The Edge Singapore reported on August 11.

The higher revenue was thanks to higher revenue from the group�s beer, non-alcoholic beverages (NAB) and food segments and offset by the lower revenue from its spirits business.

During the month, ThaiBev�s spirits business saw revenue decline despite an increase in sales volume on account of an increase in packaging costs and currency depreciation of Myanmar Kyat.

The reopening of entertainment venues on June 1 should support the recovery of spirits, especially brown spirits, consumption in Thailand, says the group.

The group�s beer business saw an improvement to revenue thanks to the healthy recovery in economic activity in Vietnam and price increases implemented in Thailand and Vietnam. Total sales volume increased as well due to a rise in SABECO�s sales volume.

The group�s NAB business saw higher revenue due to higher volume amid the recovery in economic activity in Thailand.

Food sales revenue rose on the back of the recovery of dine-in traffic at restaurants.

EBITDA for the 9MFY2022 rose 6.7% y-o-y to 39.11 billion baht thanks to the higher EBITDAs in the group�s beer, NAB and food segments, offset by the lower EBITDA from its spirits business.

As at June 30, cash and cash equivalents stood at 48.01 billion baht.

In a separate announcement, ThaiBev announced that its potential spinoff listing of BeerCo will be delayed. The group adds that it "remains confident" that BeerCo's growth potential offers a "distinct and compelling growth story".

Shares in ThaiBev closed 1.5 cents higher or 2.26% up at 68 cents on Aug 11.