Mega Lifesciences (MEGA) Q4 2024 earnings summary

Executive summary

• FY24 operating revenue was THB 15,344 million, flat year-over-year, as growth in branded business offset a decline in distribution, mainly in Myanmar.

• Net profit attributable to owners was THB 2,013 million, up 1.0% year-over-year, with adjusted net profit down 3.9% due to lower forex losses and branded business growth.

• Total assets increased to THB 14,210 million as of December 31, 2024.

• Cash and cash equivalents rose to THB 3,463 million from THB 2,357 million year-over-year.

• Secured approval for a 40,000-acre Vietnam project, mitigating political and funding risks.

Financial highlights

• Mega We Care™ revenue grew 4.6% YoY to THB 8,371 million, while Maxxcare™ revenue declined 9.9% YoY to THB 6,667 million, mainly due to Myanmar.

• Gross margin improved to 50.5% in FY24 from 45.2% in FY23, driven by segment mix and higher branded margins.

• Operating cash inflow was THB 2,401 million, representing 119% of net profits.

• Basic EPS increased to THB 2.31 from THB 2.29 year-over-year.

• Dividends paid totaled THB 1,395 million in 2024.

Outlook and guidance

• Targeting annual growth of 27–28%, with Malaysia highlighted as a key direction.

• Target to double consolidated net profit by 2025 compared to 2019, after having doubled 2014 net profit by 2019.

• Over 120 new products in the pipeline, with more than 60 launched between 2022-2024, expected to drive future sales.

• Expansion into Indonesia via acquisition of a manufacturing facility, aiming for meaningful contribution from 2026.

• Planned investment of THB 540 million during 2025-26 for plant upgrades and ESG initiatives.