United Palm Oil Industry Public Company (UPOIC) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 was THB 1,004.6 million, up from THB 883.6 million year-over-year.

• Net profit for the six-month period was THB 53.6 million, down from THB 89.2 million year-over-year.

• Dividend of THB 0.30 per share (THB 97 million total) was paid in the period.

Financial highlights

• Six-month consolidated revenue increased 14% year-over-year to THB 1,004.6 million.

• Six-month net profit decreased 40% year-over-year to THB 53.6 million.

• Gross margin impacted by higher cost of sales and a THB 69.8 million loss from change in fair value of biological assets.

• Basic EPS for six months was THB 0.17, down from THB 0.28 year-over-year.

• Cash and cash equivalents increased to THB 127.7 million as of 30 June 2024 from THB 118.9 million at year-end 2023.

Outlook and guidance

• No material changes in business composition or accounting policies; operations remain focused on palm oil and kernel oil production.

• No significant impact from revised financial reporting standards effective 2024.