The share price of Kerry Express (Thailand) Public Company Limited (KEX) rose ฿37.00/share or 132% to ฿65.00/share on the company’s first trading day from an IPO of ฿28.00/share.
KEX provides a one-stop-service express delivery service, offering a comprehensive range of customers in Thailand. The main parcels that are delivered such as goods that are ordered via E-Commerce and online merchants, parcels that are delivered between C2C including documents from companies’ and also provide cash-on-delivery.
KEX reported a net profit of 292 million baht in 3Q20, decreased 18.58% compared to a net profit of 358 million baht. Meanwhile, the company recorded a net profit of 1,030 million baht for the nine-month period in 2020, compared to a net profit of 900 million baht in the same period of last year.
The company stated that its’ net profit margin increased from 6.1% in the nine months ended September 30, 2019 to 7.0% in the nine months ended September 30, 2020. Excluding the impact of its adoption of TFRS 16, KEX’s net profit for the nine months ended September 30, 2020 was 1,060.57 million baht, representing an increase of 17.8% from the same period in 2019, while KEX’s net profit margin increased from 6.1% in the nine months ended September 30, 2019 to 7.2% in the nine months ended September 30, 2020.
Sales and services income consists of revenues mainly from services income in KEX’s C2C, B2C and B2B segments. KEX’s sales and services income slightly increased by 0.2% from 14,655.45 million baht in the nine months ended September 30, 2019 to 14,688.92 million baht in the same period in 2020.
The increase was primarily due to the continued growth of the social commerce and e-commerce industries and related services during the first half of 2020, particularly between March 2020 and May 2020, during which there was a surge in demand due to the government-imposed lockdown during the COVID-19 outbreak.
Overall, in the nine months ended September 30, 2020, KEX delivered approximately 224 million parcels, as compared to the nine months ended September 30, 2019, during which the company delivered approximately 202 million parcels.