Kerry Express (Thailand) Public Company Limited (KEX) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;
In 2020, KEX reported a net profit of 1,405 million baht, increased 5.76% from a net profit of 1,328 million baht in 2019. The increase was mainly due to an increase in cost efficiency stemming from the aforementioned initiatives, better fuel usage management, and the optimization of delivery routes and fleet management.
KEX recorded revenue for 2020 at 18,917 million baht, slightly dipped by 4.4% from 2019 figure of 19,782 million baht due to the prolonged pandemic situation together with the company’s strategy to proactively reduce price, which enabled KEX to penetrate into the segment of other low-cost carriers.
Cost of sales and services curtailed by approximately 5.1%, owing mainly to economies of scale achieved as volume rose. This, coupled with the operating efficiency improvements in various areas, including fleet management, fuel usage and several other initiatives, as well as the decline in fuel price during the year.
Gross profit margin remained positive at 16.2% despite the fall in revenue given that the reduction in costs of sales and services counterbalance the reduction in revenue.