Tipco Foods Public Company Limited (TIPCO) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;
TIPCO reported a net profit for the year 2020 of 481 million baht, an increase of 132% YoY and sales revenue of 2,500 million baht, decreased by 30% YoY. This was mainly due to products of vegetable and fruit business, which saw a 56% drop in sales from the lower export volume from the lack of raw materials due to drought conditions and the demand for goods abroad decelerated from the coronavirus situation 2019 (COVID-19). Beverage business saw a 12% drop in sales revenue, related to a slowdown in domestic purchasing power affected by COVID-19.
Meanwhile, reported total operating expense of 2,877 million baht, decreased by 31% YoY, mainly due to 1) cost of sales decreased by 35%, in line with decreasing sales volume. 2) Selling and distribution expenses decreased by 29% from adjusting sales and promotion expenses in accordance with market conditions. 3) A decrease in administrative expenses by 12% from controlling expenses in accordance with a decrease in Sales. 4) Loss on exchange of 24 million baht due to the Baht appreciation.
In addition, the Board of Directors of TIPCO approved a resolution for a dividend payment of ฿0.50/share to be paid on May 7, 2021. The ex-dividend date is April 21, 2021.