CBG Records a Drop of Earnings by 12% from a Decline of Overseas Sales and GPM

Carabao Group Public Company Limited (CBG) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

CBG reported a net profit of 700 million baht, decreased 12.58% from a net profit of 800 million baht in 1Q21. The decrease of net profit was due mainly to lower overseas sales by 16.2% from 1Q20 especially the decrease in sales to CLMV because of the unrest in Myanmar since February and a lockdown in main cities of Cambodia owing an outbreak of COVID-19 resulting in lower sales volume and gross profit margin.


Total revenue from sales in 1Q21 were 4,030 million baht, a decrease of 0.7% from 1Q20 due mainly to lower sales of the energy drinks to overseas markets.

Domestic sales were 1,343 million baht, an increase of 6.8%, driven by more sales of Woody C+ Lock and an increase in Carabao Dang energy drink sales of 4.1% from 1Q20.


Overseas sales of energy drinks were 1,808 million baht, a decrease of 16.2% from 1Q20. The main overseas sales came from CLMV countries, accounting for 37% of total sales, China accounts for 5% of total sales and 3% from other countries, which are mainly from Yemen and Afghanistan.

Export sales to CLMV countries, an existing and large international business base for the company yet growth potential lying in each individual country, decreased by 24.6% from 1Q20 due to the unrest in Myanmar since February and a lockdown in main cities of Cambodia owing an outbreak of COVID-19 resulting in lower sales volume.

However, sales to Vietnam have nearly doubled from 1Q20 due to better control of the COVID-19 outbreak and the more established Carabao brandin the country.

China is another market with great potential for growth as it is the world’s number 1 highest population, and it is the first country who can control theCOVID-19 outbreak. The company had a 220% increase in sales from export to China from 1Q20.

Sales export to European countries through a subsidiary, Intercarabao Company Limited (ICUK), decreased 19.8% from 1Q20 due to sales promotion to boost brand recognition.


Sales of 3rd party products for distribution in 1Q21 were 706 million baht, increased by 48.6% from 1Q20, consecutively grew year-on-year for over two years driven by the variety and quality of the products distributed as well as cash van distribution system covering direct access to over 180,000 retail stores nationwide.

Gross profit in 1Q21 was 1,555 million baht, decreased by 9.7% from 1Q20, representing gross profit margin of 38.6%, a decrease from 42.4% in 1Q20, due mainly to the lower sales and gross profit margin of the branded products by the company’s production, which is the core business contributing 78% of total sales.

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