ThaiBev announced on Thursday, February 13th, that its revenue for the first quarter ending December 31, 2024, increased by 2.4% year-on-year to 92.3 billion Thai baht (3.7 billion Singapore dollars).

The food and beverage conglomerate attributed this growth to higher sales in its beer, non-alcoholic beverages, and food businesses, although this was partially offset by weaker performance in the spirits and other segments.

During the same period, earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 0.8% to 16.4 billion Thai baht.

The group's beer sales revenue rose by 8% year-on-year to 36.1 billion Thai baht, primarily due to an 11.8% increase in sales across all major markets. EBITDA for the beer segment grew by 16.6% to 4.4 billion Thai baht, benefiting from lower raw material costs and effective brand investment and marketing activities.

Revenue from its non-alcoholic beverages segment increased by 7.2% year-on-year to 17 billion Thai baht, driven by a 7.5% rise in total sales across all major markets. EBITDA for this segment grew by 15.6% to 3.3 billion Thai baht, thanks to improved efficiency and a favorable cost environment.

The company's food business also saw improved revenue in the first quarter, with a year-on-year increase of 2.2% to 5.7 billion Thai baht, achieved through the opening of new stores to enhance brand awareness and sales. However, EBITDA for this segment fell by 6.6% to 662 million Thai baht due to rising raw material and labor costs.

The spirits segment's performance was a drag on overall results. Revenue from spirits dropped by 4.8% to 32.2 billion Thai baht, and EBITDA decreased by 12% to 7.9 billion Thai baht, attributed to increased raw material costs and higher marketing expenses for new product launches.

The group's publishing business also experienced a decline, with revenue falling by 6.6% to 1.3 billion Thai baht due to lower licensing and ownership income. EBITDA for this segment plummeted by 55.1% to 66 million Thai baht.

Prior to the update, shares of Thai Beverage closed down 0.015 Singapore dollars, or 2.9%, at 0.50 Singapore dollars.