Carabao Group and CP All Report Strong Q1 Financial Results, Reflecting Solid Growth Strategies and Market Expansion


On May 11th, 2024, Thai national media reported the operating results and consolidated financial statement of Carabao Group in quarter 1/2024, January 1st to March 31st, compared to the same period last year.

The total sales revenue was 4.9 billion baht, or 20% higher than last year. The revenue from production operations under Carabao Group amounted to 2.8 billion baht or 14% higher than last year from domestic and international businesses, especially in the CLMV countries (Cambodia, Laos, Myanmar, and Vietnam).

The domestic revenue amounted to 1.3 billion baht or 13% higher than last year from the growth of energy drinks. The company continued to implement its main strategy which maintained its product prices at 10 baht to help relieve the burden of Thai people while other brands adjusted their prices slightly up to 12 baht.

However, Carabao Group further deployed its traditional trade channels at convenience stores and minivans which were expanded to local levels. Moreover, new alcoholic beverages indirectly positively boosted the company’s revenue as Carabao was well-known among adolescents and white-collar workers.

As a result, their market share continues to grow by 10%.
The international trade in CLMV amounted to 1.5 billion baht or 15% higher than last year as there were promoting campaigns, sponsors on sports, concerts, and Carabao product samples.

Meanwhile, CP All Public Co.Ltd., publicly revealed its net profit in quarter 1/2024 of 6.3 billion baht or 53.3% higher than last year. The primary reason was its better operating results for all business groups and effective cost control.

The total sales revenue was 241 billion baht or 8.5% higher than last year as the company had an increase in revenue from product sales of all business groups including convenience stores, retail stores, and other business groups. This was because the domestic consumer had higher demands which further boosted Thailand’s economic values and tourism, and the government’s economic stimulus measures.

In the first quarter, CPALL expanded more than 185 new 7-11 branches across Thailand, totaling 14,730 stores under CPALL brands, as of press time. Furthermore, the government’s policy played a crucial role in supporting the increasing revenue and 7-11 stores implemented its strategies accordingly.

The company still valued their classic customer base but would further reach out to a new target group by introducing new products, promotions, and 7-Delivery that met customers’ needs in the current situation very well.

In 2024, CPALL would expand 700 more domestic branches and planned to further establish 7-11 stores in Laos and Cambodia.

This article originally appeared on our sister website The Pattaya News.

Kittisak Phalaharn
Kittisak has a passion for outgoings no matter how tough it will be, he will travel with an adventurous style. As for his interests in fantasy, detective genres in novels and sports science books are parts of his soul. He works for Pattaya News as the latest writer.