| 2023 | 2022 | 2021 | 2020 |
|---|
| Revenues | 3,154.96 | 2,451.34 | 2,183.15 | 1,444.02 |
| Expenses | 2,976.15 | 2,160.13 | 1,915.70 | 1,231.74 |
| Net Profit (Loss) | -56.55 | 285.22 | 220.78 | 124.39 |
| Assets | 6,523.44 | 5,965.45 | 4,662.28 | 3,358.37 |
| Liabilities | 3,594.01 | 2,966.94 | 1,809.20 | 783.91 |
| Shareholders' Equity | 2,885.65 | 2,965.21 | 2,815.32 | 2,574.47 |
| Operating | 94.96 | 53.09 | 154.34 | 118.55 |
| Investing | -497.18 | -1,163.98 | -975.05 | -468.81 |
| Financing | 74.79 | 1,260.75 | 867.97 | 432.35 |
| EPS (Baht) | -0.04 | 0.20 | 0.16 | 0.11 |
| GP Margin (%) | 33.70 | 44.14 | 38.88 | 30.83 |
| NP Margin (%) | -1.72 | 10.92 | 10.14 | 8.61 |
| D/E Ratio (x) | 1.23 | 0.99 | 0.63 | 0.30 |
| ROE (%) | -1.93 | 9.87 | 8.19 | 6.64 |
| ROA (%) | 2.41 | 7.84 | 8.90 | 6.63 |
Together with a leading consulting company in 2023 we embarked on 4 strategic imperatives.
1. Strengthen our core food business. Leverage our established brands and international footprint.
2. Secure our future. We invested into downstream part of our value chain or Asian supermarkets in the United Kingdom to serve as a platform for NRF brands & partners as well as serve as a catalyst for capital efficient high growth.
3. Unlock Value. We have spent the year preparing to harvest the investments we have made over the past 4 years in direct to consumer and plant-based foods by forming Bamboo Mart Limited and in September filed with NASDAQ for an IPO in 2024.
4. Strengthen our capabilities to enable advantage. In 2023 NRF has invested in building talent pool, IT Infrastructure, corporate governance and the organization to enable our rapid growth in 2024 and beyond.
The Company considers effects and makes sustainability to happen in a balanced manner for all 3 dimensions, i.e.
Environment
NRF has a plan to offset carbon credits to obtain Carbon Neutrality certification from the Thailand Greenhouse Gas Management Organization (Public Organization): TGO, aiming to become a ‘Carbon Neutral Organization’ for the fifth consecutive year and the second year in a row, respectively.
Social
NRF has policies related to human rights in all perspectives as well as evaluated and managed the risk of human rights.
Good Governance
NRF published annual report (56-1 One Report) that disclose our performance on Environment, Social and Good Governance in 2022. NRF was selected for five stars in Governance under National CG Committee from Thai Institute of Directors.
On 30 September 2023, Bamboo Mart Limited, a 100% owned subsidiary of the Company, signed a Business combination agreement with KACL a NASDAQ listed company in order to do a direct listing on NASDAQ in 2024. In addition, we have put actions into motion that may unlock a substantial amount of cash by selling investments which will be realized in 2024 at a gain.
NRF reached an all-time high operating 4th quarter revenue of THB1,028, a jump of 81.8% YoY and 31.3% QoQ driven by growth in demand for NRF branded products, Botany petcare (Petfood manufacturing) achieving close to 100% Phase I manufacturing capacity utilization and the full consolidation of Bamboo Mart (Asian Supermarkets in the UK). The increase in revenue composition of retail and petfood has consequently changed our gross profit margin profile to 30%. In the fourth quarter largely due to increases in SG&A as aforementioned in the Fiscal year summary and a noncash one-time impairment on the fair valuation of assets acquired EBITDA dropped to THB34 million and net profit turned negative to THB79.3 million. In the US our auditor made a one-time accounting and inventory adjustment of USD313,000 dollars in which we expect in recovery in 2024. Despite the results impacted by largely one-time events, overall performance across our business segments 1) Ethnic & pet Food 2) Direct to consumer 3) Climate action have largely advanced with expectations of revenue continue to see organic growth into 2024 due to the strategic actions we have taken.
NR Instant produce PCL (NRF) is a leading sustainability focused producer and global distributor of ethnic and functional foods. NRF’s vertical integration from factories in Thailand offering OEM production whilst owning leading brands through to omni-channel Asian supermarkets in the United Kingdom creates a platform for long term sustainable growth. Our corporate commitment to be the first food company to reach Net zero and improve the livelihood of our stakeholders drives our Purpose to provide ‘Food for Generations’
Risk management is one of the important work systems of an organization, especially in today's world of uncertainty. Risk management is therefore an important strategies that everyone in the organization should pay attention to and participate in. To prevent and avoid risks that may damage the organization, the company is utilizing the COSO ERM 2017, is the basis for managing enterprise risks.
- SET ESG Ratings 2023 – ‘A’ Level
- CGR of Thai Listed Companies 2023 – Score of ‘102’ as Top Quartile
- CAC Certified from 2022 to 2025 – ‘2 Star’
- Carbon Neutral Organization 2023 Certificate
- Carbon Footprint for Organization 2023 Certificate
- ESBN Green Deal 2023 – ‘Silver’ Badge
- BEST CEO EXCELLENCE IN SUSTAINABLEFOOD BUSINESS PRACTICES from Bangkok Post
- Thailand’s Best Managed Companies 2023 from Deloitte
| as of 28/12/23 | NRF | FOOD | SET |
|---|---|---|---|
| P/E (X) | 128.16 | 30.60 | 18.42 |
| P/BV (X) | 2.48 | 1.54 | 1.36 |
| Dividend yield (%) | 0.57 | 3.37 | 3.32 |
| 28/12/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 7,442.70 | 9,285.63 | 11,341.23 |
| Price (B/Share) | 5.25 | 6.55 | 8.00 |
| P/E (X) | 128.16 | 24.31 | 93.90 |
| P/BV (X) | 2.48 | 3.02 | 4.15 |
