Business Overview
- Manufacturing and distributing of plastic industrial products and melamine household products.
- Moulds and other businesses : manufacturing moulds and source local and overseas products for sale and distribution.
Financial Statement
| 2024 | 2023 | 2022 | 2021 |
|---|
Income Statement (MB)
| Revenues | 8,171.76 | 8,702.47 | 9,461.91 | 7,617.43 |
| Expenses | 7,745.23 | 8,212.14 | 8,959.11 | 7,353.23 |
| Net Profit (Loss) | 284.97 | 372.42 | 350.03 | 181.19 |
Balance Sheet (MB)
| Assets | 7,190.39 | 7,561.65 | 8,138.62 | 8,046.39 |
| Liabilities | 2,721.02 | 3,032.93 | 3,759.12 | 3,903.54 |
| Shareholders' Equity | 4,226.88 | 4,278.85 | 4,131.00 | 3,904.18 |
Cash Flow (MB)
| Operating | 949.63 | 950.79 | 802.31 | 621.77 |
| Investing | -371.72 | -198.47 | -456.38 | -325.10 |
| Financing | -506.49 | -633.41 | -395.03 | -192.38 |
Financial Ratio
| EPS (Baht) | 0.11 | 0.14 | 0.13 | 0.07 |
| GP Margin (%) | 14.50 | 14.10 | 13.55 | 12.34 |
| NP Margin (%) | 3.44 | 4.32 | 3.82 | 2.40 |
| D/E Ratio (x) | 0.61 | 0.67 | 0.86 | 0.94 |
| ROE (%) | 6.70 | 8.86 | 8.71 | 4.86 |
| ROA (%) | 5.93 | 6.53 | 6.30 | 3.68 |
Business Plan
- A leader in the production and delivery of valued industrial plastic products, food and beverage packaging products and melamine household products, ensuring compliance with high-quality standards and environmental friendliness. The Company is recognized as a trusted partner in the supply chain of all forms of plastic cycles.
- Driving sustainable growth through the expansion of existing business operations and strategic business partnerships including M&A in Thailand and Vietnam, guided by ESG principles.
Sustainable Development Plan
SITHAI is committed to conducting business in alignment with sustainable development principles, taking the impacts on all stakeholders into consideration throughout the value chain. Our approach encompasses economic, social, and environmental dimensions, ensuring a balance between corporate growth and social responsibility. This commitment aligns with the Company’s vision and mission and is implemented through internationally recognized standards and operational frameworks, Circular Economy principles, and “3 Saves” approach of the Company: Save Material, Save Energy, Save the World, with recent development as follows:
- Installed Solar Rooftop systems at the Company's Amata City Chonburi and Bangpoo factories, as well as at the subsidiary's factory in India, with plans to expand installation to the subsidiaries' factories in Vietnam. This initiative aims to increase the proportion of renewable energy usage and reduce reliance on fossil fuels.
- Obtained carbon footprint organization (CFO) certification and applied for product carbon footprint (CFP) certification.
- Promoted the use of recycled plastic and PCR pellets and the development of lightweight products to minimize raw material consumption.
Business Highlight
- The Group achieved higher gross profit and operating profit margins compared with the previous year, driven by effective cost and expense management, despite a decline in revenue due to economic conditions and intense competition.
- Innovation of products with less impact on environment and efforts to enter new related industrial plastic products group including products in healthcare & wellness sectors.
- The decline in domestic interest rates is expected to support financial performance, providing the Company with favorable financing costs for further investments and business expansion.
- The Company repurchased treasury stock worth THB 107 million to manage its excess liquidity and enhance the return on equity.
- Trade barriers between the U.S. and China may potentially benefit the export sales of the household products group in the future.
Performance and Analysis
Business Performance Summary
- Total sales revenue decreased by THB 473 million or 5.5% compared with the previous year. This was primarily due to the decline in the industrial products group, particularly beverage packaging products from subsidiaries in Vietnam, as well as the household products group in both domestic and overseas operations, which were impacted by the global economic slowdown.
- Gross profit and operating profit margins improved compared with the previous year, supported by lower costs of certain key raw materials, an increased proportion of high-margin product sales, effective customer portfolio management, and cost control in production processes.
- Net profit decreased by THB 87 million or 23% compared with the previous year, due to two specific factors: 1) A write-off of deferred tax assets amounting to THB 48 million in 2024, and 2) Higher other income from the sale of an investment property in 2023 compared with 2024.
- Interest expenses declined as the Group continued to reduce its loan obligations by repaying debt with its excess liquidity.
Key Milestones
- Organizational restructuring and continuous integration of new-generation talent to enhance operational efficiency and adaptability.
- Improving production efficiency, reducing energy consumption and green-house gas emission, and the development of innovative, eco-friendly plastic and packaging solutions to meet sustainability goals.
- Strong financial position to support increased competitiveness, business expansion plans, and production capacity growth.
Risk Management Policy
The Company has established an enterprise risk management process in accordance with international best practices in alignment with the Company’s business goals to ensure proper and effective risk management. The Company conducts an annual review and assessment of enterprise risks, covering both current risks and potential future risks arising from internal and external factors. This ensures the implementation of adequate and comprehensive risk mitigation measures, allowing the Company to manage risks and their impacts at an acceptable and appropriate level.
Recent Awards and Recognitions
- Recognized as a SET ESG Ratings Sustainable Stock for the year 2024 by the Stock Exchange of Thailand (SET) in the Industrials sector, receiving an "A" rating for the second consecutive year.
- Selected as one of the ESG100 companies for the year 2024 by Thaipat Institute for the third year.
Revenue Structure
Stock Information
SET / INDUS / PKG
| as of 30/12/24 | SITHAI | PKG | SET |
|---|---|---|---|
| P/E (X) | 8.58 | 14.32 | 19.33 |
| P/BV (X) | 0.76 | 0.97 | 1.40 |
| Dividend yield (%) | 5.05 | 3.18 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 3,306.08 | 3,089.29 | 4,308.75 |
| Price (B/Share) | 1.22 | 1.14 | 1.59 |
| P/E (X) | 8.58 | 9.54 | 12.18 |
| P/BV (X) | 0.76 | 0.72 | 1.02 |
CG Report:
Major Shareholders
as of 11/03/2025
Company Information and Contact
http://www.srithaisuperware.com
company_secretary@srithaisuperware.com
0-2427-0088
15 Suksawat Road, Soi 36, Bangpakok, Rasburana Bangkok 10140
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=SITHAI
Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel.
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