Income Statement Multibax Thailand S.E.

Stocks

MBAX-R

TH0938010R19

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. 2026-10-06			5-day change	1st Jan Change
2.020 ^THB	-1.94%		-1.94%	+42.25%

08-13	Multibax Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-12	Multibax Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: MULTIBAX

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	1.46B	1.97B	1.12B	1.37B	1.7B
Other Revenues, Total	1.04M	348K	1.02M	873K	4.45M
Total Revenues	1.46B	1.97B	1.12B	1.38B	1.7B
Cost of Goods Sold, Total	1.29B	1.68B	1.07B	1.29B	1.53B
Gross Profit	166M	291M	48.81M	85.97M	167M
Selling General & Admin Expenses, Total	101M	111M	86.02M	84.14M	98.22M
Other Operating Expenses	-187K	-275K	-1.53M	-54.36K	-549K
Other Operating Expenses, Total	100M	110M	84.49M	84.09M	97.67M
Operating Income	65.22M	181M	-35.68M	1.89M	69.62M
Interest Expense, Total	-21.77M	-21.9M	-24.68M	-30.4M	-32.63M
Interest And Investment Income	275K	305K	649K	1.02M	755K
Net Interest Expenses	-21.5M	-21.6M	-24.03M	-29.38M	-31.88M
Currency Exchange Gains (Loss)	-11.37M	1.87M	-1.55M	-3.08M	-5.11M
Other Non Operating Income (Expenses)	40.9M	15.1M	11.59M	2.83M	7.92M
EBT, Excl. Unusual Items	73.24M	176M	-49.66M	-27.74M	40.56M
Gain (Loss) On Sale Of Assets	-	-	265K	-	-
Asset Writedown	-	-31.19M	10.36M	-	-
EBT, Incl. Unusual Items	73.24M	145M	-39.04M	-27.74M	40.56M
Income Tax Expense	10.84M	22.46M	-880K	-7.76M	3.71M
Earnings From Continuing Operations	62.41M	123M	-38.16M	-19.98M	36.85M
Net Income to Company	62.41M	123M	-38.16M	-19.98M	36.85M
Net Income - (IS)	62.41M	123M	-38.16M	-19.98M	36.85M
Net Income to Common Incl Extra Items	62.41M	123M	-38.16M	-19.98M	36.85M
Net Income to Common Excl. Extra Items	62.41M	123M	-38.16M	-19.98M	36.85M
Per Share Items
Net EPS - Basic	0.33	0.64	-0.2	-0.1	0.19
Basic EPS - Continuing Operations	0.33	0.64	-0.2	-0.1	0.19
Basic Weighted Average Shares Outstanding	192M	192M	195M	198M	199M
Net EPS - Diluted	0.33	0.56	-0.2	-0.1	0.19
Diluted EPS - Continuing Operations	0.33	0.56	-0.2	-0.1	0.19
Diluted Weighted Average Shares Outstanding	192M	219M	195M	198M	199M
Normalized Basic EPS	0.24	0.57	-0.16	-0.09	0.13
Normalized Diluted EPS	0.24	0.5	-0.16	-0.09	0.13
Dividend Per Share	0.3	0.5	-	-	0.1
Payout Ratio	172.19	65.71	-191.11	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	135M	251M	31.68M	68.56M	134M
EBITA	65.26M	181M	-35.64M	1.93M	69.65M
EBIT	65.22M	181M	-35.68M	1.89M	69.62M
Total Revenues (As Reported)	1.5B	1.99B	1.13B	1.38B	1.71B
Effective Tax Rate - (Ratio)	14.79	15.48	2.25	27.97	9.14
Current Domestic Taxes	7.85M	-	-	-	-
Total Current Taxes	7.85M	30.53M	-	-	-
Deferred Domestic Taxes	2.99M	-	-	-	-
Total Deferred Taxes	2.99M	-8.07M	-880K	-7.76M	3.71M
Normalized Net Income	45.78M	110M	-31.04M	-17.34M	25.35M
Interest Capitalized	-	-	-	-	-
Non-Cash Pension Expense	1.11M	941K	1.01M	1.02M	994K
Supplemental Operating Expense Items
Marketing Expenses	-	-	-	-	-
Selling and Marketing Expenses	32.16M	31.83M	19.28M	24.11M	32.64M
General and Administrative Expenses	68.47M	78.93M	66.74M	60.03M	65.57M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	60.96M	71.58M	59.16M	47.47M	76.73M
Short Term Investments	3.04M	165K	970K	1.28M	4.03M
Total Cash And Short Term Investments	63.99M	71.75M	60.13M	48.75M	80.76M
Accounts Receivable, Total	298M	312M	253M	334M	361M
Other Receivables	3.89M	4.04M	2.05M	3.79M	7.48M
Total Receivables	302M	316M	255M	338M	368M
Inventory	367M	452M	335M	414M	296M
Prepaid Expenses	1.9M	8.21M	6.62M	7.26M	11.57M
Other Current Assets, Total	539K	11.47M	6.33M	-	-
Total Current Assets	735M	859M	663M	808M	757M
Gross Property Plant And Equipment	1.71B	1.6B	1.73B	1.77B	1.77B
Accumulated Depreciation	-1.08B	-1.03B	-1.12B	-1.17B	-1.2B
Net Property Plant And Equipment	639M	568M	611M	593M	567M
Other Intangibles, Total	12.77M	19.53M	22.09M	20.99M	19.49M
Deferred Tax Assets Long-Term	3.3M	11.76M	12.64M	20.4M	16.5M
Other Long-Term Assets, Total	75.67M	76.88M	80.64M	72.59M	69.81M
Total Assets	1.47B	1.54B	1.39B	1.52B	1.43B
Liabilities
Accounts Payable, Total	174M	160M	130M	184M	143M
Accrued Expenses, Total	44.87M	60.43M	49.09M	47.34M	52.02M
Short-term Borrowings	465M	530M	491M	605M	558M
Current Portion of Long-Term Debt	41.72M	22.06M	97.93M	83.62M	27.32M
Current Portion of Leases	4.45M	7.89M	9.47M	8.77M	11.25M
Current Income Taxes Payable	7.85M	20.68M	-	-	-
Other Current Liabilities	6.61M	3.31M	10.1M	9.79M	2.76M
Total Current Liabilities	744M	805M	788M	939M	795M
Long-Term Debt	68.62M	46.56M	-	-	28.43M
Long-Term Leases	63.55M	51.92M	64.14M	55.92M	49.67M
Pension & Other Post Retirement Benefits	37.01M	39.38M	36.56M	38.33M	36.13M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	2.67M	2.41M	2.44M	2.51M	2.98M
Total Liabilities	916M	945M	891M	1.04B	912M
Common Stock, Total	192M	192M	198M	199M	199M
Additional Paid In Capital	229M	229M	242M	243M	243M
Retained Earnings	129M	169M	58.36M	38.38M	76.01M
Total Common Equity	550M	590M	498M	480M	518M
Total Equity	550M	590M	498M	480M	518M
Total Liabilities And Equity	1.47B	1.54B	1.39B	1.52B	1.43B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	192M	192M	198M	199M	199M
ECS Total Common Shares Outstanding	192M	192M	198M	199M	199M
Book Value / Share	2.87	3.08	2.51	2.41	2.6
Tangible Book Value	537M	571M	476M	459M	498M
Tangible Book Value Per Share	2.8	2.97	2.4	2.31	2.51
Total Debt	643M	659M	663M	753M	675M
Net Debt	579M	587M	603M	704M	594M
Debt Equivalent of Unfunded Proj. Benefit Obligation	38M	42.46M	42.43M	40.09M	40.87M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	193M	279M	193M	219M	148M
Inventories - Work In Process, Total	20.88M	31.26M	18.5M	23.61M	14.21M
Inventories - Finished Goods, Total	132M	123M	104M	147M	110M
Inventories - Others	22.06M	22.07M	22.76M	32.33M	30.27M
Land - (BS)	14.3M	14.3M	14.3M	14.3M	14.3M
Buildings, Total	327M	323M	323M	323M	329M
Machinery, Total	1.26B	1.17B	1.24B	1.33B	1.36B
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	62.41M	123M	-38.16M	-19.98M	36.85M
Depreciation & Amortization - CF	78.32M	78.47M	77.32M	77.43M	75.39M
Amortization of Goodwill and Intangible Assets - (CF)	39.94K	37.57K	37.57K	37.57K	35.2K
Depreciation & Amortization, Total	78.36M	78.51M	77.36M	77.47M	75.42M
Amortization of Deferred Charges, Total - (CF)	186K	153K	1.47M	1.38M	1.6M
(Gain) Loss From Sale Of Asset	3.38K	74.33K	-340K	-	-
Asset Writedown & Restructuring Costs	-	31.7M	-8.22M	123K	316K
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	3.61M	42.53M	8.45M	23.85M	41.97M
Change In Accounts Receivable	-50.67M	-29.5M	53.87M	-83.04M	-41.23M
Change In Inventories	-6.05M	-87.16M	118M	-83.67M	119M
Change In Accounts Payable	-50.66M	-4.3M	-45.3M	48.69M	-43.66M
Change in Other Net Operating Assets	3.41M	-8.21M	-2.1M	10.76M	-5.83M
Cash from Operations	40.6M	146M	165M	-24.43M	185M
Capital Expenditure	-30.69M	-41.92M	-79.35M	-52.93M	-43.3M
Sale of Property, Plant, and Equipment	206K	318K	701K	-	-
Sale (Purchase) of Intangible assets	-6.72M	-6.95M	-4.07M	-324K	-132K
Other Investing Activities, Total	-1.87M	83.91K	2.13M	6.87M	3.64M
Cash from Investing	-39.08M	-48.46M	-80.59M	-46.38M	-39.79M
Short Term Debt Issued, Total	1.62B	1.79B	1.42B	1.66B	1.89B
Long-Term Debt Issued, Total	80M	-	51.22M	10.73M	-
Total Debt Issued	1.7B	1.79B	1.48B	1.67B	1.89B
Short Term Debt Repaid, Total	-1.55B	-1.72B	-1.46B	-1.55B	-1.94B
Long-Term Debt Repaid, Total	-39.48M	-52.81M	-33.51M	-39.66M	-40.53M
Total Debt Repaid	-1.59B	-1.78B	-1.5B	-1.58B	-1.98B
Issuance of Common Stock	-	-	19.22M	1.43M	-
Common Dividends Paid	-107M	-80.56M	-72.92M	-	-
Common & Preferred Stock Dividends Paid	-107M	-80.56M	-72.92M	-	-
Other Financing Activities, Total	-18.01M	-19.55M	-21.62M	-27.14M	-28.36M
Cash from Financing	-10.38M	-87.46M	-96.77M	58.99M	-116M
Foreign Exchange Rate Adjustments	105K	144K	133K	125K	40.95K
Net Change in Cash	-8.75M	10.62M	-12.42M	-11.69M	29.26M
Supplemental Items
Cash Interest Paid	18.01M	19.55M	21.62M	27.14M	28.36M
Cash Income Tax Paid (Refund)	17.38M	17.7M	20.68M	9.74K	8.49K
Levered Free Cash Flow	-52.31M	23.74M	87.64M	-96.7M	96.88M
Unlevered Free Cash Flow	-38.71M	37.43M	103M	-77.7M	117M
Change In Net Working Capital	121M	105M	-130M	104M	-40.18M
Net Debt Issued / Repaid	115M	12.65M	-21.46M	84.7M	-87.31M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	2.8	7.53	-1.52	0.08	2.96
Return on Total Capital	3.52	9.26	-1.85	0.1	3.59
Return On Equity %	10.9	21.51	-7.01	-4.08	7.39
Return on Common Equity	10.9	21.51	-7.01	-4.08	7.39
Margin Analysis
Gross Profit Margin %	11.35	14.78	4.36	6.25	9.84
SG&A Margin	6.89	5.62	7.68	6.12	5.78
EBITDA Margin %	9.25	12.72	2.83	4.99	7.87
EBITA Margin %	4.47	9.18	-3.18	0.14	4.1
EBIT Margin %	4.47	9.18	-3.19	0.14	4.1
Income From Continuing Operations Margin %	4.28	6.22	-3.41	-1.45	2.17
Net Income Margin %	4.28	6.22	-3.41	-1.45	2.17
Net Avail. For Common Margin %	4.28	6.22	-3.41	-1.45	2.17
Normalized Net Income Margin	3.14	5.59	-2.77	-1.26	1.49
Levered Free Cash Flow Margin	-3.58	1.2	7.83	-7.03	5.7
Unlevered Free Cash Flow Margin	-2.65	1.9	9.21	-5.65	6.9
Asset Turnover
Asset Turnover	1	1.31	0.77	0.95	1.15
Fixed Assets Turnover	2.2	3.27	1.9	2.28	2.93
Receivables Turnover (Average Receivables)	5.33	6.47	3.96	4.68	4.88
Inventory Turnover (Average Inventory)	3.61	4.1	2.72	3.44	4.32
Short Term Liquidity
Current Ratio	0.99	1.07	0.84	0.86	0.95
Quick Ratio	0.49	0.48	0.4	0.41	0.56
Operating Cash Flow to Current Liabilities	0.05	0.18	0.21	-0.03	0.23
Days Sales Outstanding (Average Receivables)	68.43	56.45	92.09	78.19	74.82
Days Outstanding Inventory (Average Inventory)	101.04	88.98	134.18	106.28	84.55
Average Days Payable Outstanding	52.36	34.49	55.46	42	42.23
Cash Conversion Cycle (Average Days)	117.11	110.94	170.81	142.47	117.14
Long Term Solvency
Total Debt/Equity	117.01	111.61	132.97	156.95	130.39
Total Debt / Total Capital	53.92	52.74	57.08	61.08	56.59
LT Debt/Equity	24.04	16.68	12.87	11.65	15.09
Long-Term Debt / Total Capital	11.08	7.88	5.52	4.53	6.55
Total Liabilities / Total Assets	62.5	61.55	64.12	68.33	63.8
EBIT / Interest Expense	3	8.26	-1.45	0.06	2.13
EBITDA / Interest Expense	6.59	11.84	1.69	2.61	4.44
(EBITDA - Capex) / Interest Expense	5.18	9.93	-1.53	0.87	3.12
Total Debt / EBITDA	4.48	2.54	15.9	9.49	4.65
Net Debt / EBITDA	4.04	2.26	14.46	8.88	4.1
Total Debt / (EBITDA - Capex)	5.7	3.03	-17.6	28.49	6.63
Net Debt / (EBITDA - Capex)	5.13	2.7	-16	26.65	5.84
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-22.48	35.06	-43.22	22.83	23.62
Gross Profit, 1 Yr. Growth %	-46.88	75.88	-83.25	76.14	94.57
EBITDA, 1 Yr. Growth %	-50.65	85.67	-87.37	116.43	95.05
EBITA, 1 Yr. Growth %	-68.28	177.25	-119.7	-105.41	3.51K
EBIT, 1 Yr. Growth %	-68.3	177.37	-119.73	-105.3	3.58K
Earnings From Cont. Operations, 1 Yr. Growth %	-64.55	96.46	-131.12	-47.63	-284.42
Net Income, 1 Yr. Growth %	-64.55	96.46	-131.12	-47.63	-284.42
Normalized Net Income, 1 Yr. Growth %	-64.42	140.64	-128.18	-44.14	-246.19
Diluted EPS Before Extra, 1 Yr. Growth %	-64.55	72.19	-134.87	-48.43	-284.11
Accounts Receivable, 1 Yr. Growth %	19.78	4.52	-18.88	32.29	7.86
Inventory, 1 Yr. Growth %	4.95	23.28	-25.97	23.56	-28.4
Net Property, Plant and Equip., 1 Yr. Growth %	-6.97	-11.18	7.69	-2.95	-4.41
Total Assets, 1 Yr. Growth %	1.28	4.71	-9.49	9.05	-5.65
Tangible Book Value, 1 Yr. Growth %	-9.37	6.28	-16.54	-3.67	8.53
Common Equity, 1 Yr. Growth %	-7.57	7.36	-15.56	-3.72	7.84
Cash From Operations, 1 Yr. Growth %	-82.72	260.6	12.56	-114.82	-856
Capital Expenditures, 1 Yr. Growth %	-66.33	36.57	89.29	-33.3	-18.19
Levered Free Cash Flow, 1 Yr. Growth %	-160.17	-145.38	269.2	-210.33	-200.19
Unlevered Free Cash Flow, 1 Yr. Growth %	-140.63	-196.69	175.37	-175.39	-250.93
Dividend Per Share, 1 Yr. Growth %	-65.91	66.67	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.83	2.32	-12.43	-16.49	23.22
Gross Profit, 2 Yr. CAGR %	4.53	-3.34	-45.72	-45.68	85.13
EBITDA, 2 Yr. CAGR %	12.69	-4.28	-51.57	-47.71	105.46
EBITA, 2 Yr. CAGR %	16.94	-6.22	-26.09	-89.68	39.79
EBIT, 2 Yr. CAGR %	17	-6.23	-26.03	-89.78	39.68
Earnings From Cont. Operations, 2 Yr. CAGR %	10.65	-16.55	-21.81	-59.63	-1.72
Net Income, 2 Yr. CAGR %	10.65	-16.55	-21.81	-59.63	-1.72
Normalized Net Income, 2 Yr. CAGR %	13.51	-7.47	-17.66	-60.33	-9.63
Diluted EPS Before Extra, 2 Yr. CAGR %	10.65	-21.87	-22.52	-57.6	-2.56
Accounts Receivable, 2 Yr. CAGR %	1.94	11.89	-7.92	3.59	19.45
Inventory, 2 Yr. CAGR %	38.7	13.75	-4.47	-4.36	-5.94
Net Property, Plant and Equip., 2 Yr. CAGR %	5.12	-9.1	-2.2	2.23	-3.68
Total Assets, 2 Yr. CAGR %	11.58	2.98	-2.65	-0.65	1.44
Tangible Book Value, 2 Yr. CAGR %	3.18	-1.86	-5.82	-10.33	2.25
Common Equity, 2 Yr. CAGR %	4.33	-0.38	-4.78	-9.84	1.9
Cash From Operations, 2 Yr. CAGR %	-45.6	-21.05	101.47	-59.15	5.86
Capital Expenditures, 2 Yr. CAGR %	-36.22	-32.19	60.78	12.37	-26.13
Levered Free Cash Flow, 2 Yr. CAGR %	55.57	-47.75	29.43	101.83	5.14
Unlevered Free Cash Flow, 2 Yr. CAGR %	17.01	-37.32	63.18	44.08	6.67
Dividend Per Share, 2 Yr. CAGR %	9.54	-24.62	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.21	11.15	-15.92	-1.97	-4.82
Gross Profit, 3 Yr. CAGR %	-1.67	24.32	-46.11	-19.64	-16.89
EBITDA, 3 Yr. CAGR %	-0.9	33.1	-51.27	-20.23	-18.91
EBITA, 3 Yr. CAGR %	-3.42	55.94	-44.25	-69.09	-27.25
EBIT, 3 Yr. CAGR %	-3.37	56	-44.23	-69.29	-27.26
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.01	33.98	-39.93	-31.59	-33.01
Net Income, 3 Yr. CAGR %	-9.01	33.98	-39.93	-31.59	-33.01
Normalized Net Income, 3 Yr. CAGR %	-0.28	45.82	-37.75	-27.65	-38.72
Diluted EPS Before Extra, 3 Yr. CAGR %	-9.01	28.22	-40.3	-32.35	-30.82
Accounts Receivable, 3 Yr. CAGR %	1.36	2.79	0.52	3.9	5
Inventory, 3 Yr. CAGR %	23.63	33.36	-1.43	4.09	-13.16
Net Property, Plant and Equip., 3 Yr. CAGR %	5.01	-0.62	-3.82	-2.45	-0.03
Total Assets, 3 Yr. CAGR %	8.74	9.24	-1.36	1.1	-2.35
Tangible Book Value, 3 Yr. CAGR %	0.78	4.21	-7.02	-5.11	-4.44
Common Equity, 3 Yr. CAGR %	1.51	5.33	-5.72	-4.43	-4.29
Cash From Operations, 3 Yr. CAGR %	-43.22	2.19	-11.14	-15.58	8.05
Capital Expenditures, 3 Yr. CAGR %	-42.03	-17.79	-4.52	19.92	1.09
Levered Free Cash Flow, 3 Yr. CAGR %	20.09	3.17	0.27	22.73	59.81
Unlevered Free Cash Flow, 3 Yr. CAGR %	1.24	9.8	2.66	26.15	46.33
Dividend Per Share, 3 Yr. CAGR %	-6.75	25.99	-	-	-41.52
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.86	3.58	-6.43	-0.86	-2.03
Gross Profit, 5 Yr. CAGR %	2.18	15.07	-22.47	-10.73	-11.71
EBITDA, 5 Yr. CAGR %	1.48	16.82	-25.58	-8.41	-13.34
EBITA, 5 Yr. CAGR %	1.27	31.79	-13.22	-47.37	-19.48
EBIT, 5 Yr. CAGR %	1.42	31.91	-13.17	-47.56	-19.48
Earnings From Cont. Operations, 5 Yr. CAGR %	1.45	14.83	-14.37	-17.08	-26.86
Net Income, 5 Yr. CAGR %	1.45	14.83	-14.37	-17.08	-26.86
Normalized Net Income, 5 Yr. CAGR %	4.62	23.44	-7.63	-13.37	-27.74
Diluted EPS Before Extra, 5 Yr. CAGR %	-0.88	9.23	-14.68	-17.64	-27.37
Accounts Receivable, 5 Yr. CAGR %	2.04	-1.63	-2.46	3.11	7.7
Inventory, 5 Yr. CAGR %	13.3	16.84	11.51	16.75	-3.26
Net Property, Plant and Equip., 5 Yr. CAGR %	7.56	4.75	2.07	0.51	-3.76
Total Assets, 5 Yr. CAGR %	7.24	7.04	4.03	5.17	-0.25
Tangible Book Value, 5 Yr. CAGR %	6.02	2.56	-1.91	-1.87	-3.42
Common Equity, 5 Yr. CAGR %	6.42	3.21	-1.06	-1.02	-2.75
Cash From Operations, 5 Yr. CAGR %	-29.96	35.93	-5.76	-29.19	-4.7
Capital Expenditures, 5 Yr. CAGR %	-18.43	-10.44	-12.82	-6.84	-13.83
Levered Free Cash Flow, 5 Yr. CAGR %	-15.61	-24.04	23.74	34.94	2.19
Unlevered Free Cash Flow, 5 Yr. CAGR %	-21.54	-15.25	22.54	22.41	4.25
Dividend Per Share, 5 Yr. CAGR %	-1.28	9.34	-	-	-35.27