Income Statement Thai Packaging Industry

Stocks

TIPAK

THE113010007

Paper Packaging

End-of-day quote Thailand S.E. 2026-10-06			5-day change	1st Jan Change
1.600 ^THB	-3.03%		0.00%	-

10-02

Thai Packaging Industry Public Company Limited has completed an IPO in the amount of THB 265.81405 million.

1d1e31f1495e3e70875c3e54f9b.-so2Je4QgPxCtQ2Ne_q42OBfBtzT3mRpj7iG7yLfT80.y4QPE4hzzLUl8W7GOq3L65YlNay5v1Mu3frjjEq3OJ-ovGZviU_mu2_gYg

Published financial data: THAI PACKAGING INDUSTRY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	2.77B	3.15B	2.82B	2.73B	2.54B
Other Revenues, Total	63.45M	71.51M	47.48M	67.76M	5.69M
Total Revenues	2.83B	3.22B	2.87B	2.8B	2.54B
Cost of Goods Sold, Total	2.54B	2.91B	2.42B	2.35B	2.12B
Gross Profit	288M	308M	446M	450M	424M
Selling General & Admin Expenses, Total	205M	218M	213M	265M	260M
Provision for Bad Debts	-3.74M	2.68M	2.6M	-29.22M	-3.03M
Other Operating Expenses, Total	201M	221M	216M	236M	257M
Operating Income	86.76M	87.46M	230M	214M	168M
Interest Expense, Total	-20.94M	-23.39M	-23.1M	-18.32M	-20.43M
Interest And Investment Income	3.97M	2.21M	4.44M	1.73M	-
Net Interest Expenses	-16.98M	-21.18M	-18.66M	-16.58M	-20.43M
EBT, Excl. Unusual Items	69.79M	66.28M	211M	198M	147M
Asset Writedown	-	-1.33M	-	168K	-
EBT, Incl. Unusual Items	69.79M	64.95M	211M	198M	147M
Income Tax Expense	10.88M	10.61M	41.07M	41.09M	26.15M
Earnings From Continuing Operations	58.91M	54.34M	170M	157M	121M
Net Income to Company	58.91M	54.34M	170M	157M	121M
Net Income - (IS)	58.91M	54.34M	170M	157M	121M
Net Income to Common Incl Extra Items	58.91M	54.34M	170M	157M	121M
Net Income to Common Excl. Extra Items	58.91M	54.34M	170M	157M	121M
Per Share Items
Net EPS - Basic	0.14	0.13	0.42	0.38	0.3
Basic EPS - Continuing Operations	0.14	0.13	0.42	0.38	0.3
Basic Weighted Average Shares Outstanding	408M	408M	408M	408M	408M
Net EPS - Diluted	0.14	0.13	0.42	0.38	0.3
Diluted EPS - Continuing Operations	0.14	0.13	0.42	0.38	0.3
Diluted Weighted Average Shares Outstanding	408M	408M	408M	408M	408M
Normalized Basic EPS	0.11	0.1	0.32	0.3	0.23
Normalized Diluted EPS	0.11	0.1	0.32	0.3	0.23
Dividend Per Share	0.1	0.05	0.5	0.39	0.1
Payout Ratio	221.82	75.15	11.94	130.08	132.74
Supplemental Items
EBITDA	155M	142M	283M	268M	255M
EBITA	86.76M	87.46M	230M	214M	168M
EBIT	86.76M	87.46M	230M	214M	168M
EBITDAR	-	-	-	-	255M
Total Revenues (As Reported)	2.83B	3.22B	2.87B	2.8B	2.54B
Effective Tax Rate - (Ratio)	15.59	16.34	19.43	20.79	17.75
Current Domestic Taxes	14.42M	14.05M	44.79M	39.97M	27.27M
Total Current Taxes	14.42M	14.05M	44.79M	39.97M	27.27M
Deferred Domestic Taxes	-3.54M	-3.44M	-3.72M	1.12M	-1.12M
Total Deferred Taxes	-3.54M	-3.44M	-3.72M	1.12M	-1.12M
Normalized Net Income	43.62M	41.42M	132M	123M	92.08M
Interest on Long-Term Debt	-	-	23.1M	18.32M	20.3K
Non-Cash Pension Expense	1.06M	1.16M	1.03M	1.11M	1.13M
Supplemental Operating Expense Items
Selling and Marketing Expenses	128M	134M	133M	138M	132M
General and Administrative Expenses	76.81M	83.92M	79.69M	128M	127M
Net Rental Expense, Total	-	-	-	-	25.71K
Imputed Operating Lease Interest Expense	-	-	-	-	14K
Imputed Operating Lease Depreciation	-	-	-	-	11.71K
Maintenance & Repair Expenses, Total	46.29M	51.86M	-	-	-

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	86.33M	44.02M	49.05M	77.13M	49.72M
Total Cash And Short Term Investments	86.33M	44.02M	49.05M	77.13M	49.72M
Accounts Receivable, Total	461M	513M	477M	484M	439M
Other Receivables	5.02M	8.09M	13.53M	6.81M	8.69M
Notes Receivable	25M	43.5M	91.5M	-	-
Total Receivables	491M	564M	582M	490M	448M
Inventory	376M	339M	273M	233M	214M
Other Current Assets, Total	-	-	213K	375K	815K
Total Current Assets	953M	948M	904M	801M	712M
Gross Property Plant And Equipment	2.46B	2.61B	-	-	2.84B
Accumulated Depreciation	-1.27B	-1.32B	-	-	-1.38B
Net Property Plant And Equipment	1.19B	1.29B	1.3B	1.35B	1.46B
Other Intangibles, Total	15.37M	15.88M	14.68M	10.77M	10.23M
Other Long-Term Assets, Total	3.31M	3.86M	3.75M	4.03M	3.82M
Total Assets	2.16B	2.26B	2.22B	2.17B	2.19B
Liabilities
Accounts Payable, Total	762M	641M	622M	614M	580M
Accrued Expenses, Total	19.36M	21.63M	19.71M	28.45M	27.96M
Short-term Borrowings	105M	142M	-	-	40M
Current Portion of Long-Term Debt	70.44M	51M	63M	67.98M	87.11M
Current Portion of Leases	6.29M	9.96M	11.98M	10.58M	13.23M
Current Income Taxes Payable	5.29M	6.24M	23.89M	16.45M	10.91M
Other Current Liabilities	7.77M	7.53M	10.64M	171M	18.22M
Total Current Liabilities	976M	879M	752M	908M	777M
Long-Term Debt	211M	256M	195M	127M	150M
Long-Term Leases	13.01M	14.94M	12.77M	46.41M	58.12M
Pension & Other Post Retirement Benefits	47.25M	42.9M	47.31M	49.59M	58.51M
Deferred Tax Liability Non Current	59.83M	84.52M	80.8M	87.43M	82.86M
Total Liabilities	1.31B	1.28B	1.09B	1.22B	1.13B
Common Stock, Total	408M	408M	408M	408M	408M
Additional Paid In Capital	26.45M	26.45M	26.45M	26.45M	26.45M
Retained Earnings	113M	133M	288M	86.33M	203M
Comprehensive Income and Other	310M	416M	411M	428M	423M
Total Common Equity	858M	984M	1.13B	949M	1.06B
Total Equity	858M	984M	1.13B	949M	1.06B
Total Liabilities And Equity	2.16B	2.26B	2.22B	2.17B	2.19B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	408M	408M	408M	408M	408M
ECS Total Common Shares Outstanding	408M	408M	408M	408M	408M
Book Value / Share	2.1	2.41	2.78	2.32	2.6
Tangible Book Value	843M	968M	1.12B	938M	1.05B
Tangible Book Value Per Share	2.06	2.37	2.74	2.3	2.57
Total Debt	405M	473M	283M	252M	348M
Net Debt	319M	429M	234M	175M	298M
Debt Equivalent of Unfunded Proj. Benefit Obligation	47.25M	42.9M	47.31M	49.59M	58.51M
Debt Equivalent Oper. Leases	-	-	-	-	206K
Account Code - Inventory Valuation	-	6	-	6	6
Inventories - Raw Materials, Total	333M	308M	154M	153M	135M
Inventories - Work In Process, Total	6.36M	3.34M	3.46M	6.02M	5.58M
Inventories - Finished Goods, Total	38.53M	29.49M	30.25M	21.67M	21.9M
Inventories - Others	-	-	91.15M	70.41M	57.4M
Land - (BS)	397M	489M	-	-	521M
Buildings, Total	687M	726M	-	-	808M
Machinery, Total	1.33B	1.33B	-	-	1.43B
Full Time Employees	-	658	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	35.79M	38.47M	41.06M	11.84M	5.76M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	58.91M	54.34M	170M	157M	121M
Depreciation & Amortization - CF	74.08M	63.81M	63.73M	66.2M	87.62M
Depreciation & Amortization, Total	74.08M	63.81M	63.73M	66.2M	87.62M
Amortization of Deferred Charges, Total - (CF)	3.45M	3.72M	4.03M	3.46M	-
(Gain) Loss From Sale Of Asset	-	-	-305K	-413K	521K
Asset Writedown & Restructuring Costs	3	1.33M	-	-168K	2.71M
Provision and Write-off of Bad Debts	-	458K	2.6M	-3.13M	-3.03M
Other Operating Activities, Total	-18.01M	5.46M	24.23M	44.86M	10.8M
Change In Accounts Receivable	-59.54M	-56.43M	29.33M	-437K	49.14M
Change In Inventories	-86.74M	36.39M	56.64M	-5.87M	8.61M
Change In Accounts Payable	58.47M	-121M	-17.72M	-2.79M	-26.12M
Change in Other Net Operating Assets	235K	-1.47M	-536K	-2.28M	-1.07M
Cash from Operations	30.84M	-13.32M	332M	256M	250M
Capital Expenditure	-109M	-18.97M	-60.82M	-47.64M	-162M
Sale of Property, Plant, and Equipment	1.8M	495K	4.1M	2.54M	1.27M
Sale (Purchase) of Intangible assets	-1.93M	-4.23M	-2.7M	-125K	-1.43M
Other Investing Activities, Total	103M	-19.94M	-47.11M	96.03M	256K
Cash from Investing	-6.09M	-42.64M	-107M	50.81M	-162M
Short Term Debt Issued, Total	5M	37M	-	-	500M
Long-Term Debt Issued, Total	220M	100M	-	-	115M
Total Debt Issued	225M	137M	-	-	615M
Short Term Debt Repaid, Total	-	-	-142M	-	-460M
Long-Term Debt Repaid, Total	-74.37M	-82.52M	-58.41M	-75.07M	-88.18M
Total Debt Repaid	-74.37M	-82.52M	-200M	-75.07M	-548M
Common Dividends Paid	-131M	-40.83M	-20.35M	-204M	-161M
Common & Preferred Stock Dividends Paid	-131M	-40.83M	-20.35M	-204M	-161M
Other Financing Activities, Total	-	-	-	-	-21.39M
Cash from Financing	19.97M	13.65M	-221M	-279M	-115M
Net Change in Cash	44.72M	-42.31M	5.04M	28.07M	-27.41M
Supplemental Items
Cash Interest Paid	22.41M	23.03M	-	-	21.39M
Cash Income Tax Paid (Refund)	24.03M	13.1M	50.53M	65.4M	41.71M
Levered Free Cash Flow	-	-70.91M	-	429M	-133M
Unlevered Free Cash Flow	-	-56.29M	-	440M	-120M
Change In Net Working Capital	-	155M	-	-284M	149M
Net Debt Issued / Repaid	151M	54.48M	-200M	-75.07M	66.82M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	-	2.47	-	6.1	4.81
Return on Total Capital	-	4.02	-	10.22	8.06
Return On Equity %	-	5.9	-	15.03	12.11
Return on Common Equity	-	5.9	-	15.03	12.11
Margin Analysis
Gross Profit Margin %	10.18	9.58	15.52	16.07	16.69
SG&A Margin	7.25	6.78	7.42	9.47	10.21
EBITDA Margin %	5.47	4.42	9.86	9.57	10.04
EBITA Margin %	3.07	2.72	8.01	7.64	6.6
EBIT Margin %	3.07	2.72	8.01	7.64	6.6
Income From Continuing Operations Margin %	2.08	1.69	5.93	5.59	4.77
Net Income Margin %	2.08	1.69	5.93	5.59	4.77
Net Avail. For Common Margin %	2.08	1.69	5.93	5.59	4.77
Normalized Net Income Margin	1.54	1.29	4.6	4.41	3.62
Levered Free Cash Flow Margin	-	-2.2	-	15.3	-5.23
Unlevered Free Cash Flow Margin	-	-1.75	-	15.71	-4.73
Asset Turnover
Asset Turnover	-	1.45	-	1.28	1.17
Fixed Assets Turnover	-	2.59	-	2.11	1.82
Receivables Turnover (Average Receivables)	-	6.46	-	5.69	5.48
Inventory Turnover (Average Inventory)	-	8.14	-	9.29	9.72
Short Term Liquidity
Current Ratio	0.98	1.08	1.2	0.88	0.92
Quick Ratio	0.57	0.64	0.72	0.63	0.64
Operating Cash Flow to Current Liabilities	0.03	-0.02	0.44	0.28	0.32
Days Sales Outstanding (Average Receivables)	-	56.52	-	64.31	66.58
Days Outstanding Inventory (Average Inventory)	-	44.86	-	39.4	37.55
Average Days Payable Outstanding	-	89.1	-	97.9	102.92
Cash Conversion Cycle (Average Days)	-	12.28	-	5.81	1.21
Long Term Solvency
Total Debt/Equity	47.25	48.11	24.97	26.59	32.79
Total Debt / Total Capital	32.09	32.48	19.98	21	24.69
LT Debt/Equity	26.07	27.49	18.36	18.31	19.57
Long-Term Debt / Total Capital	17.7	18.56	14.69	14.47	14.74
Total Liabilities / Total Assets	60.36	56.48	48.96	56.22	51.48
EBIT / Interest Expense	4.14	3.74	9.96	11.69	8.21
EBITDA / Interest Expense	7.68	6.47	12.72	15.3	12.5
(EBITDA - Capex) / Interest Expense	2.49	5.66	10.09	12.7	4.55
Total Debt / EBITDA	2.52	3.13	0.96	0.9	1.36
Net Debt / EBITDA	1.98	2.84	0.8	0.63	1.17
Total Debt / (EBITDA - Capex)	7.76	3.58	1.22	1.08	3.74
Net Debt / (EBITDA - Capex)	6.11	3.25	1	0.75	3.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	13.65	-	-2.42	-7.23
Gross Profit, 1 Yr. Growth %	-	6.96	-	1.02	-14.38
EBITDA, 1 Yr. Growth %	-	-8.04	-	-5.3	-15.77
EBITA, 1 Yr. Growth %	-	0.8	-	-6.94	-31.2
EBIT, 1 Yr. Growth %	-	0.8	-	-6.94	-31.2
Earnings From Cont. Operations, 1 Yr. Growth %	-	-7.76	-	-8.07	-28.8
Net Income, 1 Yr. Growth %	-	-7.76	-	-8.07	-28.8
Normalized Net Income, 1 Yr. Growth %	-	-5.03	-	-6.57	-34.67
Diluted EPS Before Extra, 1 Yr. Growth %	-	-7.76	-	-8.07	-28.8
Accounts Receivable, 1 Yr. Growth %	-	11.21	-	1.37	-9.85
Inventory, 1 Yr. Growth %	-	-9.6	-	-14.74	-3.32
Net Property, Plant and Equip., 1 Yr. Growth %	-	8.42	-	4.1	9.15
Total Assets, 1 Yr. Growth %	-	4.45	-	-2.43	0.91
Tangible Book Value, 1 Yr. Growth %	-	14.9	-	-16.16	13.21
Common Equity, 1 Yr. Growth %	-	14.69	-	-16.3	13
Cash From Operations, 1 Yr. Growth %	-	-143.19	-	-22.96	-11.51
Capital Expenditures, 1 Yr. Growth %	-	-82.54	-	-21.67	185.5
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-	-	-128.84
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-	-	-125.44
Dividend Per Share, 1 Yr. Growth %	-	-50	-	-22	-74.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-	-	-5.88
Gross Profit, 2 Yr. CAGR %	-	-	-	-	-4.09
EBITDA, 2 Yr. CAGR %	-	-	-	-	-5.01
EBITA, 2 Yr. CAGR %	-	-	-	-	-14.61
EBIT, 2 Yr. CAGR %	-	-	-	-	-14.61
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	-	-	-15.65
Net Income, 2 Yr. CAGR %	-	-	-	-	-15.65
Normalized Net Income, 2 Yr. CAGR %	-	-	-	-	-16.52
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-	-	-15.65
Accounts Receivable, 2 Yr. CAGR %	-	-	-	-	-4.08
Inventory, 2 Yr. CAGR %	-	-	-	-	-11.44
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	-	-	6.08
Total Assets, 2 Yr. CAGR %	-	-	-	-	-0.76
Tangible Book Value, 2 Yr. CAGR %	-	-	-	-	-3.08
Common Equity, 2 Yr. CAGR %	-	-	-	-	-3.24
Cash From Operations, 2 Yr. CAGR %	-	-	-	-	-13.21
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	63.43
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-	-14.67
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-	-21.9
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-55.28
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	-	-7.54
Gross Profit, 3 Yr. CAGR %	-	-	-	-	11.25
EBITDA, 3 Yr. CAGR %	-	-	-	-	21.52
EBITA, 3 Yr. CAGR %	-	-	-	-	24.25
EBIT, 3 Yr. CAGR %	-	-	-	-	24.25
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	-	30.65
Net Income, 3 Yr. CAGR %	-	-	-	-	30.65
Normalized Net Income, 3 Yr. CAGR %	-	-	-	-	30.51
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-	30.65
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-	-5.06
Inventory, 3 Yr. CAGR %	-	-	-	-	-14.22
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	-	4.17
Total Assets, 3 Yr. CAGR %	-	-	-	-	-1.09
Tangible Book Value, 3 Yr. CAGR %	-	-	-	-	2.79
Common Equity, 3 Yr. CAGR %	-	-	-	-	2.56
Cash From Operations, 3 Yr. CAGR %	-	-	-	-	165.89
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	104.6
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	23.33
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	28.79
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	25.99