Income Statement Thaitheparos OTC Markets

Stocks

THSCF

TH0460010Z14

Food Processing

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05-14	Thaitheparos posts for Q1/2026, net profit of 209.77 million baht	RE
05-14	Thaitheparos Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

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Published financial data: THAITHEPAROS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.1B	3.25B	3.51B	3.51B	3.5B
Other Revenues, Total	25.29M	51.89M	32.1M	55.16M	59.84M
Total Revenues	3.13B	3.3B	3.55B	3.56B	3.56B
Cost of Goods Sold, Total	1.84B	1.98B	2.08B	2.06B	2B
Gross Profit	1.29B	1.32B	1.47B	1.5B	1.56B
Selling General & Admin Expenses, Total	531M	537M	558M	580M	582M
Provision for Bad Debts	106K	-	378K	-	-
Other Operating Expenses, Total	531M	537M	559M	580M	582M
Operating Income	760M	779M	907M	923M	979M
Interest And Investment Income	5.91M	5.75M	10.83M	-	-
Net Interest Expenses	5.91M	5.75M	10.83M	-	-
Income (Loss) On Equity Invest.	4.76M	6.73M	7.6M	6.74M	7.28M
EBT, Excl. Unusual Items	771M	791M	926M	930M	986M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	771M	791M	926M	930M	986M
Income Tax Expense	152M	159M	186M	186M	197M
Earnings From Continuing Operations	619M	632M	740M	744M	789M
Net Income to Company	619M	632M	740M	744M	789M
Net Income - (IS)	619M	632M	740M	744M	789M
Net Income to Common Incl Extra Items	619M	632M	740M	744M	789M
Net Income to Common Excl. Extra Items	619M	632M	740M	744M	789M
Per Share Items
Net EPS - Basic	1.72	1.76	2.05	2.07	2.19
Basic EPS - Continuing Operations	1.72	1.76	2.05	2.07	2.19
Basic Weighted Average Shares Outstanding	360M	360M	360M	360M	360M
Net EPS - Diluted	1.72	1.76	2.05	2.07	2.19
Diluted EPS - Continuing Operations	1.72	1.76	2.05	2.07	2.19
Diluted Weighted Average Shares Outstanding	360M	360M	360M	360M	360M
Normalized Basic EPS	1.34	1.37	1.61	1.61	1.71
Normalized Diluted EPS	1.34	1.37	1.61	1.61	1.71
Dividend Per Share	1.6	1.65	1.72	1.79	1.81
Payout Ratio	72.71	91.13	80.31	83.24	81.7
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	874M	887M	1.01B	1.02B	1.08B
EBITA	760M	779M	907M	923M	979M
EBIT	760M	779M	907M	923M	979M
Total Revenues (As Reported)	3.13B	3.3B	3.56B	3.56B	3.56B
Effective Tax Rate - (Ratio)	19.72	20.12	20.09	20	20.01
Total Current Taxes	151M	155M	185M	186M	196M
Total Deferred Taxes	774K	4.48M	987K	-20K	1.36M
Normalized Net Income	482M	495M	578M	581M	616M
Non-Cash Pension Expense	527K	547K	-1.88M	883K	715K
Supplemental Operating Expense Items
Advertising Expense	117M	117M	108M	109M	100M
Marketing Expenses	76.01M	69.51M	75.25M	89.22M	97M
Selling and Marketing Expenses	386M	388M	401M	420M	421M
General and Administrative Expenses	145M	149M	158M	160M	161M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	671M	583M	637M	626M	535M
Short Term Investments	418M	388M	628M	789M	909M
Total Cash And Short Term Investments	1.09B	971M	1.26B	1.41B	1.44B
Accounts Receivable, Total	344M	389M	375M	384M	425M
Other Receivables	4.77M	4.81M	5.19M	9.39M	7.71M
Notes Receivable	2M	2M	2M	2M	1M
Total Receivables	351M	396M	383M	395M	433M
Inventory	532M	690M	614M	621M	695M
Other Current Assets, Total	10.73M	10.84M	8.52M	7.16M	6.51M
Total Current Assets	1.98B	2.07B	2.27B	2.44B	2.58B
Gross Property Plant And Equipment	2.75B	2.76B	2.77B	2.77B	2.79B
Accumulated Depreciation	-1.91B	-1.98B	-1.99B	-2.03B	-2.02B
Net Property Plant And Equipment	840M	777M	782M	734M	766M
Long-term Investments	65.79M	51.25M	57.59M	42.48M	46.1M
Other Intangibles, Total	1.75M	426K	441K	352K	267K
Loans Receivable Long-Term	7M	5M	3M	1M	-
Deferred Tax Assets Long-Term	14.98M	10.5M	4.82M	4.84M	3.48M
Other Long-Term Assets, Total	208M	255M	214M	249M	216M
Total Assets	3.12B	3.17B	3.33B	3.47B	3.61B
Liabilities
Accounts Payable, Total	100M	68.2M	82.9M	90.03M	79.93M
Accrued Expenses, Total	72.61M	74.76M	83.12M	82.87M	83.02M
Current Income Taxes Payable	76.8M	89.91M	93.52M	91.8M	100M
Unearned Revenue Current, Total	3.57M	1.27M	-	-	-
Other Current Liabilities	13.28M	17.31M	14.73M	20.45M	15.89M
Total Current Liabilities	267M	251M	274M	285M	279M
Pension & Other Post Retirement Benefits	50.66M	55.39M	33.98M	35.83M	39.22M
Total Liabilities	317M	307M	308M	321M	318M
Common Stock, Total	360M	360M	360M	360M	360M
Additional Paid In Capital	616M	616M	616M	616M	616M
Retained Earnings	1.83B	1.88B	2.05B	2.17B	2.32B
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	2.8B	2.86B	3.02B	3.15B	3.29B
Total Equity	2.8B	2.86B	3.02B	3.15B	3.29B
Total Liabilities And Equity	3.12B	3.17B	3.33B	3.47B	3.61B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	360M	360M	360M	360M	360M
ECS Total Common Shares Outstanding	360M	360M	360M	360M	360M
Book Value / Share	7.79	7.94	8.4	8.75	9.15
Tangible Book Value	2.8B	2.86B	3.02B	3.15B	3.29B
Tangible Book Value Per Share	7.78	7.94	8.4	8.74	9.15
Total Debt	0	0	0	0	0
Net Debt	-1.09B	-971M	-1.26B	-1.41B	-1.44B
Debt Equivalent of Unfunded Proj. Benefit Obligation	50.66M	55.39M	33.98M	35.83M	39.22M
Equity Method Investments, Total	25.41M	30.94M	37.34M	42.32M	45.96M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	231M	268M	296M	338M	334M
Inventories - Work In Process, Total	148M	153M	136M	136M	124M
Inventories - Finished Goods, Total	74.12M	106M	128M	103M	98.75M
Inventories - Others	728K	778K	949K	737K	567K
Land - (BS)	115M	115M	115M	116M	119M
Buildings, Total	597M	599M	590M	603M	610M
Machinery, Total	1.99B	2.02B	1.98B	2.03B	2.03B
Accumulated Allowance for Doubtful Accounts (Supple)	4.41M	4.41M	3.9M	3.9M	1.49M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	619M	632M	740M	744M	789M
Depreciation & Amortization - CF	114M	108M	105M	100M	100M
Amortization of Goodwill and Intangible Assets - (CF)	147K	100K	100K	-	-
Depreciation & Amortization, Total	114M	109M	105M	100M	100M
Amortization of Deferred Charges, Total - (CF)	1.37M	1.24M	-	-	-
(Gain) Loss From Sale Of Asset	5.6M	4.59M	4.22M	1.3M	-352K
(Gain) Loss on Sale of Investments - (CF)	-1.62K	74.47K	56.66K	-530K	-588K
Asset Writedown & Restructuring Costs	-	-14.17M	-	-	-
(Income) Loss On Equity Investments - (CF)	-4.76M	-6.73M	-7.6M	-6.74M	-7.28M
Provision and Write-off of Bad Debts	106K	-	378K	-	-690K
Other Operating Activities, Total	10.42M	21.52M	754K	-7.37M	-1.28M
Change In Accounts Receivable	-21.84M	-45.91M	12.51M	-8.75M	-39.71M
Change In Inventories	-91.47M	-158M	75.48M	-11.12M	-71.98M
Change In Accounts Payable	11.17M	-32.09M	14.76M	7.23M	-10.1M
Change in Other Net Operating Assets	-5.88M	729K	2.34M	-724K	-7.92M
Cash from Operations	637M	512M	948M	817M	749M
Capital Expenditure	-53.82M	-85.07M	-75.59M	-88.96M	-96.02M
Sale of Property, Plant, and Equipment	18.69K	2.42M	2.38M	1M	3.25M
Sale (Purchase) of Real Estate properties	-	-	-	-	-6.15M
Sale (Purchase) of Intangible assets	-323K	-17.53K	-116K	-	-
Investment in Marketable and Equity Securities, Total	-20.03M	50.24M	-240M	-140M	-120M
Other Investing Activities, Total	8.98M	8.88M	12.94M	19.1M	23.16M
Cash from Investing	-65.18M	-23.56M	-300M	-209M	-196M
Common Dividends Paid	-450M	-576M	-594M	-619M	-644M
Common & Preferred Stock Dividends Paid	-450M	-576M	-594M	-619M	-644M
Other Financing Activities, Total	-	-260K	-	57K	202K
Cash from Financing	-450M	-576M	-594M	-619M	-644M
Net Change in Cash	122M	-87.68M	53.37M	-10.88M	-90.71M
Supplemental Items
Cash Income Tax Paid (Refund)	144M	142M	181M	188M	188M
Levered Free Cash Flow	442M	294M	710M	581M	498M
Unlevered Free Cash Flow	442M	294M	710M	581M	498M
Change In Net Working Capital	94.13M	218M	-113M	6.69M	118M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	15.7	15.49	17.45	16.96	17.28
Return on Total Capital	17.48	17.19	19.27	18.69	18.99
Return On Equity %	22.76	22.32	25.14	24.1	24.49
Return on Common Equity	22.76	22.32	25.14	24.1	24.49
Margin Analysis
Gross Profit Margin %	41.29	39.9	41.34	42.18	43.89
SG&A Margin	16.98	16.29	15.75	16.28	16.36
EBITDA Margin %	27.94	26.91	28.55	28.71	30.35
EBITA Margin %	24.31	23.62	25.58	25.9	27.53
EBIT Margin %	24.3	23.61	25.58	25.9	27.53
Income From Continuing Operations Margin %	19.79	19.16	20.86	20.87	22.18
Net Income Margin %	19.79	19.16	20.86	20.87	22.18
Net Avail. For Common Margin %	19.79	19.16	20.86	20.87	22.18
Normalized Net Income Margin	15.4	15	16.31	16.3	17.33
Levered Free Cash Flow Margin	14.13	8.91	20.02	16.31	14.02
Unlevered Free Cash Flow Margin	14.13	8.91	20.02	16.31	14.02
Asset Turnover
Asset Turnover	1.03	1.05	1.09	1.05	1
Fixed Assets Turnover	3.57	4.08	4.55	4.7	4.62
Receivables Turnover (Average Receivables)	9.32	8.86	9.19	9.24	8.65
Inventory Turnover (Average Inventory)	3.77	3.24	3.19	3.34	3.03
Short Term Liquidity
Current Ratio	7.44	8.22	8.28	8.55	9.25
Quick Ratio	5.39	5.43	6	6.34	6.73
Operating Cash Flow to Current Liabilities	2.39	2.04	3.46	2.87	2.69
Days Sales Outstanding (Average Receivables)	39.17	41.2	39.7	39.6	42.2
Days Outstanding Inventory (Average Inventory)	96.77	112.51	114.41	109.67	120.33
Average Days Payable Outstanding	17.94	14.37	13.75	15.31	14.99
Cash Conversion Cycle (Average Days)	118	139.34	140.36	133.96	147.54
Long Term Solvency
Total Liabilities / Total Assets	10.16	9.69	9.25	9.25	8.81
Net Debt / EBITDA	-1.25	-1.09	-1.25	-1.38	-1.34
Net Debt / (EBITDA - Capex)	-1.33	-1.21	-1.35	-1.51	-1.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.9	5.43	7.51	0.21	-0.23
Gross Profit, 1 Yr. Growth %	6	1.91	11.38	1.8	3.81
EBITDA, 1 Yr. Growth %	12.04	1.54	14.09	-0.01	5.48
EBITA, 1 Yr. Growth %	14.21	2.44	16.47	0.55	6.04
EBIT, 1 Yr. Growth %	14.21	2.44	16.47	0.55	6.04
Earnings From Cont. Operations, 1 Yr. Growth %	13.9	2.12	17.01	0.57	6.04
Net Income, 1 Yr. Growth %	13.9	2.12	17.01	0.57	6.04
Normalized Net Income, 1 Yr. Growth %	14.05	2.64	16.97	0.45	6.05
Diluted EPS Before Extra, 1 Yr. Growth %	13.9	2.12	17.01	0.57	6.04
Accounts Receivable, 1 Yr. Growth %	6.78	13.1	-3.46	2.25	10.6
Inventory, 1 Yr. Growth %	20.53	29.56	-10.91	1.02	11.95
Net Property, Plant and Equip., 1 Yr. Growth %	-7.95	-7.6	0.71	-6.16	-0.91
Total Assets, 1 Yr. Growth %	6.47	1.46	5.24	4.12	4.08
Tangible Book Value, 1 Yr. Growth %	6.46	2.05	5.75	4.13	4.59
Common Equity, 1 Yr. Growth %	6.41	2	5.75	4.12	4.59
Cash From Operations, 1 Yr. Growth %	-2.63	-19.64	85.07	-13.77	-8.32
Capital Expenditures, 1 Yr. Growth %	11.09	58.07	-11.15	17.69	7.93
Levered Free Cash Flow, 1 Yr. Growth %	-6.05	-33.51	141.64	-18.89	-14.28
Unlevered Free Cash Flow, 1 Yr. Growth %	-6.05	-33.51	141.64	-18.89	-14.28
Dividend Per Share, 1 Yr. Growth %	28	3.12	4.24	4.07	1.12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.46	5.67	6.47	3.96	-0.01
Gross Profit, 2 Yr. CAGR %	7.1	3.93	6.54	6.88	2.8
EBITDA, 2 Yr. CAGR %	15.11	6.66	7.63	7.38	2.7
EBITA, 2 Yr. CAGR %	18.15	8.16	9.23	8.86	3.26
EBIT, 2 Yr. CAGR %	18.2	8.17	9.23	8.86	3.26
Earnings From Cont. Operations, 2 Yr. CAGR %	17.87	7.85	9.31	8.48	3.27
Net Income, 2 Yr. CAGR %	17.87	7.85	9.31	8.48	3.27
Normalized Net Income, 2 Yr. CAGR %	18.11	8.2	9.57	8.4	3.22
Diluted EPS Before Extra, 2 Yr. CAGR %	17.87	7.85	9.31	8.48	3.27
Accounts Receivable, 2 Yr. CAGR %	4.99	9.89	4.49	-0.65	6.34
Inventory, 2 Yr. CAGR %	13.7	24.96	7.44	-5.13	6.35
Net Property, Plant and Equip., 2 Yr. CAGR %	-7.54	-7.77	-3.53	-2.79	-1.01
Total Assets, 2 Yr. CAGR %	6	3.94	3.33	4.68	4.1
Tangible Book Value, 2 Yr. CAGR %	6.12	4.23	3.88	4.93	4.36
Common Equity, 2 Yr. CAGR %	6.06	4.18	3.86	4.93	4.35
Cash From Operations, 2 Yr. CAGR %	1.98	-11.54	21.95	26.33	-11.09
Capital Expenditures, 2 Yr. CAGR %	-2.61	32.51	18.51	2.26	12.71
Levered Free Cash Flow, 2 Yr. CAGR %	0.91	-20.97	26.75	40.67	-16.61
Unlevered Free Cash Flow, 2 Yr. CAGR %	0.91	-20.97	26.75	40.67	-16.61
Dividend Per Share, 2 Yr. CAGR %	17.95	14.89	3.68	4.16	2.58
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.13	4.11	6.28	4.45	2.54
Gross Profit, 3 Yr. CAGR %	5.87	5.34	6.36	5.19	5.85
EBITDA, 3 Yr. CAGR %	10.58	10.39	9.08	5.4	6.74
EBITA, 3 Yr. CAGR %	12.83	12.66	10.86	6.67	7.91
EBIT, 3 Yr. CAGR %	12.87	12.69	10.87	6.68	7.91
Earnings From Cont. Operations, 3 Yr. CAGR %	12.3	12.37	10.82	6.32	7.66
Net Income, 3 Yr. CAGR %	12.3	12.37	10.82	6.32	7.66
Normalized Net Income, 3 Yr. CAGR %	12.71	12.71	11.04	6.44	7.61
Diluted EPS Before Extra, 3 Yr. CAGR %	12.3	12.37	10.82	6.32	7.66
Accounts Receivable, 3 Yr. CAGR %	2.83	7.63	5.25	3.74	2.97
Inventory, 3 Yr. CAGR %	4.75	18.76	11.64	5.26	0.25
Net Property, Plant and Equip., 3 Yr. CAGR %	-7.18	-7.56	-5.03	-4.42	-0.44
Total Assets, 3 Yr. CAGR %	5.16	4.47	4.37	3.6	4.48
Tangible Book Value, 3 Yr. CAGR %	5.34	4.75	4.74	3.96	4.82
Common Equity, 3 Yr. CAGR %	5.27	4.69	4.7	3.95	4.82
Cash From Operations, 3 Yr. CAGR %	7.29	-5.81	13.14	8.65	13.53
Capital Expenditures, 3 Yr. CAGR %	2.71	14.45	15.98	18.24	4.12
Levered Free Cash Flow, 3 Yr. CAGR %	6.73	-12.19	14.71	9.57	19.26
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.73	-12.19	14.71	9.57	19.26
Dividend Per Share, 3 Yr. CAGR %	17.35	12.79	11.23	3.81	3.13
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.33	3.67	4.45	4.05	3.78
Gross Profit, 5 Yr. CAGR %	5.47	4.75	6.13	5.95	5.08
EBITDA, 5 Yr. CAGR %	8.6	10.34	9.39	9.18	6.71
EBITA, 5 Yr. CAGR %	10.56	13.11	11.38	11.12	8.01
EBIT, 5 Yr. CAGR %	10.58	13.14	11.4	11.15	8.01
Earnings From Cont. Operations, 5 Yr. CAGR %	8.32	12.85	11.1	10.8	7.74
Net Income, 5 Yr. CAGR %	8.32	12.85	11.1	10.8	7.74
Normalized Net Income, 5 Yr. CAGR %	10.38	13.1	11.44	10.96	7.84
Diluted EPS Before Extra, 5 Yr. CAGR %	8.32	12.85	11.1	10.8	7.74
Accounts Receivable, 5 Yr. CAGR %	4.73	5.46	3.49	4.24	5.68
Inventory, 5 Yr. CAGR %	6.83	8.91	5.82	8.56	9.49
Net Property, Plant and Equip., 5 Yr. CAGR %	-4.77	-7.05	-5.74	-5.68	-3.44
Total Assets, 5 Yr. CAGR %	3.26	3.94	4.42	4.55	4.26
Tangible Book Value, 5 Yr. CAGR %	3.24	4.3	4.76	4.82	4.58
Common Equity, 5 Yr. CAGR %	3.21	4.23	4.7	4.78	4.56
Cash From Operations, 5 Yr. CAGR %	6.53	5.67	12.93	5.93	2.74
Capital Expenditures, 5 Yr. CAGR %	-14.05	-8.18	8.76	9.41	14.66
Levered Free Cash Flow, 5 Yr. CAGR %	10.45	11.29	14.33	6.02	1.16
Unlevered Free Cash Flow, 5 Yr. CAGR %	10.45	11.29	14.33	6.02	1.16
Dividend Per Share, 5 Yr. CAGR %	6.83	10.53	11.68	9.25	7.68