i-Tail to become one of the most influential corporations in Thailand’s stock exchange

i-Tail Corporation will be listed in the SET50 Index in the second half of 2024. This stock price index comprises the top 50 stocks trading on the Stock Exchange of Thailand in terms of market capitalization and liquidity.

The Bangkok-based corporation, a subsidiary of tuna multinational Thai Union, says it’s the only corporation in the food and beverage industry included in the index for H2 2024, marking a step forward in its success.

“We believe this inclusion will enhance confidence in i-Tail’s business operations and our capability to achieve sustainable growth while also attracting interest from both domestic and foreign investors and generating value for shareholders and stakeholders over the long term,” shares i-Tail’s CEO Pichitchai Wongpiya.

i-Tail Corporation was listed on the Stock Exchange of Thailand on 9 December 2022 after launching its initial public offering (IPO).

Strong financials

The announcement comes after a strong first quarter in 2024, with the company achieving THB 4 billion ($109.1M/€102.1M) in sales.

The company witnessed a 12% year-on-year (YoY) increase from THB 3.58 billion ($97.7M/€91.3M) in Q1 2023.

Net profits improved 93% YoY to THB 821 million ($22.4M/€20.9M) against THB 425 million ($11.5M/€10.8M) last year. This is also a 7% increase from the last quarter of 2023.

i-Tail attributed the growth to “normalized demand for pet food, increase in sales proportion of premium products, adjustments to selling price and a rise in orders from global pet food brand customers.”

Cat food in the lead

Sales between January and March 2024 improved in every region, with the Americas bringing in 45% of the company’s total revenue. Asia and Oceania (36%) and Europe (19%) followed.

Cat food accounted for 75% of the company’s sales in the quarter, while dog food represented 13%. Pet treats comprised 10% of its total performance.

i-Tails says it has deepened relationships with existing customers and is expanding to new ones to accelerate business growth. “We have secured our business agreements to manufacture pet food products for prominent retailers and global brands in the US and Europe, with first shipments expected to be delivered from the second quarter of this year,” says CEO Pichitchai Wongpiya.

Factory investment

The company plans to invest THB 1.3 billion ($35.4M/€33.1M) to install an automated storage and retrieval system (ASRS) at its pet food factory in Songkhla province, 850 km from the capital of Bangkok.

The changes, which are set to be completed by 2025, are expected to improve operational efficiency, support sustainable business growth and improve cost optimization.

i-Tail has also initiated the installation of a wastewater treatment system at its facility to achieve its goal of zero water discharge by 2030.