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ThaiBev Delivered Resilient 9M23 Performance Amid Improved Consumption

BANGKOK, Thailand, 3 October 2023
– Thai Beverage Public Company Limited (“ThaiBev” or the “Group”) has delivered a resilient performance for the nine-month period ended 30 June 2023 (“9M23”), as it strengthened its brand and market positions on the back of a general recovery in consumption and tourism post-pandemic.

Mr. Thapana Sirivadhanabhakdi, President and CEO
, said: “With the tourism and food and beverage industries enjoying a resurgence, we have been taking active steps to reinforce our brand and market positions across our business segments to enhance our competitiveness, and this is paying off in our favor.”

“At the same time, we diligently managed our margins, against inflationary pressures and higher energy costs and commodity prices, while safeguarding our bottom line and market share. We also remained mindful of operating in a responsible and sustainable manner and are steadfast in executing our Enabling Sustainable Growth strategy to achieve sustainability and net-zero emissions.”

For 9M23, the Group recorded sales revenue of Baht 215,893 million, representing a 3.8% increase year-on-year. The sales revenue was lifted by improved sales revenue contribution from all its business segments, driven by an overall improvement in economic activity and the recovery of Thailand’s tourism industry. Earnings before interest, taxation, depreciation and amortization from business operation (“EBITDA”) amounted to Baht 37,765 million, representing a 3.4% decrease year-on-year, taking into account revenue improvement, increased brand investment and marketing activities, and cost push factors. The Group maintained a healthy financial position with strong free cash flow.

The gradual recovery of domestic consumption by Thai locals and foreign visitors is encouraging. At the same time, the Group is mindful that inflationary pressures, rising energy and commodity costs, along with high household debt levels, could continue to weigh on consumer spending. Nevertheless, the Group is confident that its solid foundation will support the continuous resilient growth to achieve its vision of becoming a stable and sustainable ASEAN Leader in beverage and food business.

Group Highlights


The spirits business generated a 3.3% rise in sales revenue to Baht 93,673 million year-on-year, despite the total sales volume decreasing by 3.5% compared to the previous corresponding period (“9M22”). The spirits business has delivered a strong performance in both EBITDA and EBITDA margin. EBITDA margin expanded from 24.7% to 25.4%, with EBITDA reached Baht 23,763 million. The margin expansion was driven by price adjustment and changes in the portfolio mix in Thailand amid higher consumption of brown spirits. The international business, including Myanmar, has also reported a strong performance with increases in both sales revenue and EBITDA.

Mr. Prapakon Thongtheppairot, Executive Vice President, Group CFO and Chief Spirit Product Group
, said: “Our spirits business has recorded a resilient performance with a healthy improvement in profitability. In Thailand, we have retained our dominant positions in both the white and brown spirits markets through the extensive preparations that we made ahead of the market reopening and the continuous focus on building up our core brands, Ruang Khao, Hong Thong, SangSom and Blend 285.

In Myanmar, Grand Royal Whisky remains the number one whisky brand despite challenges in the market, and we expect sustained demand and growth for the remainder of the year.

Internationally, we have further broadened our portfolio of premium spirits brands and strengthened international routes to market through the acquisitions of Larsen Cognac and Cardrona Distillery. These acquisitions have allowed us to establish a foothold in the cognac and dynamic New World spirits categories which will complement our established and highly successful spirits brands.”


Mr. Michael Chye Hin Fah, Chief Beer Product Group
, said: “Our beer business in Thailand saw a recovery on the back of the resurgence of economic activity and the return of tourists, while our Vietnam business continued to face challenges from weak consumption amid macroeconomic headwinds. Overall sales revenue increased by 0.7% to Baht 93,262 million in 9M23 even as total sales volume declined 5.2%. An increase in brand investment, marketing activities and competitive pressures, coupled with rising key raw material and packaging costs, contributed to EBITDA declining 19.8% to Baht 10,783 million.”

Beer – Thailand

Mr. Songwit Sritham, Chief Beer Business – Thailand, said: “Our ability to grow the beer business and market position is underpinned by three strategic priorities: Commercial Leadership, Winning Brand Portfolio and Cost Competitiveness.

We reinforced Commercial Leadership for the Chang portfolio through consumer engagement built on solidifying their love for the brand. The focus on “Friendship, Football & Music” has helped to cement the brand’s relationship with drinkers and drive consumer engagement towards points of purchase. To bring the brand closer to customers, we collaborate closely with other product groups across ThaiBev to generate synergies and efficiencies that further enhance the distribution network and route-to-market capabilities.

We have also built a Winning Brand Portfolio and developed a strong consumer offering under our flagship Chang brand. Chang Cold Brew, launched in 2019, is now amongst the top-five brands in Thailand by volume. Chang Unpasteurized was launched at the end of 2022 as a high-premium variant with encouraging results to date. Meanwhile, Chang Espresso Lager has won gold medals in quality awards for three years in a row.

In order to improve our productivity and cost effectiveness, we have set our focus on Cost Competitiveness which centers around four main aspects, namely; beer production cost savings, supply chain reallocation of resources, lower advertising and promotion (A&P) spending, and improvement in productivity as reflected in a better ratio of net sales to headcount.”

Beer – Vietnam

Mr. Lester Tan Teck Chuan, General Director, SABECO, said: “Vietnam’s economy was adversely affected by geopolitical events that constrained its export activities and the growth of its gross domestic product. Nevertheless, we remain committed to focusing on maintaining superior product quality, building a professional sales force and developing our Winning Brand Portfolio. By executing our strategic imperatives, we seek to elevate Bia Saigon as an important symbol of national pride for Vietnam.”

SABECO constantly focuses on growing the business, improving brand portfolio, and increasing market share to support the business’ ambition for overall growth.

SABECO won four Gold and four Silver Medals from the Beverage Testing Institute (BTI) in January 2023, for the exceptional quality of its beers. The company also received recognition for its marketing campaigns, “Rise with Vietnam” and “Bia Saigon Lager Tet 2022”, which won Gold and Silver awards respectively at the MMA Global Conference and Exposition in April 2023.

To maintain profitability, SABECO continues to enhance production excellence and implement stringent cost management measures to manage its expenses. The company is also working towards better integrating its vast network of subsidiary and associate breweries to improve operational and cost synergies.

The SABECO 4.0 digital transformation initiative will help to enhance the company's competitiveness, consolidate its leading position, and achieve its long-term objectives.

Non-alcoholic Beverages

In 9M23, the Group’s non-alcoholic beverages business recorded a notable 15.6% rise in sales revenue to Baht 14,822 million year-on-year, lifted by an 8.7% increase in sales volume amid higher consumption. Improved production efficiency arising from increased utilization partially offsets higher costs from brand investment, marketing activities, and raw materials. EBITDA rose by 3.3% to Baht 1,773 million, compared to the previous corresponding period.

Mr. Kosit Suksingha, Executive Vice President, Chief of Non-alcoholic Beverages Product Group, and Chief of Digital and Technology
, said: “Thailand’s economy is progressively recovering, which leads to improved consumer confidence. Therefore, we have accelerated our efforts to grow the business by taking proactive steps focusing on Brand Portfolio Management, Speed for the Growth, and Expand to New Market.”

With a mission to build a diversified product portfolio, the Group has set its focus on “Brand Portfolio Management” to cater to the needs of every consumer across various groups for all occasions including the growing number of health-conscious consumers, while continuing to enhance its connection with consumers through various strategies to strengthen its core brands.

The Group strives to drive growth for “OISHI Green Tea” by constantly expanding its consumer base and increasing consumption. The Group is also building awareness and communicating the benefits of catechins, which are natural antioxidants found in green tea, through the launch of “OISHI Goodness of Tea” campaign with the concept of “Good Things Never Change”. It has also been working on extending distribution channels and the consumer base for “OISHI Chakulza”, a canned ready-to-drink carbonated tea that has been increasingly popular through the campaign, “OISHI Chakulza Green Tea Zaa Medee.”

Crystal has reaffirmed its position as the number one drinking water brand in Thailand that is certified to meet international quality standards where this year, the brand has implemented a new marketing strategy under the “Think Clear, Drink Crystal” concept. This new concept marks Crystal as the first drinking water brand in Thailand to encourage positive thinking, by drawing consumer attention to the emotional benefits of water drinking in addition to its functional benefit.

The Group’s carbonated soft drink brand ‘est’ unveiled comprehensive rebranding that included a new brand appearance and formulation to better target young consumers through the concept, “Born to be Awesome”. The campaign brought together top Asian icons as presenters to revitalize the brand and inspire young individuals to express their unique awesomeness confidently.

To drive the non-alcoholic beverage business towards sustainable growth, the Group has applied the “Speed for the Growth” approach that focuses on strengthening its business foundation and improving the efficiency of production and distribution to increase its consumer base, sales revenue, and market share across its production portfolio. In addition, the Group continues to sees good growth opportunities in the ASEAN region and strives to extend the presence of its core brands to regional markets through its “Expand to New Market” approach.


As dine-in traffic at restaurants increased, and reflecting successful ongoing efforts to improve brand visibility and accessibility, the food business registered a 19.2% year-on-year increase in sales revenue to Baht 14,296 million in 9M23. However, EBITDA decreased 8.4% to Baht 1,446 million, as it took into account the rising costs of raw materials, utilities, and labor, as well as the pre-opening expenses to facilitate new store expansions.

Mrs. Nongnuch Buranasetkul, Senior Vice President, Chief Food Business – Thailand
, said: “We are happy to see good momentum from the recovery in dine-in traffic in restaurants in Thailand, which is now close to pre-pandemic levels, as locals resumed eating out with families and friends and tourists began to return. We plan to ride this momentum to grow our business through store expansions and same-store sales growth.”

One of the food business’ key growth engines for the year is to deepen its penetration throughout the country and expand the number of stores across its food brands to ensure that consumers can easily access their favorite restaurants and products wherever they are. ThaiBev currently operates 771 food outlets Thailand, with 43 net new store openings in 9M23.

The Group intends to expand same-store sales growth through new menu innovations and diverse marketing activities across its brands to boost the frequency of customer visits. At the same time, it continues strengthening the fundamentals of its food business, i.e., the people, operations, technology, and supply chain management while embracing sustainability by launching food waste reduction campaigns to encourage customers to reduce food waste which also include supporting communities through its food surplus donation programs.

Sustainable Development

Mrs. Tongjai Thanachanan, Executive Vice President, Chief Sustainability and Strategy
, said: “The continued impact of climate change continues to draw increasing global focus on sustainable development. As an industry leader in ASEAN, we are conscious that industry leadership is not only about ensuring our business resilience and operational excellence, but also about protecting the environment, supporting local communities, and enhancing governance.”

ThaiBev honors the royal command of His Majesty King Maha Vajiralongkorn
Phra Vajiraklaochaoyuhua to “continue, maintain and extend for the benefit and happiness of the people” and the Sufficiency Economy Philosophy (SEP) of His Late Majesty King Bhumibol Adulyadej The Great as a guideline for sustainable development, along with the 17 United Nations Sustainable Development Goals.

The Group launched its “Enabling Sustainable Growth” strategy in 2022 with a target to achieve net-zero emissions by 2040 in addition to other clear environmental, social and governance initiatives and goals. Since then, ThaiBev has rolled out a number of initiatives across its operations in Thailand and is on track to reaching these goals. As of 2022, it has achieved the following:
  • Completed Phases 1 and 2 of the installation of solar rooftop panels at 23 factories in Thailand
  • Installed 7 biogas plants that generate thermal energy from the combustion of vinasse, a byproduct from alcohol distillation, to power its factories instead of using carbon fuels
  • Increased the proportion of renewable energy used within the organization to 42.8%
  • Reduced water withdrawal in water-stressed areas by 11.1% year-on-year
  • Reduced Scope 1 and Scope 2 emissions by 8.7% since 2019
  • Re-utilized 67.6% of food and other wastes for alternative purposes
  • Reused and recycled 84% of its product packaging
  • Increased the proportion of certified “Healthier Choice” non-alcoholic beverage products in the portfolio to 70%
In 2022, ThaiBev also received the highest ranking of “Top 1% S&P Global ESG Score” for the Beverages industry in this year’s S&P Sustainability Yearbook. The Group has also attained the highest score in the social, governance, and economic dimensions, as well as the second highest score in the environment dimension. Its sustainability performance has consistently been recognized by global indices such as the Dow Jones Sustainability Indices (“DJSI”), and is included under the DJSI World Index and the DJSI Emerging Markets Index for the sixth and seventh consecutive year respectively.

In addition, The Group has expanded its ESG reporting to include the CDP Climate Change program which is one of the most recognized global disclosure and rating frameworks for climate change for the first time in 2022 and obtained an A- score.

Going forward, ThaiBev is committed to continually improving all aspects of ESG by adopting meaningful practices, so as to take the lead in enhancing sustainable development in the beverage and food industry.

Human Capital

In 2023, ThaiBev sets a new milestone in employee engagement moving solidly into best employer range while becoming one of only two companies in Thailand to earn best companies to work for in Asia recognition alongside a clean sweep of Awards as Most Caring Company, Digital Transformation Award as well as Diversity, Equity & Inclusion Award from HR Asia.

Dr. Agapol Na Songkhla, Executive Vice President, Chief Human Capital and Organizational Capability, said: “ThaiBev aims to become one of the best employers in Southeast Asia. We believe in nurturing high-calibre and engaged employees who want to grow with the company for the long term. This year, we are pleased to see our efforts earning recognitions especially from the young generation, as organizations must work together with employees to support their growth and create learning experiences that ultimately strengthen both individual and company performance.”

The 2023 employee engagement survey registered a remarkable increase from 80% to 83% while Thailand average dropped from 69% in 2022 to 65% in 2023 with a downward trend since 2020 according to Kincentric. A key contributor is ThaiBev’s belief in “Human Capital with Limitless Opportunities” offering career, connectivity and contribution opportunities to all employees. Employees are encouraged to take charge of their self-development through individual development plans (IDP), which help them to set clear, achievable, and relevant goals that align with their aspirations while people managers also set clear goals to support and mentor employees.

In line with our Enabling Sustainable Growth strategy, the Group ensures that all of its employees are provided with equal opportunities in terms of roles, recognition, and growth through its career-based development program. ThaiBev is recognized with HR Asia Diversity, Equity and Inclusion Award (DEI) through our respectful culture and diversity practices especially in gender equality, opportunity for ASEAN nationals and inclusive growth.

In winning the HR Asia Most Caring Company in Thailand Award for the third time, ThaiBev takes pride in caring deeply for its employees’ well-being as evident through and beyond the pandemic years. Across all of its facilities and operations, ThaiBev has instituted guidelines and safety management systems that are in line with international standards for safety, occupational health, and working environments, safeguarding the safety of its employees, business partners and other stakeholders. Additionally, HR Asia Digital Transformation Award 2023 recognized our in-house cloud-based people system called Beverest. The systems can be extended to serve our international subsidiaries enabling the goal of growth and oneness for the business.

With career paths that cover 22 job families and 138 sub-job families for its employees and our focus on career development, ThaiBev also won the 2023 HR Excellence in In-House Talent Pipeline Strategy (Gold Award).

ThaiBev’s excellence and commitment to Human Capital excellence are recognized by the following awards that it has achieved in 2023:
  • HR Asia Best Companies to Work for In Asia (Golden Trophy)
  • HR Asia Most Caring Companies in Thailand Award
  • HR Asia Diversity, Equity and Inclusion Award
  • HR Asia Digital Transformation Award
  • HR Excellence in In-House Talent Pipeline Strategy (Gold Award)
  • HR Excellence in Employee Volunteerism (Silver Award)
  • HR Excellence in HR Innovation (Silver Award)
  • Work Venture Top 10 Companies for Young Generation


Thai Beverage Public Company Limited (“ThaiBev” or the “Group”) is Southeast Asia’s leading beverage producer and distributor and the largest in Thailand. The Company’s vision is to be the stable and sustainable ASEAN Leader in beverage and food business.

ThaiBev was listed on the Singapore Exchange Mainboard in 2006. In 2012, the Company expanded beyond Thailand with its acquisition of Fraser and Neave, Limited (“F&N”), a well-established conglomerate with a portfolio of highly recognized beverage brands. In 2017, ThaiBev further strengthened its regional presence by acquiring stakes in the Grand Royal Group (“GRG”), the largest whisky player in Myanmar, and in Saigon Beer-Alcohol-Beverage Corporation (“SABECO”), a leading beer producer in Vietnam, which makes ThaiBev the largest beer player by volume in Southeast Asia.

Today, ThaiBev’s business comprises four segments – spirits, beer, non-alcoholic beverages, and food. In Thailand, the Group operates 19 distilleries, 3 breweries, and 20 non-alcoholic beverage production facilities and is supported by an extensive distribution network spanning over 500,000 points of sale. ThaiBev is present in over 90 countries, including 5 production facilities in Scotland which are known for producing single malt scotch whiskies such as Balblair, Old Pulteney, and Speyburn; 1 production facility of Larsen Cognac and eau-de-vie in France; 1 distillery in New Zealand that produces New World single malt; 2 production facilities in Myanmar; and 1 distillery in China which produces Yulinquan Chinese spirits.

The Company’s well-known spirits brands include Ruang Khao, Hong Thong, Blend 285, SangSom, and Mekhong, as well as GRG’s iconic Grand Royal whisky. Chang, the Group’s signature beer, is one of the most recognizable Thai beers locally and internationally, while SABECO’s Bia Saigon and 333 are Vietnam’s top-selling beer brands. ThaiBev’s leading non-alcoholic beverage brands include Oishi green tea, est cola, and Crystal drinking water, as well as F&N’s sparkling drinks and 100PLUS isotonic drink. The Company also operates Japanese restaurants, as well as ready-to-cook and ready-to-eat food businesses, through its subsidiary Oishi Group Public Company Limited. ThaiBev is accelerating the expansion of its food business by leveraging its subsidiary Food of Asia and its franchise outlets under KFC, the most popular quick service restaurant brand in Thailand.

ThaiBev is one of the top 10 largest companies on the Singapore Exchange by market capitalization and a constituent of the Straits Times Index. It is also recognized as the Dow Jones Sustainability Indices (“DJSI”) constituent in Beverages Industry and part of DJSI World family and DJSI Emerging Markets family.

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