Sappe Public Company Limited (SAPPE) has announced strong financial results for the third quarter of 2024, with sales revenue of THB 1.566 billion and a net profit of THB 300 million. For the first nine months of the year (January–September), SAPPE recorded total sales of THB 5.398 billion, up 11.4%, and a net profit of THB 1.063 billion, marking a 17.4% increase from the same period last year.
Ms. Piyajit Ruckariyapong, CEO of SAPPE, said the company expects continued growth in Q4/2024, and is preparing new campaigns under the Mogu Mogu brand, featuring K-pop group SEVENTEEN as global brand ambassadors, to further boost international market presence. The company is confident in achieving 15–20% full-year growth.
International sales remain a key driver, totaling THB 4.376 billion in the first nine months—an increase of 10.1% year-on-year—and now accounting for 81% of SAPPE’s total revenue. Standout markets include:
The Philippines, where SEVENTEEN’s fanbase has significantly boosted Mogu Mogu sales.
Europe and France, where distribution channels continue expanding.
The Americas, where products are gaining traction in mainstream retail and among local consumers.
In Thailand, domestic sales reached THB 1.023 billion, growing 17.7%. This was mainly driven by the success of Sappe Beauti Powder Stix, a collagen powder that performed well through Traditional Trade and E-Commerce channels. Its affordable price and limited competition contributed to its growth, with new formulas planned for launch later this year. Additionally, SAPPE’s All Coco coconut water brand continues to see strong demand both locally and abroad.
Looking ahead, SAPPE expects steady growth in Q4/2024, even during the business low season. The company is actively expanding its customer base through modern trade, global campaigns, and promotional activities. More special campaigns with SEVENTEEN are in the pipeline to increase global brand engagement and strengthen “Brand Love.”
Due to growing overseas demand, SAPPE recently installed a new beverage packaging production line in April 2024, which is already in operation. Construction is also underway for a new factory to support expected sales growth in 2025, with commercial production set to begin in Q2/2025.
In a further boost, SAPPE has received tax exemption approval from Thailand’s Board of Investment (BOI) for three new production lines—starting in 2024, 2025, and 2026 respectively. The BOI benefits include a 5-year corporate income tax exemption, which will help reduce costs and support long-term investment.
