Sappe Public Company Limited (SAPPE) reported a net profit of THB 224 million in the first quarter of 2025, representing an 18.2% increase from the previous quarter, though a 36.5% decline compared to the same period last year. The slowdown in Q1 was mainly attributed to a decrease in export orders, which is now showing signs of recovery. The company anticipates international business to normalize and return to growth in the second half of the year, while domestic market performance remained strong.
Ms. Piyajit Ruckariyapong, Chief Executive Officer of SAPPE, revealed that the company recorded sales revenue of THB 1,142 million for Q1/2025 (January–March), a 37.8% drop compared to THB 1,836 million in the same period last year. Net profit stood at THB 224 million, down from THB 352 million year-on-year but up 18.2% from the previous quarter. Amid global economic volatility and ongoing trade conflicts, SAPPE continued to expand its distribution channels, implement strategic marketing initiatives, and control expenses.
The decline in revenue was largely due to an unusually long winter in Europe and high inventory levels, as well as bulk advance orders placed by partners in the Middle East and Indonesia at the end of 2024 to prepare for the Ramadan season (March 1–30, 2025). However, in the Thai domestic market, SAPPE generated THB 396 million in sales—an increase of 26.6% from the same period last year—driven by strong consumer response to the launch of several new products.
A key driver of domestic growth was the launch of the “Refresh with Self-Love” campaign featuring new brand ambassador Yoshi Rinrada for Sappe Beauti, along with two new product flavors: Beauti Gluta Glory (Strawberry) and Beauti Passion (Lemon Lime). The company also introduced two new flavors under its vitamin-infused beverage brand B’lue: Watermelon Smoothie and Yogurt Jelly, as well as two new Sappe Aloe Vera variants—Peach Tea and Muscat Grape Tea. These innovations helped SAPPE reach a broader target audience. Moreover, sales of the All Coco aromatic coconut water line continued to grow steadily.
According to the CEO, Q1 is expected to be the softest quarter of the year, with performance gradually improving throughout the rest of 2025. The company has already adjusted its strategic plans to improve inventory management by aligning distribution with regional market demand. SAPPE is also working closely with business partners to enhance distribution efficiency, strengthen relationships, and lay a foundation for long-term sustainability.
Regarding the United States’ recent announcement of reciprocal tariffs, SAPPE stated that there has been no significant direct impact, as exports to the U.S. account for less than 5% of total revenue. Nevertheless, the company remains vigilant about the global trade situation and is prepared to respond through scenario-based strategic planning to stay agile in the face of changing conditions. SAPPE also remains committed to exploring growth opportunities in other high-potential markets.
