Home > Investor Relations > Financial Information > Management Discussion and Analysis

Management Discussion and Analysis

Financial Highlights Financial Statements

Operating Results for the Year Ending 31 December, 2025

In 2025, the Company’s total revenues amounted to Baht 3,484.14 million, consisting of the following:

  • Sales revenue totaled Baht 3,431.57 million, representing an increase of Baht 283.61 million or 9.01% from the previous year. This comprised Baht 509.06 million from body care products, Baht 1,037.89 million from skin care products, Baht 1,677.91 million from cosmetics, Baht 31.80 million from beauty accessories, Baht 163.91 million from shop display equipment, marketing tools, and others, and Baht 10.97 million from food and pharmaceutical products.
  • Rental and warehouse service income totaled Baht 26.93 million, unchanged from the previous year.
  • Dividend income totaled Baht 7.71 million, increasing by Baht 2.76 million or 55.76% from the previous year. The Company recognized dividend income from general equity instruments.
  • Other income totaled Baht 17.91 million, decreasing by Baht 6.91 million or 27.84% from the previous year. The decrease was primarily attributable to lower income from subsidiaries of Baht 6.78 million, a decline in management fee income and rental income from joint ventures of Baht 4.93 million, and a reduction in foreign exchange gains of Baht 1.33 million. However, other miscellaneous income increased by Baht 6.13 million.
  • Gain from fair value adjustment of investment properties totaled Baht 0.10 million, decreasing by Baht 39.47 million from the previous year. This was due to changes in the fair value of the Company’s investment properties, including land and rental warehouse properties. The fair value of investment properties was measured using the Income Approach for rental properties, while land held by the Company and its subsidiaries was measured using the Market Approach. There was no change in the fair value of these investment properties during the year.
  • Share of profit from investments in joint ventures and associates totaled Baht 24.54 million, increasing by Baht 31.03 million from the previous year, mainly due to improved operating performance of the joint venture.
  • Finance income totaled Baht 17.44 million, decreasing by Baht 11.29 million or 39.30% from the previous year. The decrease was primarily due to the utilization of cash received from the capital increase to support business expansion, including investments in joint ventures.

In 2025, the Company’s total expenses amounted to Baht 2,616.76 million, comprising the following:

  • Cost of sales totaled Baht 1,549.72 million, increasing by Baht 86.14 million or 5.89% from the previous year. The increase was in line with higher sales. However, the Company sold products with relatively lower costs, resulting in a lower increase in the proportion of cost of sales compared with the growth in sales revenue.
  • Cost of rental and warehouse services totaled Baht 0.10 million.
  • Selling and administrative expenses totaled Baht 1,066.93 million, increasing by Baht 196.55 million or 22.58% from the previous year. This comprised an increase in selling expenses of Baht 165.72 million, in line with market conditions, mainly due to higher sales promotion expenses of Baht 40.07 million, advertising expenses of Baht 88.43 million, employee-related expenses of Baht 34.16 million, and other expenses of Baht 3.06 million, in order to maintain the Company’s competitiveness in the market. Administrative expenses increased by Baht 30.83 million, mainly due to employee-related expenses of Baht 30.76 million and other expenses of Baht 3.64 million from business expansion and new product launches, while shared operating expenses decreased by Baht 3.57 million.
  • Loss from changes in the fair value of investments in equity instruments and derivatives totaled Baht 8.86 million, decreasing by Baht 69.08 million from the previous year.
  • Finance costs totaled Baht 22.02 million, increasing by Baht 2.81 million or 14.63% from the previous year.
  • Income tax expenses totaled Baht 172.42 million, increasing by Baht 0.28 million or 0.16% from the previous year, mainly due to the Company’s improved operating performance.

In 2025, the Group reported profit attributable to owners of the Company of Baht 706.69 million, representing 20.59% of sales, increasing by Baht 28.73 million or 4.24% from the previous year. The increase was mainly attributable to higher sales revenue, which rose by Baht 283.61 million from the previous year.

During the year, the Group recognized share of profit from investments in joint ventures and associates of Baht 24.54 million and finance income of Baht 17.44 million. However, selling expenses increased by Baht 165.72 million, and administrative expenses increased by Baht 30.83 million from the previous year. In addition, the Group recorded finance costs of Baht 22.02 million and a loss from changes in the fair value of investments in equity instruments of Baht 8.86 million, resulting from changes in the market prices of the shares held by the Company, which were unrealized losses.

Excluding such item, the Company would have reported net profit of Baht 715.55 million.

In 2025, the Company generated profit from operations, resulting in a return on equity (ROE) of 20.47%, compared with 20.33% in the previous year.

Financial Status as of 31 December, 2025

1.1 Composition of Assets

In 2025, the Company’s total assets amounted to Baht 5,041.13 million, increasing by Baht 317.90 million or 6.73% from the previous year.

1.1.1 Current assets amounted to Baht 2,686.83 million, decreasing by Baht 395.55 million or 12.83% from the previous year. The details are as follows:
  • Cash and cash equivalents totaled Baht 228.50 million, decreasing by Baht 329.28 million from the previous year. This was attributable to net cash provided by operating activities of Baht 635.95 million, net cash used in investing activities of Baht 463.28 million, and net cash used in financing activities of Baht 501.95 million, mainly due to investments in joint ventures.
  • Trade and other receivables totaled Baht 691.38 million, increasing by Baht 69.76 million or 11.22% from the previous year, mainly due to sales growth in line with the Company’s normal revenue expansion.
  • Finance lease receivables – current portion and finance lease receivables, net – current portion totaled Baht 9.77 million, increasing by Baht 5.98 million or 160.75% from the previous year, mainly due to the extension of the building sublease agreement for an additional three years.
  • Short-term loans to related parties totaled Baht 77.15 million, increasing by Baht 28.15 million or 57.45% from the previous year.
  • Inventories totaled Baht 967.43 million, comprising consumer products and raw materials, increasing by Baht 127.36 million or 15.16% from the previous year due to inventory preparation for newly launched products and to support the target growth in sales.
  • Property development costs for sale totaled Baht 15.86 million, increasing by Baht 4.92 million or 44.97% from the previous year, mainly due to additional investment in property development for sale, including 4 completed houses available for sale.
  • Other current financial assets totaled Baht 28.83 million, decreasing by Baht 463.74 million or 94.15% from the previous year.
  • Restricted bank deposits totaled Baht 550 million, increasing by Baht 150 million or 37.50% from the previous year.
  • Other current assets totaled Baht 124.52 million, increasing by Baht 17.27 million or 16.10% from the previous year.

1.1.2 Non-current assets totaled Baht 2,354.29 million, increasing by Baht 713.44 million or 43.48% from the previous year, comprising the following:
  • Other non-current financial assets totaled Baht 102.48 million, decreasing by Baht 51.42 million or 33.41% from the previous year.
  • Investments in joint ventures totaled Baht 720.03 million, increasing by Baht 699.27 million or 3,368.35% from the previous year, mainly due to an additional investment in a joint venture amounting to Baht 677.90 million.
  • Investments in associates totaled Baht 213.37 million, decreasing by Baht 4.22 million or 1.94% from the previous year due to the Company recognizing a share of loss from the associate.
  • Investment properties totaled Baht 515.95 million, remaining unchanged from the previous year. The Group’s investment properties comprise land and buildings used for warehouse services. The Group measures investment properties at fair value, which is appraised by an independent appraiser using the Income Approach, while land is valued using the Market Approach.
  • Land, buildings and equipment – net totaled Baht 762.76 million, increasing by Baht 74.06 million or 10.75% from the previous year due to the purchase of land, buildings and building improvements, vehicles, and assets under installation and construction in progress amounting to Baht 74.06 million.
  • Right-of-use assets totaled Baht 14.20 million, comprising buildings of Baht 3.37 million, vehicles of Baht 10.50 million, and land of Baht 0.33 million, decreasing by Baht 8.19 million from the previous year. The decrease was mainly due to higher depreciation of vehicles of Baht 5.85 million and depreciation of buildings for the year of Baht 6.76 million. However, this was partially offset by an increase from the lease of a warehouse building in Krathum Baen amounting to Baht 5.02 million.
  • Intangible assets – net totaled Baht 3.18 million, increasing by Baht 1.85 million from the previous year due to the purchase of additional computer software during the year amounting to Baht 1.85 million.
  • Other non-current assets totaled Baht 15.14 million, decreasing by Baht 4.13 million from the previous year

1.2 Quality of Assets

In 2025, the Group’s trade and other receivables totaled Baht 691.38 million, representing 13.71% of total assets. The average collection period was 70 days, increasing by 4 days from the previous year (2024: 66 days), mainly due to higher sales through modern trade channels and distributor stores. Credit terms for product sales range from 30 to 120 days.

The Company has provided an adequate allowance for expected credit losses based on the amount of receivables expected to be uncollectible. In 2025, the allowance for expected credit losses averaged 1.01% of outstanding receivables at year-end.

Inventories totaled Baht 967.43 million, representing 19.18% of total assets. The average inventory turnover period was 149 days, increasing by 32 days from the previous year (2024: 117 days).

Investment properties totaled Baht 515.95 million, representing 10.24% of total assets. These properties were appraised by an independent valuer using the Income Approach for investment properties comprising land and rental warehouse buildings. Key assumptions used in the valuation include the discount rate, yield rate, and long-term rental growth rate. In addition, investment properties of the Group comprising land and buildings were valued using the Market Approach.

Cash and cash equivalents totaled Baht 228.50 million, representing 4.52% of total assets.

2.1 Cash flows

In 2025, the Company had cash and cash equivalents of Baht 228.50 million, compared with Baht 557.78 million in 2024, representing a decrease of Baht 329.28 million from the previous year.

Net cash provided by operating activities totaled Baht 635.95 million, while net cash used in investing activities amounted to Baht 463.28 million, mainly due to the purchase of land, equipment, and intangible assets, as well as investments in joint ventures, fixed deposits, and equity instruments.

Net cash used in financing activities totaled Baht 501.95 million, mainly due to cash dividend payments, repayment of short-term borrowings from related parties, and cash payments for treasury share repurchases

2.2 Liquidity Ratios

In 2025, the Company’s current ratio was 1.88:1. Cash and cash equivalents accounted for 4.52% of total assets, while trade and other receivables represented 13.71%, and inventories represented 19.18% of total assets.

The Company’s average collection period was 70 days, while the average inventory turnover period was 149 days, which was close to the level of the previous year, mainly because the Company sells consumer products with relatively high turnover rates.

2.3 Collection and Payment Periods

The average collection period was 70 days, while the average accounts payable period was 159 days. This is because the Company currently settles payments for goods through commercial banks by issuing letters of credit, extending the credit term to approximately 120–180 days through the bank’s Trust Receipt facility.

During the year, the Company incurred capital expenditures on land, buildings and building improvements, and vehicles totaling Baht 125.03 million to support the Company’s business expansion. In addition, the Company made investments in joint ventures amounting to Baht 689.64 million.

4.1 Capital Structure

In 2025, the Company’s debt-to-equity ratio was 0.43:1. Total liabilities amounted to Baht 1,499.98 million, increasing by Baht 274.28 million or 22.38% from the previous year. Shareholders’ equity totaled Baht 3,474.34 million, increasing by Baht 44.72 million or 1.30% from the previous year, mainly due to improved operating performance.

4.2 Shareholders’ Equity

In 2025, the Company’s shareholders’ equity totaled Baht 3,474.34 million, increasing by Baht 44.72 million from the previous year. The increase was attributable to profit for the year of Baht 706.69 million, dividend payments of Baht 562.61 million, treasury share repurchases of Baht 76.54 million, and a loss from changes in the fair value of investments in equity instruments of Baht 21.83 million.

4.3 Liabilities

The Company’s total liabilities amounted to Baht 1,499.98 million, reflecting an increase of Baht 274.28 million or 22.38% from the previous year.

Current liabilities totaled Baht 1,426.27 million, reflecting an increase of Baht 282.74 million or 24.73% from the previous year. The details are as follows:

  • Short-term borrowings from financial institutions totaled Baht 790.68 million, increasing by Baht 180.57 million from the previous year. The increase was due to promissory notes amounting to Baht 50 million with interest rates of 1.95–2.42%, and Trust Receipts increasing by Baht 130.57 million with interest rates of 2.50–2.90%, to provide working capital for business expansion and support operating liquidity.
  • Trade and other payables totaled Baht 451.81 million, increasing by Baht 83.34 million from the previous year to support business expansion and operating liquidity.
  • Short-term borrowings from related parties totaled Baht 4 million, decreasing by Baht 8 million or 66.67% from the previous year due to continuous repayments.
  • Finance lease liabilities – current portion and finance lease liabilities, net – current portion totaled Baht 24.36 million, increasing by Baht 5.31 million or 27.89% from the previous year. The increase was primarily due to the lease of a warehouse.
  • Income tax payable totaled Baht 92.06 million, increasing by Baht 5.85 million from the previous year due to improved operating performance of the Company.
  • Other current liabilities totaled Baht 78.36 million, increasing by Baht 25.51 million or 48.27% from the previous year.

Non-current liabilities totaled Baht 73.70 million, reflecting a decrease of Baht 8.47 million or 10.31% from the previous year. The details are as follows:

  • Provision for long-term employee benefits totaled Baht 30.29 million, reflecting an increase of Baht 1.03 million from the previous year. The increase was due to employee benefits recognized in accordance with Thai Accounting Standard (TAS) No. 19, which were assessed by an actuary.
  • Deferred income tax liabilities totaled Baht 28.39 million, reflecting a decrease of Baht 19.31 million or 40.48% from the previous year. The decrease was mainly due to changes in the fair value of investments in equity instruments and the write-down of inventories to net realizable value.

The Executive Committee establishes an annual business plan and strategic actions to achieve its yearly goals These measures ensure that the Company can adapt its management approach flexibly. To address significant factors that may impact its operations, as outlined below.

Main Factors
  1. Sufficient Procurement of Products and Changes in Product Trend and Fashion
  2. Human Resources Development
  3. The Price of Products and Wages
  4. Financial Assistant to Associated or Subsidiary Companies and Contingent Liabilities in the Future
Action Plan
  1. The Company is capable of product adjustment to cope with the changing trend of product popularity and its procurement system can manage inventory level to service the changing demand and changing trend and fashion.
  2. The Company promotes personnel development by providing comprehensive training programs for employees at all levels, both internally and externally, to enhance their knowledge and skills and ensure they remain up to date with changing circumstances.
  3. The Company has a procurement and purchasing units that source raw materials and finished products from high-quality suppliers at competitive prices in a market with high volatility. Additionally, it contracts services tailored to the organization to achieve low selling costs while maintaining high product quality.
  4. In case of rendering financial assistant to the Associated or Subsidiary company, the Company completely and transparently follows the rules and regulations of SET and able to be audited. The independent directors are to review and monitor the Company’s operations closely, for the most benefit of investors and stakeholders.