Srinanaporn Marketing Public Company Limited, or SNNP, reported a normalised profit of 70 million baht for the second quarter of 2026, up 15.9 percent from the previous quarter but down 46.2 percent from a year earlier, and slightly below analyst estimates by 5.9 percent, due to higher-than-expected SG&A expenses and share of losses from associates. Total revenue came in at 1.317 billion baht, roughly in line with forecasts, comprising domestic revenue of 1.038 billion baht, which recovered 2.2 percent quarter-on-quarter on seasonal factors but fell 7.7 percent year-on-year due to weak purchasing power, and overseas revenue of 278 million baht, which grew both quarter-on-quarter and year-on-year thanks to distribution channel expansion in Vietnam. Gross margin stood at 26.8 percent, close to expectations, recovering from 26.2 percent in the previous quarter but down from 29.2 percent a year earlier, as higher raw material and packaging costs were felt for the full quarter. The company declared an interim dividend for the first half of 2026 of 0.16 baht per share, representing a yield of 2.3 percent, with the XD date on 24 August 2026 and payment on 8 September 2026. Analysts at Yuanta Securities noted that while profit was slightly below expectations, they maintain their 2026 normalised profit forecast at 361 million baht, down 30.3 percent year-on-year, and their 2027 forecast at 431 million baht, up 19.2 percent, while keeping their end-2027 target price at 9.00 baht and a buy recommendation, expecting earnings to continue recovering in the second half of 2026 driven by new product launches, recovering purchasing power, and lower marketing expenses.
Srinanaporn Marketing Public Company LimitedQ2 profit below expectations due to higher SG&A and associate losses
