I-Tel Formagene Sales Jump 20.6% to $316M in H1
Pet food maker I-Tel Corporation reported first-half 2025 sales of $316 million, up 20.6% year-on-year, with net profit climbing 22.5% as premium products and new pet treat launches drive growth across all regions.
I-Tel Corporation (ITC), a global leader in the pet food industry, reported first-half 2025 sales of $316 million USD, representing a 20.6% increase compared to the same period last year. In Thai baht terms, sales rose 15.1% to 10.043 billion baht. Bolstered by strong operational results, the company's board approved an interim dividend payment of 0.55 baht per share, reflecting a high payout ratio of 96.2%.
Gross profit for the first half reached 2.604 billion baht, up 21.6% year-on-year, with a gross margin of 26.8%. Operating profit grew 28.2% to 1.564 billion baht, while net profit improved 22.5% to 1.955 billion baht.
Roy Chan, Chief Executive Officer of I-Tel Corporation, stated: "First-half performance reflects I-Tel's strength, disciplined cost management, and consistent execution of our strategic direction. This reinforces our confidence in our business trajectory and objectives. We will continue to drive innovation for high-growth market segments, implement automation to enhance operational efficiency, expand markets with region-specific strategies, and translate sustainability initiatives into tangible business value."
In the second quarter of 2025, ITC achieved sales of $152 million USD, up 13.0% year-on-year, with baht sales increasing 8.8% to 4.869 billion baht. Gross profit rose 20.2% to 1.346 billion baht with a robust 29.7% margin, despite rising raw material and packaging costs linked to Middle East tensions. Operating profit reached 802 million baht, up 21.6%, while adjusted net profit rose 20.1% to 964 million baht, supported by disciplined cost control, ITC's transformation programs, and premium products accounting for 52.4% of sales.
Pet treat products remain a key growth driver, representing 20.0% of total pet food sales in the first half. This is fueled by growing consumer interest in health-focused treats and the launch of over 400 new products across multiple categories, demonstrating the company's commitment to innovation.
First-half pet food volume sales increased 8.7% year-on-year to 60,555 tons, with growth across all three major regions. The Americas remain ITC's largest market at 60.0% of total sales, with sales up 17.9% driven by sustained customer demand, new Chunk and Pâté product launches, and strong value product segment growth.
