ITC Achieves Record-Breaking Sales of $163 Million USD in Historic Quarter
ITC posted record quarterly sales of $163 million USD in Q1 2025, up 28.6% year-on-year, driven by strong demand from US and European markets and booming pet treat products that surged 95%.
ITC Chairman and Chief Executive Officer Roy Chan announced that the company's first quarter of 2025 performance marks the highest results since listing on the Stock Exchange of Thailand (SET), with sales of $163 million USD, a 28.6% increase from the same period last year, equivalent to 5,174 million baht. This growth stems from increased demand from major customers in the US and European markets.
Operating profit reached 762 million baht, up 36.0% year-on-year, driven by higher sales volume and disciplined cost management. Adjusted net profit (excluding transformation costs) hit 991 million baht, growing 24.9%.
"The first quarter's record-breaking performance reflects our consistent strategic execution, commitment to operational excellence, and strong commercial operations, which have been crucial in driving revenue growth and maintaining robust gross profit margins," Chan stated.
Despite volatile trade conditions, customers continue to trust ITC's innovation capabilities, sustainability leadership, and world-class manufacturing and delivery standards.
Gross profit totaled 1,258 million baht, up 23.1% year-on-year, reflecting an increased proportion of premium products representing 51.5% of total sales.
Pet treat products remain a key growth driver, accounting for 20.8% of total sales in the first quarter with a remarkable 95% increase compared to the previous year. This growth is driven by the premium pet treat trend, growing awareness of pet health and wellness, and increased popularity of lickable pet treat formats.
All regions showed year-on-year growth, with the American market remaining ITC's largest at 60% of total sales. Increased demand from global pet food companies and private label customers drove this growth. Europe showed strong recovery signals with sales growth exceeding 49.2% year-on-year, representing 15% of total sales. Asia and Oceania accounted for 25% of total sales, with growth primarily supported by Japan, Taiwan, and Australia.
While Middle East tensions have not significantly impacted first quarter results, the company has implemented proactive measures and works closely with customers to manage potential indirect impacts. Through strategic groundwork, ITC remains confident in delivering long-term value to stakeholders.
Chan stated that the company maintains its full-year 2025 outlook with a target revenue growth of 9-12% in USD, gross profit margin of 23-25%, and SG&A expenses to sales ratio of 9-10%, while closely monitoring developments in the Middle East conflict.
