Chememan Public Company Limited (CMAN) reported a net profit of 168 million baht for the first nine months of 2024. Excluding non-cash foreign exchange losses, the adjusted net profit surged to 351 million baht, reflecting a 62% increase driven by higher sales, effective cost management, reduced debt levels, and improved profit margins. The company projects sustained growth in Q4 2024, supported by rising export volumes and a significant financing strategy. Looking forward to further expansion in both domestic and international markets.

M.L. Chandchutha Chandratat, Chairman of Chememan Public Company Limited (“CMAN”), one of the world’s top ten lime producers under the 'CHEMEMAN' brand, revealed that CMAN reported THB 877 million in revenues, an increase of 14.1%; THB 314 million in gross profits, an increase of 15.6%; and THB 96 million in net losses attributable to its shareholders. The net losses included unrealized and non-cash foreign exchange losses of THB 185 million. Without these non-cash losses, adjusted net profits of THB 89 million would be 138.9% higher than the same three-month period in 2023.

For the first 9 months of 2024, CMAN reported revenues of THB 2,856 million, an increase of 6.2%; and gross profits of THB 1,063 million, an increase of 19.0%. The net profits attributable to its shareholders reached THB 168 million, exceeding the THB 136 million profit recorded for the 2023 fiscal year. Without the unrealized and non-cash foreign exchange losses, adjusted net profits of THB 351 million would be 62.0% higher than the same nine-month period in 2023.

"Our core business remains strong, driven by higher sales volume, lower cost of goods sold, improved gross margins, and a consistent reduction in debt and financial costs. In Q3, we faced challenges such as the significant appreciation of the Thai baht against the AUD and VND, which affected accounting due to intercompany loans extended to our Australian subsidiary in AUD and our Vietnamese subsidiary in baht. However, CMAN effectively managed these challenges. Additionally, our Vietnamese plant swiftly recovered within a month after being impacted by Typhoon Yagi, ensuring that overall sales remained unaffected."

Looking ahead to Q4 2024, CMAN is optimistic about continued growth, driven by rising export volumes, particularly in key markets such as Indonesia, India, and Australia, where lime demand continues to grow. The company is also restructuring intercompany loans with its Australian subsidiary by year-end to address exchange rate volatility between the baht and AUD, thereby enhancing long-term financial stability. CMAN remains committed to executing its expansion plans both domestically and internationally."