TPI Polene posts 2Q22 sales growth of 21%

TPI Polene posted a 21 per cent YoY growth in sales in the 2Q22 to THB12.5bn (US$346.2m) and 24 per cent growth in revenues to THB13.6bn, partly thanks to forex gains. Overall, the lower volume sales in some product categories were offset by price adjustments compensating for input costs that have been rising since late 2021. For the 1H22 sales reached THB25bn up 29 per cent YoY. 

The company’s gross profit and core operating margins, at 28.6 and 22 per cent respectively, were still lower than 2Q21 due to cost escalation while price adjustments lagged. But TPI Polene has been successful in achieving improved results compared to 1Q22 when margins were at 27.4 and 20.2 per cent, respectively. Benefits from the cost efficiency and savings measures have started to contribute. In 2Q22 its gross profit reached THB3.6bn, up five per cent QoQ.