Income Statement S. Pack & Print

Stocks

SPACK

TH0768010Z02

Paper Packaging

End-of-day quote Thailand S.E. 15/09/2026			5-day change	1st Jan Change
1.680 ^THB	+2.44%		+3.70%	+51.35%

08-07	S. Pack & Print Public Company Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI
05-14	S. Pack & Print Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

b2cf7f.pZpmzNTvxubMtD57TQshQls_7btpeTyc7dNYcuH5MY8.y69QmLvZjNOv438tDl9WHThN2MNRVGb-hZF1NKS6fcnA3CuB557zt4Hjfw

Published financial data: S. PACK & PRINT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Revenues	1.27B	1.32B	1.24B	1.31B	1.06B
Other Revenues, Total	2.01M	6.01M	3.18M	6.9M	8.72M
Total Revenues	1.28B	1.32B	1.24B	1.32B	1.07B
Cost of Goods Sold, Total	1.07B	1.18B	1.09B	1.12B	922M
Gross Profit	205M	143M	149M	194M	151M
Selling General & Admin Expenses, Total	118M	117M	111M	113M	105M
Other Operating Expenses, Total	118M	117M	111M	113M	105M
Operating Income	87.26M	26.01M	37.79M	80.65M	45.53M
Interest Expense, Total	-11.88M	-11.1M	-12.07M	-10.09M	-5.45M
Net Interest Expenses	-11.88M	-11.1M	-12.07M	-10.09M	-5.45M
EBT, Excl. Unusual Items	75.38M	14.91M	25.72M	70.56M	40.09M
EBT, Incl. Unusual Items	75.38M	14.91M	25.72M	70.56M	40.09M
Income Tax Expense	11.58M	8.07M	8.19M	13.58M	6.46M
Earnings From Continuing Operations	63.79M	6.84M	17.53M	56.98M	33.63M
Net Income to Company	63.79M	6.84M	17.53M	56.98M	33.63M
Net Income - (IS)	63.79M	6.84M	17.53M	56.98M	33.63M
Net Income to Common Incl Extra Items	63.79M	6.84M	17.53M	56.98M	33.63M
Net Income to Common Excl. Extra Items	63.79M	6.84M	17.53M	56.98M	33.63M
Per Share Items
Net EPS - Basic	0.21	0.02	0.06	0.19	0.11
Basic EPS - Continuing Operations	0.21	0.02	0.06	0.19	0.11
Basic Weighted Average Shares Outstanding	300M	300M	300M	300M	300M
Net EPS - Diluted	0.21	0.02	0.06	0.19	0.11
Diluted EPS - Continuing Operations	0.21	0.02	0.06	0.19	0.11
Diluted Weighted Average Shares Outstanding	300M	300M	300M	300M	300M
Normalized Basic EPS	0.16	0.03	0.05	0.15	0.08
Normalized Diluted EPS	0.16	0.03	0.05	0.15	0.08
Dividend Per Share	-	-	-	-	-
Payout Ratio	-	-	-	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	143M	81.33M	87.14M	129M	87.32M
EBITA	87.26M	26.01M	37.79M	80.65M	45.53M
EBIT	87.26M	26.01M	37.79M	80.65M	45.53M
EBITDAR	143M	81.67M	87.48M	129M	87.75M
Total Revenues (As Reported)	1.28B	1.32B	1.24B	1.32B	1.07B
Effective Tax Rate - (Ratio)	15.37	54.11	31.84	19.24	16.11
Current Domestic Taxes	11.85M	6.12M	7.51M	13.25M	3.42M
Total Current Taxes	11.85M	6.12M	7.51M	13.25M	3.42M
Deferred Domestic Taxes	-266K	1.94M	678K	324K	3.04M
Total Deferred Taxes	-266K	1.94M	678K	324K	3.04M
Normalized Net Income	47.11M	9.32M	16.07M	44.1M	25.05M
Interest on Long-Term Debt	53.02K	159K	171K	212K	183K
Non-Cash Pension Expense	6.26M	5.94M	1.18M	1.23M	1.14M
Supplemental Operating Expense Items
Selling and Marketing Expenses	47.79M	53.67M	52.34M	53.7M	46.25M
General and Administrative Expenses	70.21M	62.85M	59.14M	59.76M	59.11M
Net Rental Expense, Total	175K	342K	341K	408K	430K
Imputed Operating Lease Interest Expense	30.32K	49.43K	56.17K	72.87K	53.63K
Imputed Operating Lease Depreciation	145K	292K	285K	335K	376K

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Assets
Cash And Equivalents	55.82M	65.98M	142M	119M	103M
Total Cash And Short Term Investments	55.82M	65.98M	142M	119M	103M
Accounts Receivable, Total	262M	200M	190M	199M	208M
Other Receivables	2.49M	3.21M	1.51M	2.26M	1.3M
Notes Receivable	10.92K	-	-	-	-
Total Receivables	264M	203M	192M	202M	209M
Inventory	255M	279M	158M	183M	145M
Prepaid Expenses	3.94M	6.53M	4.84M	5.45M	6.27M
Other Current Assets, Total	2.5M	3.71M	376K	666K	990K
Total Current Assets	581M	559M	497M	509M	464M
Gross Property Plant And Equipment	1.72B	1.77B	1.77B	1.77B	1.74B
Accumulated Depreciation	-899M	-906M	-950M	-988M	-984M
Net Property Plant And Equipment	821M	860M	825M	782M	756M
Other Intangibles, Total	3.88M	3.73M	2.75M	1.83M	904K
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	6.81M	4.1M	2.59M	2.4M	152K
Other Long-Term Assets, Total	14.99M	15.69M	15.09M	14.88M	18.14M
Total Assets	1.43B	1.44B	1.34B	1.31B	1.24B
Liabilities
Accounts Payable, Total	177M	83.41M	117M	124M	131M
Accrued Expenses, Total	14.89M	10.55M	19.43M	23.95M	16.08M
Short-term Borrowings	420M	588M	485M	395M	295M
Current Portion of Long-Term Debt	61.47M	61.47M	15.1M	-	-
Current Portion of Leases	678K	658K	996K	1.04M	1.07M
Current Income Taxes Payable	6.6M	1.64M	3.8M	5.99M	826K
Unearned Revenue Current, Total	782K	103K	298K	1.32M	307K
Other Current Liabilities	29.15M	27.56M	26.93M	28.91M	28.54M
Total Current Liabilities	710M	773M	669M	580M	473M
Long-Term Debt	76.57M	15.1M	-	-	-
Long-Term Leases	123K	3.54M	3.93M	2.89M	3.44M
Pension & Other Post Retirement Benefits	45.4M	45.17M	43.27M	43.6M	49.59M
Total Liabilities	833M	837M	716M	627M	526M
Common Stock, Total	300M	300M	300M	300M	300M
Additional Paid In Capital	278M	278M	278M	278M	278M
Retained Earnings	9.51M	16.35M	33.88M	90.86M	124M
Comprehensive Income and Other	7.92M	11.01M	14.35M	13.79M	10.63M
Total Common Equity	596M	606M	627M	683M	713M
Total Equity	596M	606M	627M	683M	713M
Total Liabilities And Equity	1.43B	1.44B	1.34B	1.31B	1.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	300M	300M	300M	300M	300M
ECS Total Common Shares Outstanding	300M	300M	300M	300M	300M
Book Value / Share	1.99	2.02	2.09	2.28	2.38
Tangible Book Value	592M	602M	624M	681M	713M
Tangible Book Value Per Share	1.97	2.01	2.08	2.27	2.38
Total Debt	559M	669M	505M	399M	300M
Net Debt	503M	603M	363M	280M	196M
Debt Equivalent of Unfunded Proj. Benefit Obligation	47.7M	46.7M	46.56M	49.32M	52.87M
Debt Equivalent Oper. Leases	1.4M	2.73M	2.73M	3.27M	3.44M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	190M	222M	105M	143M	98.2M
Inventories - Work In Process, Total	22.66M	19.42M	14.32M	11.29M	11.96M
Inventories - Finished Goods, Total	23.85M	25.96M	20.81M	10.28M	9.16M
Inventories - Others	19.6M	16.41M	20.25M	21.47M	22.5M
Land - (BS)	219M	219M	219M	219M	219M
Buildings, Total	435M	455M	455M	455M	456M
Machinery, Total	1.01B	1.09B	1.1B	1.09B	1.05B
Accumulated Allowance for Doubtful Accounts (Supple)	2.79M	535K	448K	1.43M	2.42M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Net Income	63.79M	6.84M	17.53M	56.98M	33.63M
Depreciation & Amortization - CF	56.47M	56.26M	50.34M	48.95M	42.97M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	56.47M	56.26M	50.34M	48.95M	42.97M
Amortization of Deferred Charges, Total - (CF)	612K	1.11M	974K	924K	924K
(Gain) Loss From Sale Of Asset	-145K	3.58M	512K	91.5K	-1.03M
Asset Writedown & Restructuring Costs	5.56M	-5.56M	-	-	-3.18M
Provision for Credit Losses	-	-	-	-	-
Provision and Write-off of Bad Debts	1.12M	-580K	94.22K	977K	1.43M
Other Operating Activities, Total	7M	2.81M	6.42M	8.68M	-471K
Change In Accounts Receivable	-66.52M	61.96M	13.02M	-11.88M	-13.41M
Change In Inventories	-88.27M	-26.86M	123M	-26.37M	44.63M
Change In Accounts Payable	86.92M	-97.56M	42.63M	12.18M	147K
Change in Other Net Operating Assets	-2.43M	-3.93M	-1.79M	-2.64M	-6.88M
Cash from Operations	64.11M	-1.93M	253M	87.89M	98.75M
Capital Expenditure	-93.92M	-106M	-13.41M	-5.78M	-14.52M
Sale of Property, Plant, and Equipment	145K	13.28M	2.15M	144K	1.03M
Sale (Purchase) of Intangible assets	-3.4M	-478K	-	-	-
Other Investing Activities, Total	425K	47.65K	-151K	546K	283K
Cash from Investing	-96.75M	-93.56M	-11.41M	-5.09M	-13.21M
Short Term Debt Issued, Total	100M	173M	90M	-	-
Total Debt Issued	100M	173M	90M	-	-
Short Term Debt Repaid, Total	-18M	-5M	-193M	-90M	-100M
Long-Term Debt Repaid, Total	-62.55M	-62.35M	-62.35M	-16.1M	-1.13M
Total Debt Repaid	-80.55M	-67.35M	-255M	-106M	-101M
Common Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Cash from Financing	19.45M	106M	-165M	-106M	-101M
Net Change in Cash	-13.18M	10.16M	76.22M	-23.29M	-15.59M
Supplemental Items
Cash Interest Paid	11.82M	11.17M	12.13M	10.12M	5.45M
Cash Income Tax Paid (Refund)	10.16M	11.09M	5.35M	11.06M	8.58M
Levered Free Cash Flow	-43.67M	-113M	237M	69.48M	76.38M
Unlevered Free Cash Flow	-36.24M	-106M	244M	75.79M	79.78M
Change In Net Working Capital	50.54M	72.44M	-183M	18.71M	-21.95M
Net Debt Issued / Repaid	19.45M	106M	-165M	-106M	-101M

Fiscal Period: December	2021 (THB)	2022 (THB)	2023 (THB)	2024 (THB)	2025 (THB)
Profitability
Return on Assets	4.07	1.13	1.7	3.8	2.23
Return on Total Capital	4.91	1.34	1.96	4.55	2.72
Return On Equity %	11.37	1.14	2.84	8.7	4.82
Return on Common Equity	11.37	1.14	2.84	8.7	4.82
Margin Analysis
Gross Profit Margin %	16.07	10.77	12.01	14.73	14.07
SG&A Margin	9.24	8.8	8.97	8.61	9.82
EBITDA Margin %	11.18	6.14	7.01	9.75	8.14
EBITA Margin %	6.83	1.96	3.04	6.12	4.24
EBIT Margin %	6.83	1.96	3.04	6.12	4.24
Income From Continuing Operations Margin %	5	0.52	1.41	4.32	3.13
Net Income Margin %	5	0.52	1.41	4.32	3.13
Net Avail. For Common Margin %	5	0.52	1.41	4.32	3.13
Normalized Net Income Margin	3.69	0.7	1.29	3.35	2.34
Levered Free Cash Flow Margin	-3.42	-8.51	19.03	5.27	7.12
Unlevered Free Cash Flow Margin	-2.84	-7.99	19.64	5.75	7.44
Asset Turnover
Asset Turnover	0.95	0.92	0.89	0.99	0.84
Fixed Assets Turnover	1.6	1.57	1.47	1.64	1.39
Receivables Turnover (Average Receivables)	5.51	5.71	6.35	6.73	5.23
Inventory Turnover (Average Inventory)	5.11	4.42	5	6.6	5.63
Short Term Liquidity
Current Ratio	0.82	0.72	0.74	0.88	0.98
Quick Ratio	0.45	0.35	0.5	0.55	0.66
Operating Cash Flow to Current Liabilities	0.09	-0	0.38	0.15	0.21
Days Sales Outstanding (Average Receivables)	66.25	63.98	57.44	54.35	69.77
Days Outstanding Inventory (Average Inventory)	71.4	82.53	72.99	55.45	64.82
Average Days Payable Outstanding	40.75	39.39	37.67	38.48	52.75
Cash Conversion Cycle (Average Days)	96.9	107.12	92.75	71.32	81.84
Long Term Solvency
Total Debt/Equity	93.8	110.4	80.6	58.41	41.98
Total Debt / Total Capital	48.4	52.47	44.63	36.87	29.57
LT Debt/Equity	12.87	3.08	0.63	0.42	0.48
Long-Term Debt / Total Capital	6.64	1.46	0.35	0.27	0.34
Total Liabilities / Total Assets	58.29	58.02	53.33	47.86	42.44
EBIT / Interest Expense	7.34	2.34	3.13	8	8.36
EBITDA / Interest Expense	12.09	7.41	7.3	12.85	16.25
(EBITDA - Capex) / Interest Expense	4.19	-2.18	6.19	12.28	13.58
Total Debt / EBITDA	3.89	8.13	5.73	3.08	3.38
Net Debt / EBITDA	3.5	7.33	4.12	2.16	2.22
Total Debt / (EBITDA - Capex)	11.22	-27.71	6.76	3.22	4.05
Net Debt / (EBITDA - Capex)	10.1	-24.97	4.86	2.26	2.65
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.46	3.66	-6.1	6.05	-18.62
Gross Profit, 1 Yr. Growth %	-2.3	-30.56	4.74	30.04	-22.27
EBITDA, 1 Yr. Growth %	-10.25	-43.01	7.15	47.48	-32.05
EBITA, 1 Yr. Growth %	-14.69	-70.2	45.32	113.41	-43.54
EBIT, 1 Yr. Growth %	-14.69	-70.2	45.32	113.41	-43.54
Earnings From Cont. Operations, 1 Yr. Growth %	-17.15	-89.27	156.2	225.08	-40.99
Net Income, 1 Yr. Growth %	-17.15	-89.27	156.2	225.08	-40.99
Normalized Net Income, 1 Yr. Growth %	-13.67	-80.22	72.51	174.36	-43.19
Diluted EPS Before Extra, 1 Yr. Growth %	-17.15	-89.27	156.2	225.08	-40.99
Accounts Receivable, 1 Yr. Growth %	30.35	-23.62	-4.93	4.78	4.14
Inventory, 1 Yr. Growth %	54.72	9.74	-43.49	15.66	-20.76
Net Property, Plant and Equip., 1 Yr. Growth %	5.87	4.77	-4.11	-5.27	-3.26
Total Assets, 1 Yr. Growth %	13.94	1.02	-6.95	-2.43	-5.38
Tangible Book Value, 1 Yr. Growth %	12.57	1.7	3.63	9.19	4.61
Common Equity, 1 Yr. Growth %	13.18	1.67	3.44	9	4.46
Cash From Operations, 1 Yr. Growth %	-37.15	-103.01	-13.2K	-65.24	12.35
Capital Expenditures, 1 Yr. Growth %	86.71	13.3	-87.4	-56.92	151.41
Levered Free Cash Flow, 1 Yr. Growth %	-247.3	157.94	-310.02	-70.63	9.93
Unlevered Free Cash Flow, 1 Yr. Growth %	-192.92	191.67	-330.93	-68.95	5.28
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	8.56	4.55	-1.34	-0.21	-7.1
Gross Profit, 2 Yr. CAGR %	23.56	-17.64	-14.72	16.7	0.54
EBITDA, 2 Yr. CAGR %	25.19	-28.49	-21.86	25.71	0.1
EBITA, 2 Yr. CAGR %	58.41	-49.58	-34.19	76.1	9.77
EBIT, 2 Yr. CAGR %	58.41	-49.58	-34.19	76.1	9.77
Earnings From Cont. Operations, 2 Yr. CAGR %	167.98	-70.19	-47.58	188.59	38.51
Net Income, 2 Yr. CAGR %	167.98	-70.19	-47.58	188.59	38.51
Normalized Net Income, 2 Yr. CAGR %	145.5	-58.68	-41.59	117.56	24.84
Diluted EPS Before Extra, 2 Yr. CAGR %	167.98	-70.19	-47.58	188.6	38.51
Accounts Receivable, 2 Yr. CAGR %	20.32	-0.22	-14.79	-0.2	4.46
Inventory, 2 Yr. CAGR %	23.24	30.3	-21.26	-19.16	-4.27
Net Property, Plant and Equip., 2 Yr. CAGR %	1.86	5.32	0.24	-4.69	-4.27
Total Assets, 2 Yr. CAGR %	8.48	7.29	-3.05	-4.72	-3.92
Tangible Book Value, 2 Yr. CAGR %	15.25	7	2.66	6.37	6.88
Common Equity, 2 Yr. CAGR %	15.12	7.27	2.55	6.19	6.71
Cash From Operations, 2 Yr. CAGR %	-3.35	-86.24	98.64	574.64	-37.5
Capital Expenditures, 2 Yr. CAGR %	72.61	45.44	-62.21	-76.7	4.07
Levered Free Cash Flow, 2 Yr. CAGR %	-9.48	94.92	132.75	-21.46	-43.18
Unlevered Free Cash Flow, 2 Yr. CAGR %	-26.57	64.62	159.53	-15.33	-42.83
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.65	6.9	0.87	1.06	-6.77
Gross Profit, 3 Yr. CAGR %	17.33	1.96	-10.77	-1.84	1.92
EBITDA, 3 Yr. CAGR %	18.86	-3.7	-18.17	-3.43	2.4
EBITA, 3 Yr. CAGR %	44.67	-9.23	-28.24	-2.59	20.53
EBIT, 3 Yr. CAGR %	44.67	-9.23	-28.24	-2.59	20.53
Earnings From Cont. Operations, 3 Yr. CAGR %	265.13	-8.34	-38.94	-3.69	70.02
Net Income, 3 Yr. CAGR %	265.13	-8.34	-38.94	-3.69	70.02
Normalized Net Income, 3 Yr. CAGR %	156.99	6.03	-33.46	-2.18	39.05
Diluted EPS Before Extra, 3 Yr. CAGR %	265.13	-8.34	-38.94	-3.69	70.02
Accounts Receivable, 3 Yr. CAGR %	14.5	3.41	-1.82	-8.71	1.23
Inventory, 3 Yr. CAGR %	9.81	18.56	-1.37	-10.49	-19.7
Net Property, Plant and Equip., 3 Yr. CAGR %	1.36	2.82	2.08	-1.63	-4.21
Total Assets, 3 Yr. CAGR %	4.77	5.94	2.32	-2.84	-4.94
Tangible Book Value, 3 Yr. CAGR %	10.88	10.55	5.86	4.79	5.78
Common Equity, 3 Yr. CAGR %	10.51	10.45	5.98	4.66	5.61
Cash From Operations, 3 Yr. CAGR %	10.85	-69.59	35.36	11.09	271.17
Capital Expenditures, 3 Yr. CAGR %	128.55	50.01	-35.64	-60.53	-48.51
Levered Free Cash Flow, 3 Yr. CAGR %	4.18	28.33	99.83	16.74	-12.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	-12.37	16.29	84.28	27.88	-8.95
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.31	5.33	2.21	4	-2.4
Gross Profit, 5 Yr. CAGR %	19.05	5.63	3.27	7.62	-6.41
EBITDA, 5 Yr. CAGR %	20.76	2.86	0.5	7.13	-11.3
EBITA, 5 Yr. CAGR %	58.27	14.58	5.57	18.32	-14.95
EBIT, 5 Yr. CAGR %	58.27	14.58	5.57	18.32	-14.95
Earnings From Cont. Operations, 5 Yr. CAGR %	12.68	-17.16	67.98	45.02	-15.27
Net Income, 5 Yr. CAGR %	12.68	-17.16	67.98	45.02	-15.27
Normalized Net Income, 5 Yr. CAGR %	17.63	2.34	42.09	41.35	-14.42
Diluted EPS Before Extra, 5 Yr. CAGR %	12.68	-17.16	67.99	45.02	-15.27
Accounts Receivable, 5 Yr. CAGR %	11.8	5.28	1.74	1.95	0.65
Inventory, 5 Yr. CAGR %	13.22	7.28	-3.87	1.72	-2.54
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.29	0.51	0.91	-0.25	-0.51
Total Assets, 5 Yr. CAGR %	3.03	2.48	1.57	1.54	-0.22
Tangible Book Value, 5 Yr. CAGR %	5.29	6.66	7.51	8.86	6.27
Common Equity, 5 Yr. CAGR %	4.83	6.29	7.25	8.73	6.27
Cash From Operations, 5 Yr. CAGR %	19.31	-38.97	39.98	5.07	-0.65
Capital Expenditures, 5 Yr. CAGR %	25.55	47.21	11.26	-28.78	-22
Levered Free Cash Flow, 5 Yr. CAGR %	56.66	44.19	43.69	5.45	20.84
Unlevered Free Cash Flow, 5 Yr. CAGR %	12.56	25.03	35.29	2.43	15.39
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-