Ubon Bio Ethanol Public Company Limited or UBE announces its operating results in the 4th quarter of 2022, earning 2,057.9 million baht, with net profit of 149.8 million baht, supporting the full year in revenue growth of 7,199.3 million baht and net profit of 329.2 million baht, while in 2023 the revenue target is set to grow by 10%, along with adding highly profitable products - adjusting the size of packaging - expanding distribution channels. Coffee business continues to grow.

Ms. Sureeyot Khowsurat, Chief Executive Officer (CEO) of UBE, Thailand’s leading manufacturer and distributor of processed cassava products. Its core products including ethanol products, Tapioca starch, and Cassava flour, and other organic agricultural products revealed that the Company's overall performance is steadily recovering due to the increase in sales of fuel grade ethanol following the relaxation of travel regulations, while income from other businesses is increasing significantly due mainly to the sale of coffee products.

In the fourth quarter of 2022, the Company's total revenue was 2,057.9 million baht, an increase of 6% from the same period last year (YoY), while net profit was 149.8 million baht, an increase of 28% from the same period last year (YoY), mainly due to the increase in selling price of both ethanol and tapioca starch. As a result, the Company's overall performance in 2022 increased from the same period last year (YoY), with total revenue of 7,199.3 million baht, an increase of 3% from the same period last year (YoY), and net profit of 329.2 million baht, an increase of 3% from the same period last year (YoY).

As for the direction of operations in 2023, it will continue to grow from 2022. The Company continues to target 10% year-on-year growth in total sales by adding new products, adjusting package sizes to meet market needs, and expanding new sales channels to reach more customers. At the same time, the coffee business has continued to grow, and this year the Company continues to target increasing the proportion of its sales volume accounted for by higher value products, both organic starch and cassava flour. In addition, the Company continues to evaluate and seek opportunities to expand into new businesses.

"At present, the company has adjusted the strategy for offering tapioca starch by increasing the proportion of smaller, higher-value products and focusing on research and development (R&D) to increase the variety of uses of tapioca starch. In 2023, there will be more new product launches to meet current market demand, including the expansion of new product distribution channels."

Ms. Sureeyot added that 2023 is a year of challenges in many aspects, however, UBE still aims to maintain its market share for fuel-grade ethanol in the country, together with the push for the liberalization of industrial grade ethanol in the country to increase sales volume. As for the tapioca starch business, it is expected to be effected of the global economic recession in the first half of 2023.