Good afternoon, everyone. It is my pleasure to welcome you on our webcast. My name is Veera Titayangkaruvong. I am Manager of GFPT. First of all, I would like to thank you for your interest in GFPT. Turning to our agenda on slide three. I will briefly introduce GFPT Group business and explain about the vertically integrated chicken production and financial results in the first quarter of this year. Then I will discuss about the Thai broiler industry outlook and what we can expect in this year. GFPT aims to be a carbon neutral organization by 2030 and achieve net zero carbon emission by 2050.
GFPT strives to be a leading chicken meat exporter with its fully vertical integrated chicken production. GFPT support sustainable development goals, SDG, which was incorporated in the company's objective and operations. For example, SDG 2, Zero Hunger, SDG 4, Quality Education, SDG 5, Gender Equality, SDG 6, Clean Water and Sanitation, SDG 8, Decent Work and Economic Growth, SDG 10, Reduced Inequality, SDG 11, Sustainable Cities and Communities, SDG 12, Responsible Consumption and Production, SDG 13, Climate Action, and SDG 16, Peace, Justice, and Strong Institutions.
Next will be GFPT awards, for various award and achievement of GFPT in 2025, including SET ESG Rating in level A A. And we are also certified to be a member of CAC for anti-corruption policy and latest CG rating was five CG symbol excellent for 10 consecutive years. And we also received the awards from IAA Awards in term of best IR, best CEO, and best CFO in agribusiness. Next will be GFPT profile. GFPT Group is a vertical integrated chicken production starting from feed mill, grandparent breeder farm, breeder farm, and broiler farm, chicken processing plant, and further processing factory.
GFPT is listed in the Stock Exchange of Thailand under agribusiness, and the CG symbol was five CG symbol excellent, and the share price at the end of April was THB 9.15 per share, while the average stock price in the first quarter of this year was THB 9.66 per share. And the highest price for the past 52 weeks was THB 11 , and the lowest price was THB 8.25 per share. We have share outstanding, about 1.25 billion share and par at THB 1 per share.
Market cap is about THB 11.5 billion and free float portion, about 65%, and foreign shareholder portion about 9.9% with a limitation of not more than 49%. And dividend policy, we pay not more than 50% of the net profit from separate financial performance after all deduction. And the current shareholding structure, Sirimongkolkasem family, being a major shareholder, holds about 49.9%, while local individuals about 32.6%, and local funds 7.6%, and foreign institution about 9.3%, and foreign individuals about 0.6%. Next will be the group structure of GFPT Group. GFPT Group is quite simple.
GFPT is a parent company of the group, operates primary plant and further processing factory to produce fresh frozen chicken meat and fully cooked chicken products. GFPT Group consists of five subsidiaries and two joint ventures. Each subsidiary handles different aspects of the vertical integration. GFPT holds 49% on both GFN and McKey. We use equity method to take 49% of the JV performance in the P&L. Next will be GFPT fully vertical integration. Slide 11 explains about the fully vertical integrated chicken production. Starting at the left-hand side, the feed mill.
We currently have two feed mill facilities. KT1 produces animal feed and aquatic feed for the domestic market, while the KT2 produces chicken feed for internal use only. The major feed materials are corn and soybean. Soybean and soybean meal are imported from overseas. For the chicken farm operation, we have three generations of the chicken farms, being grandparent breeder farms, parent breeder farm, and broiler farms. We import grandparent day-old chick from overseas.
Grandparent breeder and parent breeder raising cycle about 60- 65 weeks, while broiler raised for only 40- 42 days to reach the target weight. Our chicken are raised in the closed EVAP system with the strict biosecurity. We are highly concerned about the animal welfare and animal enrichment. We raise broiler in a sustainable way with a minimal impact on the environment and the constraint that GFPT is 100% own farm policy. It means that we have no contract farming to make customer trust and chicken meat quality.
All of our broiler are sold to GFPT and GFN for chicken meat processing and producing cooked chicken product for export. At the primary plant, chicken will be processed into main product and by-product. The main product consists of chicken breast, chicken legs, chicken wings for export to international countries. The by-product consists of the chicken carcass, intestine, and giblet for the domestic market. At the further processing plant, the main chicken meat is processed as fully cooked chicken product, such as chicken nugget, chicken patty, chicken karaage. Next will be GFPT timelines. Slide 12 shows GFPT Group timeline.
GFPT Group has been in poultry business for 45 years, and we are established in 1981 to operate chicken processing under the BOI privilege for exporting fresh chicken meat. During the 1990s, we became a fully vertical integration by having the parent breeder farms, broiler farm, feed mill, and sausage plant. In 1992, we listed in the Stock Exchange of Thailand under symbol GFPT. One year later, in 1993, we joint ventured with the Keystone Food Corporation, the U.S.-based company, to set up McKey Food Services Thailand Limited to produce chicken nugget and chicken patty for export to McDonald's stores in Asia- Pacific region, including Japan and Singapore.
In 2003, we did another backward integration by having grandparent breeder farms. In 2008, we set up a new feed mill plant in Chonburi province called KT2 to produce chicken feed for internal use only. In the same year, we also announced the second joint venture, with the Nichirei Foods Incorporation, the Japanese-based company, to set up GFPT Nichirei Company Limited or GFN. The operation of GFN is quite similar to GFPT. GFN operates both slaughterhouse and further processing plants and mainly exports processed chicken product to Japan and other international countries, including U.K., EU.
2010, we did the stock split from THB 10- THB 1 per share. In 2017, we expanded the new sausage production capacity and focused on producing chicken sausage. McKey, the first year we also finished the construction of the new further processing plant in Chonburi province. Currently, GFPT is constructing the new slaughterhouse at Chonburi province, located near the new factory of McKey, with a production capacity of 150,000 birds per day. That will be finished at the end of this year or in the beginning of the next year, 2027.
The new McKey further processing has the total capacity about 30,000 metric ton per year. Next will be GFPT Group expansion plan. Our future expansion project for the next three to five years consists of the broiler raising capacity to reach 340,000 birds per day, as well as the GFPT primary plant with a capacity of 150,000 birds per day. The last one will be GFPT further processing plant with a cooked product capacity of 30,000 metric ton per year. However, the expansion plan and investment budget can be adjusted depending on the change in the market condition and future competition. Next will be GFPT product line.
Our product line consists of three categories, being feed, farm, and food. For the feed business, we have various animal feed products, such as swine feed, layer hen feed, duck feed, and cow feed. Aquatic feed consists of fish feed, shrimp feed. All feed products are sold to farmer, animal raiser, and feed wholesalers in Thailand. Moving to the farm business, we sell parent day-old chick and broiler day-old chick to chicken farmers, while the live broiler are sold to GFPT, the parent company, and GFN, the second joint venture only.
We also began to sell fresh cage-free eggs since 2020. The last one will be the food business. The fresh chicken meat and parts can be exported as fresh frozen and also sold to the domestic market, such as wholesale market, OEM factories, and food services of QSR. While the cooked chicken product are mainly export to international market, mostly to Japan, U.K., EU. The processed foods, such as the chicken sausage, are sold in the domestic market. Next will be 2025 snapshot.
In 2025, GFPT Group had the total revenue about THB 18.8 billion, decreased about 2% year-on-year. The consolidated revenue breakdown by business segment consists of 48% food, 35% farm, and 17% feed. Revenue breakdown by product consists of 23% chicken direct export, the dark blue one. The indirect export, 10%, the fresh chicken meat sell to OEM factory, for example, McKey, for the further processing and export. 11% in term of chicken by-product sell in the domestic market, and only 4% for the processed food, like the chicken sausage for the domestic market.
Moving to the feed business. 6% in term of animal feed, 8% shrimp feed, and 3% for the fish feed. And the last one will be the farm business, consists of the live broiler sale to GFN, 28%, and 7% in term of day-old chick sale to outside. For our export revenue, the total amount is about 23% and 77% in term of domestic sales. But in term of the revenue breakdown by currency, we sell 20% in term of U.S. dollar, while the rest 80% we sell in term of the Thai baht currency. Next will be GFPT market position. In 2025, GFPT Group ranked number two in term of chicken export.
GFPT, GFN, and McKey all together export 12% of the Thai chicken export, while we raise and produce chicken only 6%, ranked number seven in term of chicken production in Thailand. GFPT Group exports 51% to Japan, 26% to U.K., and 12% to EU. The rest will be 6% to Singapore, 4% to Malaysia, and another 4% to China, and the rest, 3% to the other countries. Our chicken export products are 86% cooked, and only 14% in terms of the raw chicken export. Next will be the financial results in the first quarter of this year, comparing to the first quarter of last year.
The consolidated revenue in the first quarter of this year was THB 4,268 million, decreased by THB 382 million or 8.2% year-on-year, mostly from the lower revenue of the food segment from lower revenue from export processed chicken products. The consolidated revenue from sales in the first quarter of this year consists of 44.65% in terms of the food segment, 38.6% in terms of the farm segment, and 16.7% in terms of the food segment. Revenue from food segment in the first quarter of this year, about THB 1.9 billion decreased by THB 313 million or 14.1% year-on-year from the lower revenue from export from lower sales volume of the chicken products.
While the total export of GFPT in the first quarter of this year, about 7,500 metric tons decreased by 1,200 metric tons or almost 14% year-on-year from decreasing in the export volume of the processed chicken to China. Revenue from farm in the first quarter of this year was THB 1,649 million decreased by THB 41 million or 2.4% year-on-year from lower revenue from selling live broiler from its lower selling price. Revenue from feed sales in the first quarter of this year was THB 714 million decreased by THB 28 million or 3.8% year-on-year from lower revenue from selling fish feed from its lower sales volume and also lower revenue from selling animal feed from its lower selling price.
Next will be the comparison between the consolidated income statement from the first quarter of this year comparing to the first quarter of last year. As I mentioned, the total revenue in the first quarter of this year was THB 4,268 million, decreased by THB 382 million or 8.2% year-on-year, while the cost of goods sold was THB 3,643 million, decreased by THB 354 million or 8.9% year-on-year. The gross profit first quarter of this year was THB 625 million, decreased by THB 27 million or 4.2% year-on-year.
The cost of sales in the first quarter of this year contributed 85.36% of the revenue from sales, decreased from 85.98% from last year, while the gross profit margin contributed about 14.6% in the first quarter of this year comparing to 14% in the first quarter of last year, mainly from the lower feed raw material cost, which are corn, soybean meal, and wheat. Other income in the first quarter of this year was THB 90 million, increased by THB 8 million or 9.4% year-on-year from higher selling miscellaneous item and scrap parts.
SG&A expense in the first quarter of this year equal to THB 316 million, decreased by THB 49 million or 13.4% year-on-year from the lower sales cost from lower sales volume of the chicken export. While SG&A percentage decreased from 7.8% from first quarter of last year to 7.4% in the first quarter of this year. The profit from associated company, which are McKey and GFN, was THB 147 million, decreased by THB 174 million or 54% year-on-year from the profit contribution of GFN was THB 8 million, decreased by THB 95 million or 92% year-on-year from lower export volume of the fresh frozen chicken and also lower selling price of the domestic sales of chicken parts and chicken by-products.
While the profit contribution from McKey was THB 140 million, decreased by THB 79 million or 36% year-on-year. The interest expense of GFPT Group in the first quarter of this year was THB 22 million, decreased by THB 5 million or almost 20% year-on-year, mainly from lower interest expense as the outstanding loan decreased. The income tax expense in the first quarter of this year was THB 36 million, increased by THB 2 million or 4.7% year-on-year from the higher corporate income tax expense. Finally, the consolidated net profit in the first quarter of this year was THB 517 million, decreased by THB 121 million or 19% year-on-year driven from the lower share of profit from associated companies.
The net profit margin decreased from 13.7% in the first quarter of last year to 12.1% in the first quarter of this year. Next will be the profitability margin in the first quarter of this year comparing to the first quarter of last year. The gross profit margin increased from 14% in the first quarter of last year to 14.6% in the first quarter of this year. While the EBITDA margin decreased from 24.4% in the first quarter of last year to 23.5% in the first quarter of this year. The last one will be the net profit margin decreased from 13.7% in the first quarter of last year to 12.1% in the first quarter of this year.
The average exchange rate was THB 31.65 per U.S. dollar in the first quarter of this year, decreased from almost THB 34 per U.S. dollar in the first quarter of last year. Earnings per share in the first quarter of this year was THB 0.41 per share, decreased from THB 0.51 per share in the first quarter of last year. While the dividend payment for the financial performance in 2025 was THB 0.2 per share or equal to 10.3% dividend payout ratio. The expected ROA in this year was 7.5%, dropped from 9% in 2025, as well as the expected ROE in this year was 9.8%, dropped from 11.8% in 2025.
Next will be the balance sheet. The total asset of GFPT Group equal to THB 28,488 million, increased by THB 624 million or 2.2% from last year, from the increasing in cash and cash equivalent by THB 1,142 million. Moving to the liability. GFPT Group have the total liability of THB 6,272 million, increased by THB 104 million or 1.7% from last year, from the trade and other payables increased by THB 230 million, while the shareholders' equity was THB 22,216 million, increased by THB 520 million or 2.4% from last year. Next will be the cash flow activity in the first quarter of this year.
The consolidated EBIT in the first quarter of this year was THB 578 million or 18% decrease year-on-year, while the consolidated EBITDA was THB 1,003 million, 12% decrease year-on-year. The cash flow activity in the first quarter of this year, we have net cash received from operating activity about THB 1,081 million, while the net cash received from investing activity about THB 240 million, mainly in the fixed asset expansion and also the grandparent and parent breeder.
Net cash used in the financing activity about THB 179 million. Ending cash as of March in this year was THB 4,672 million, increased by THB 2,013 million from previous year. The book value increased from THB 17.3 in 2025 to THB [17.72] as of March 2026. Next will be the interest-bearing debt in this year. As of March 2026, the company have the total liability of THB 6.3 billion, comprising of the non-interest-bearing debt in amount of THB 2.57 billion and interest-bearing debt in amount of THB 3.7 billion.
The interest-bearing debt consists of the short-term loans, THB 230 million and long-term loans about THB 3,470 million. All loans are in Thai baht currency. We have no exposure in the foreign currency borrowing, while the debt to equity was only 0.28x . Next will be the capital expenditure or CapEx. In this year, the investment budget is about THB 1 billion- THB 1.2 billion, mainly to broiler farm, breeder farm, and chicken processing factory expansion.
We plan to increase the number of chicken about 10% or 20,000 birds per day per year. However, the broiler farm expansion plan can be adjusted due to the economic and industry situation. Next will be the global broiler meat market. In 2025, Thailand ranked number four in term of the chicken export and ranked number seven in term of the chicken production in the global market. Thailand export chicken meat products to Japan, 39%, U.K., 16%, EU, 14%, and China, 7%, while the other countries, about 24%.
We mainly export in term of the cooked, 53%, and 47% in term of the raw chicken. Next will be the 50 year history of the Thai chicken export. Thai chicken meat export has been strong since 1973. But after the bird flu outbreak in the beginning of 2004, Thai chicken industry is still strong by switching from export fresh chicken meat to fully cooked chicken product. After major importers such as Japan, EU, and China lift ban from fresh frozen of chicken meat on Thailand since 2012, Thai chicken meat export is still very strong. In 2025, Thai chicken meat export break historical high with more than 1.3 metric tons or equal to THB 165 billion.
Next will be the global broiler meat market. Slide 31 shows the statistics of the top 10 countries in terms of the global broiler meat market. The global chicken production, U.S. is the market leader, followed by China, Brazil, and EU, and Thailand ranks number seven in terms of the chicken production. In terms of the global chicken export, Brazil ranks number one, followed by U.S. and EU. Thailand ranks number four. In terms of the global chicken meat import, Japan is the market leader, followed by Mexico, U.K., and EU. Next will be the commodity price. Slide 32 provides statistical data of the selected commodity price for reference.
The corn price in the first quarter of this year was THB 10/kg , decreased from THB 10.7/kg in the first quarter of last year. As well as the soybean meal price in the first quarter of this year was THB 15.1/kg , decreased from THB 16/kg in the first quarter of last year. The average broiler price in the first quarter of this year was THB 37-THB 38 per kilogram, same level as the first quarter of last year. The day-old chick price in the first quarter of this year was THB 19.5 per chick, increased from THB 18.4 per chick in the first quarter of last year.
For the export price to Japan and EU in the first quarter of this year, the export to Japan was about $4,500 per metric ton, while the export price to EU was a bit lower at $4,400 per metric ton. Next will be the supporting and risk factor in this year, 2026. Starting from the supporting factor. The global recognized food safety with the trust compartment and traceability system ensure the disease control. Also, the growing poultry demand from the rising population and the economic boost demand for affordable chicken.
The cooked and processed chicken meat market growth, rising demand for the ready-to-eat and convenient food. With the strong export competitiveness, Thailand leads in the processed chicken export with the high production standards. With the lower production costs, enhanced price competitiveness for our producer. The last one will be the economic and tourist recovery from the food service growth, especially restaurant, fast food, and street food. Moving to the risk factor in this year. Starting from the animal disease outbreak and hygiene risks.
The global bird flu outbreak may reduce grandparent and parent supply, limiting the broiler production. As well as the global market competition, mostly from U.S. and Brazil, outcompete with the lower feed material costs. The cost volatility and rising extent from the weather risks like El Niño and La Niña may raise the feed costs, despite the expected price decline. Non-tariff measure also another risk factor in this year, like the labor and environmental standard may limit the Thailand poultry competitiveness. Oversupply risk, also another concern which increased the production may lead to the market oversupply, causing the price decline and lower producer profit.
The last one will be the geopolitical risk and also the trade impact may raise the feed cost. Next will be the guidance in this year. Our management provide guidance in this year with the 2%- 3% growth from 2025 sales. The anticipated GP margin this year would be around 15%- 16%, and SG&A expense should be 7.5%- 8% of the total sales. Other ratios such as financial cost, effective tax rate will be similar to 2025. The CapEx in this year would be around THB 1 billion- THB 1.2 billion for the fixed asset investment. Next will be the key statistic. Slide 35 shows the key statistic relating to our core business.
The food and the feed business contributes about 70% of the consolidated revenue of GFPT Group. In the first quarter of this year, export volume decreased by 14%, mostly from decreasing in export volume of the raw chicken products to China. While in export volume to McKey in the first quarter of this year also decreased by 19% year-on-year. Domestic sales volume, especially for the by-product in the first quarter of this year, increased by 6%.
Moving to domestic feed market. The sales volume of the animal feed increased by 2%, mostly from the higher sales volume of the swine feed, while the fish feed sales volume decreased by 20% year-on-year, and the shrimp feed sales volume increased by 8% comparing to the first quarter of last year. We would like to thank all of you to join our webcast today. If anyone would like to have more information about GFPT Group, including the latest annual report or the results presentation, please visit our website at www.gfpt.co.th or contact our IR department. Thank you again, and see you next time.