Good afternoon, everyone. It's 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. First, I will briefly introduce GFPT Group business and explain about the vertically integrated chicken production and financial results in the third quarter of 2025. Then I will discuss about the 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 emissions by 2050. GFPT strives to be a leading chicken meat exporter with its fully vertically integrated chicken production. GFPT supported sustainable development goals, SDG, which was incorporated in the company's objectives and operation. 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 inequalities. SDG 13, climate action, and SDG 16, peace, justice, and strong institutions. For various awards and achievements of GFPT in 2024 including, we are certified to be a member of CAC for anti-corruption policy. Our latest CGR rating score was five symbols excellent, and we also achieve IAA Awards in term of best IR, best CEO, and best CFO in agribusiness. GFPT Group is a vertically integrated chicken production starting from feed mill, grandparent breeder farm, breeder farm, broiler farm, chicken processing plants, further processing factory. GFPT is listed in the Stock Exchange of Thailand under agribusiness, and last year, the latest CGR rating score was five symbols excellent.
Our share price at the end of October was THB 10.3 per share, and average stock price in the third quarter of this year was THB 9.74 per share, and the highest and lowest share price in the past 52 weeks. The highest price was THB 11.2 per share, while the lowest share price was THB 8 per share. Our share outstanding are THB 1.25 billion shares and priced THB 1 per share, and market cap is THB 12.9 billion and free float portion 67% and foreign shareholder 8.6%. Our dividend policy is to pay not more than 50% of the profit of separate financial performance after all deductions.
Looking at our current shareholding structure, Sirimongkolkasem Family being a major shareholder, holds 51.25%, 34.5% local individuals, 5.7% local funds, 8.5% foreign institution, and only 0.1% for the foreign individuals. Next will be the group structure. GFPT group structure is quite simple. GFPT is a parent company of the group which operates primary plant, further processing factory to produce fresh frozen chicken meat and cooked chicken products. GFPT Group consists of five subsidiaries and two joint ventures. Each subsidiary handles different aspect of the vertical integration. GFPT holds 49% on both GFN and McKey. We use equity method to take 49% in JV performance in our P&L. Slide 11 explain about the vertically integrated chicken production of GFPT Group. Starting from the left-hand side at feed mill.
We currently have two feed mill facilities. KT 1 produces animal feed and aquatic feed for domestic markets, and KT 2 produces chicken feed for internal use only. The major feed materials are corn and soybean, in which corn are sourced locally, and soybean and soybean meal are imported from overseas. For our chicken farm operation, we have three generations of chicken farms, being grandparent breeder farm, parent breeder farm, and broiler farm. We import grandparent day-old chick from overseas. Grandparent breeder and parent breeder raising cycle around 60-65 weeks, while broilers are raised for only 40-42 days to reach the target weight. Our chickens are raised in a closed built-up system with a strict biosecurity. We highly concerned about animal welfare and environmental enrichment. We raise broiler in a sustainable way with minimal impact on the environment.
Our constraint is GFPT 100% own farm policy. We have no contract farming to make our customer trust in our 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 products and by-products. Main product consists of chicken breast, chicken legs, chicken wings, and inner fillet for export to international markets. By-products are consists of carcass, intestine, giblet, which are sold for the domestic market. At further processing plant, main product is processed as fully cooked chicken product such as chicken nugget, patty, chicken karaage. Slide 12 briefly shows GFPT Group timeline. GFPT has been in poultry business for 44 years. GFPT was established in 1981 to operate chicken processing under BOI privilege to export fresh frozen chicken meat.
During the 1990s we became a fully vertical integration by having our own parent breeder farms, broiler farm, feed mill, and sausage plant. In 1992, we listed in the Stock Exchange of Thailand under symbol GFPT. 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, and in 2008, we set up a new feed mill plant in Chonburi province called KT 2 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 (Thailand) Company Limited or GFN.
The operation of GFN is quite similar to GFPT, their parent company. GFN operates both slaughterhouse and further processing plant, and mainly export processed chicken product to Japan and other international countries. In 2010, we did stock split from THB 10 - THB 1 per share. In 2017, we extend our sausage production capacity and focus on producing chicken sausage. McKey also finished construction of its new further processing plant in Chonburi province. Currently, we are construct new slaughterhouse at Chonburi Province with production capacity of 150,000 birds per day. McKey further processing plant with cooked product capacity of 30,000 metric tons. Next will be GFPT Group expansion plan for the next three to five years.
Consists of a broiler farm raising capacity to reach 340,000 birds per day, GFPT primary plant with the capacity of 150,000 birds per day. The last one, GFPT further processing plant with the cooked product capacity of 30,000 metric tons per year. However, the expansion plan and investment budgets 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. Our aquatic feed are fish feed and shrimp feed. All feed products are sold to farmers, animal raiser, and feed wholesalers in Thailand.
For the farm business, we sell parent day-old chick and broiler day-old chick to chicken farmers. Live broiler are sold to GFPT and GFN only. We began to sell cage-free eggs since 2020. For the food business, fresh chicken meat and parts can be export as fresh, frozen, and also sold in domestic markets such as wholesale market, OEM factories, and food services or QSR. Cooked chicken products are export to international markets, mainly to Japan, EU, U.K., and China. Processed foods such as chicken sausage are sold in the domestic market. Next will be 2024 snapshot. For the year 2024, GFPT consolidated revenue was THB 19.3 billion, increased by 2% from 2023. Our consolidated revenue breakdown by business segments are 50% food, 33% farm, and 17% feed.
Revenue breakdown by product are 25% chicken direct export, the dark blue one, and 11% indirect export like the fresh chicken meat sold to the OEM factory in Thailand like McKey. 10% chicken by-product sells in the domestic market, and 4% for processed food such as chicken sausage and meatball. 6% animal feed, mostly we sell swine feed, and 4% for the fish feed, and 7% for the shrimp feed. 28% we sell live chicken to GFN, our second joint venture, and only 5% we sell day-old chick to outside. Our export revenue is about 25%, and 75% are domestic sales. Revenue breakdown by currency are 22% US dollar, and the rest, 78%, are in Thai baht currency. Next will be the GFPT market position.
In 2024, GFPT Group ranked number two in term of chicken export. GFPT, GFN, and McKey altogether export about 13% of the Thai chicken meat export, while we raise and produce chicken only 6%, ranked number six in term of chicken production in Thailand. GFPT export 30% to U.K., 24% to Japan, 16% to Malaysia, 14% to China, 12% to EU, and 7% to other countries. Our chicken export products are 58% cooked and 42% in term of the raw chicken. Next will be the financial results in the third quarter of this year, 2025.
GFPT consolidated revenue in the third quarter of 2025 was THB 4,741 million , decreased by THB 310 million or 6.1% decrease year-on-year, mostly from lower revenue of food segments from lower revenue from export processed chicken products. The consolidated revenue from sales in the third quarter consists of food segment 45.7%, farm segment 36.6%, and feed segment 17.7%. In the third quarter of this year, revenue from food segment was THB 2,168 million , decreased by THB 323 million or 13% drop year-on-year, mainly from lower revenue from export of chicken products from lower sales volume of the export of chicken products.
The company's total export of chicken products in the third quarter of this year was 7,900 metric tons, decreased by 1,700 metric tons or 7.7% drop year-on-year from decreasing in export volume of processed chicken to U.K. Revenue from farm was THB 1,736 million , decreased by THB 12 million , or 0.7% decrease year-on-year due to lower sales volume of the live broilers. Revenue from feed sales in the third quarter of this year was THB 837 million , increased by THB 26 million , or 3.2% increase year-on-year from higher sales volume of the shrimp feed. Next will be the consolidated income statement in the third quarter of this year comparing to the third quarter of last year.
As I mentioned already, in the third quarter of this year, we have a total consolidated revenue of THB 4,741 million , decreased by THB 310 million or 6.1% drop year-on-year. Cost of goods sold was THB 3,728 million , decreased by THB 488 million , 11.4% drop year-on-year, while the gross profit was THB 963 million in the third quarter of this year, increased by THB 128 million or 22.7% up year-on-year. Cost of sales for the third quarter this year contributed about 79.7% of revenue from sales, decreased from 84.5% from last year, while the GP margin contributes about 20.3% in the third quarter of this year, increased from 15.5% from third quarter of last year, mainly from the lower feed raw material cost, which is soybean meal, corn meal, and fish meal.
Other income in the third quarter this year was THB 92 million , increased by THB 6 million , or 6.6% up year-on-year. SG&A expense in the third quarter of this year was THB 350 million , decreased by THB 63 million or 15.3% drop year-on-year since lower freight cost and lower sales volume of the chicken export. SG&A percentage decreased from 8.2% in the third quarter of last year to 7.4% in the third quarter of this year. The profit from associated was THB 113 million , decreased by THB 94 million or 45% drop year-on-year, mainly from profit contribution from GFN was only THB 0.8 million , decreased by THB 56 million or 98.6% drop year-on-year from lower selling price of domestic sales of chicken parts, chicken by-product, and also the lower export volume of the processed chicken.
While the profit contribution from McKey was THB 112 million, decreased by THB 38 million or 25% drop year-on-year from lower export volume of the cooked processed chicken. Interest expense of the group in the third quarter of this year was THB 25 million, decreased by THB 6 million or 19.5% drop year-on-year from lower interest expense as the outstanding loan from financial institution decreased. Income tax expense of the group in the third quarter of this year was THB 77 million, increased by THB 11.1 million or 16.8% up year-on-year.
Finally, the consolidated net profit in the third quarter of this year was THB 715 million, increased by THB 174 million, 32% up year-on-year from lower feed raw material costs, and the net profit margin increased from 10.7% in the third quarter of last year to 15.1% in the third quarter of this year. Next will be the comparison between nine month of this year and nine month of last year in term of the income statement. We have total consolidated revenue of THB 14,271 million, decreased by THB 145 million or 1% drop year-on-year, while the cost of goods sold was THB 11,840 million, decreased by THB 534 million or 4.3% drop year-on-year. The gross profit was THB 2,431 million, increased by THB 389 million or 19% up year-on-year.
Cost of sales for nine month of this year contributes about 83% of revenue from sales, decreased from 85.8% from last year, while the GP margin contributes about 17% in the nine month of this year comparing to 14.2% nine month of last year, mainly from lower feed material costs. Other income in nine month of this year was THB 266 million, increased by THB 6 million or 2.2% up year-on-year, while the SG&A expense nine month of this year equal to THB 1,085 million, decreased by THB 107 million or 9.2% drop year-on-year since lower freight cost and lower sales volume of the chicken export. SG&A percentage decreased from 8.1% nine month of last year to 7.4% in nine month of this year.
Profit contribution from associated was THB 631 million in nine month of this year decreased by THB 85 million or 11.8% drop year-on-year. Profit contribution for McKey for the nine month of this year equal to THB 466 million, while profit contribution from GFN was THB 166 million. Interest expense of the group in the nine month of this year was THB 78 million, decreased by THB 14 million or 15% drop year-on-year, mainly from lower interest expense as the loan outstanding decreased from financial institutions. Income tax expense of the group in the nine month of this year was THB 180 million, decreased by THB 6 million or 3.4% drop year-on-year.
The consolidated net profit in nine months of this year was THB 1,996 million , increased by THB 405 million or 25.5% increase year-on-year from lower feed material costs. The net profit margin increased from 11% in nine months of last year to 14% in nine months of this year. Next will be the profitability margin, starting from the gross margin increase from 15.5% in the third quarter of last year to 20.3% in the third quarter of this year, as well as the EBITDA margin increase from 21.7% in the third quarter of last year to 26.8% in the third quarter of this year. Finally, the net profit margin increased from 10.7% in the third quarter of last year to 15.1% in the third quarter of this year.
Average exchange rate in the third quarter of this year was THB 32.3 per US dollar. Earning per share in the third quarter of this year was THB 0.57 per share, and dividend payment was THB 0.2 per share or equal to 12.7% dividend payout ratio. Expected ROA in this year was 9.9%, increase from 7.6% in 2024, as well as the expected ROE in this year was 13.1%, increase from 10.6% in 2024. Next will be balance sheet. The total assets of GFPT Group equal to THB 27,584 million , increased by THB 1,268 million , or 4.8% increase from last year, mainly from increasing in cash and cash equivalent by THB 1,524 million and property, plant and equipment, increase by THB 342 million .
GFPT Group has total liability of THB 6,336 million , decreased by THB 488 million or 7.2% drop year-on-year from short-term loans from financial institution decreased by THB 570 million . Shareholders' equity was THB 21,248 million , increased by THB 1,756 million or 9% increase from last year. Next will be the cash flow activity. Consolidated EBIT in the third quarter of this year was at THB 822 million , 28% increase year-on-year, while the consolidated EBITDA was THB 1,269 million , 16% increase year-on-year. Cash flow activity in the third quarter of this year, we have net cash received from operating activity about THB 4,462 million , net cash used in investing activity about THB 710 million , mainly in the fixed asset expansion and grandparent and parent breeder. The net cash used in financing activity about THB 875 million .
At the end of September, the cash was above THB 409,079 million , increased around THB 712 million from previous year. The balance sheet, in the slide 26, the book value increased from 15.5 in 2024 to 16.95 at the end of September this year. Next will be the interest-bearing debt. At the end of September, the company had a total liability of THB 6.34 billion , comprising of the non-interest bearing liability in amounts of THB 2.44 billion and interest bearing debt in amounts of THB 3.9 billion . The interest bearing debt consists of the short-term loans about THB 430 million and long-term loans about THB 3,470 million . All loans are in Thai baht currency. We have no exposure in foreign currency borrowing, and the debt-to-equity ratio was only 0.3 x. Next will be the capital expenditure in slide 28.
Our investment budget in 2025 is about THB 1 billion -THB 1.2 billion, mainly for the broiler farm, breeder farm, and chicken processing factory expansion. We plan to increase the number of the chicken about 10% or 20,000 birds per day per year. However, the broiler farm expansion plan can be adjusted due to the economics and industry situations. In 2024, 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, 40%, EU, U.K., 17%, EU, 14%, China 9%, and other countries 20%. The chicken export product are 54% cooked chicken and 46% raw chicken. Next will be the history of the Thai chicken export for the past 50 years.
Thai chicken meat export has been very strong since 1973, but the avian influenza outbreak in 2004, Thai chicken industry is still strong by switching from export fresh chicken meat to fully cooked chicken products. After major importers such as EU, Japan lift ban from fresh, frozen chicken meat from Thailand since 2012, Thai chicken meat export has been very strong. In 2024, Thai chicken meat export break historical high with more than 1,200,000 metric tons or about THB 161 billion. Next will be the global broiler meats market. Slide 32 shows statistics of the top ten in each category, for example, import, export and domestic consumption. For the global chicken production, U.S. is a market leader, followed by Brazil, China and EU. Thailand ranked number seven in term of the production.
In term of global chicken export, Brazil ranked number one, followed by U.S. and EU, while Thailand ranked number four. In term 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 33 provides statistical data on the selected commodity price for reference. Corn price in the third quarter of this year was THB 9.8 per kilogram, decreased from THB 12 per kilogram in the third quarter of last year, whereas the soybean meal price in the third quarter of this year quite low at THB 13.4 per kg comparing to THB 19.3 per kg in the third quarter of last year.
Average broiler price in the third quarter of this year, about THB 38 -THB 39 per kg, slightly decreased from THB 39 -THB 40 per kg in the third quarter of last year. While the day old chick price in the third quarter of this year is quite high at THB 18.5 per chick, increase from THB 17.5 per chick in the third quarter of last year. The export price in the third quarter of this year, the Japan export price is about $4,800 per metric ton, and export price to EU was about $4,400 per metric ton. It's quite similar to the second quarter of this year. Next will be the supporting and risk factor in 2025. Starting from the supporting factor consists of the global recognized food safety standard. The trust compartment and traceability system ensure disease control.
Growing poultry demand, rising the population, and economic boost demand for affordable chicken, and cook and processed chicken market growth. Rising demand for ready-to-eat and convenient food. Strong export competitiveness. Thailand leads in processed chicken export with high production standards, and the lower production costs enhance price competitive for producer. The last one for the supporting factor is the economic and tourist recovery. Food services growth, especially restaurant, fast food, and street food. Move to risk factor in this year consists of the animal disease outbreak and hygiene risks, like the global avian influenza outbreak may reduce the supply of the chicken which will limit the broiler production. The global market competition, especially for Brazil and U.S., outcompete with lower feed material costs. The cost volatility and rising expense, weather risks like El Niño, La Niña may raise the feed cost despite expected price decline.
The non-tariff measure, like the labor and environmental standard may limit Thailand's poultry competitiveness. Oversupply risk can occur any time that cause a price decline and lower profit of the producer. The last one will be the geopolitical risk and trade impact, like the Russia and Ukraine war may raise the feed cost. Next will be the guidance in this year. The top line revenue should be no growth from 2024 sales. Anticipated GP margin will be about 16.5%-17.5%, quite high comparing to last year. SG&A expense is quite low at about 7%-7.5%. Other ratios such as financial cost, effective tax rate will be similar to 2024 figures. The CapEx in this year would be around THB 1 billion-THB 1.2 billion for the fixed asset investment. The last topic is about the key statistic.
We'll show the key statistic relating to the core business. Chicken meat or food business and feed business contributes about 70% of the consolidated revenue of GFPT Group. In the third quarter of this year, export volume decreased by 17%, mostly from decreasing in export volume of the cooked chicken product to U.K. While indirect export volume to McKey in the third quarter of this year also decreased by 6% year-on-year. The domestic sales volume in the third quarter of this year slightly increased by 1% year-on-year. Move to domestic feed market. Sales volume of the animal feed increased by 6%, and the fish feed is the same level as the third quarter of last year. The last one, the shrimp feed, sales volume increased by 11% comparing to the third quarter of last year.
We would like to thank all of you to join our webcast today. If everyone would like to have more information about GFPT Group, including the latest annual report or result presentation, please visit at our website www.gfpt.co.th or contact our IR department. Thank you again, and see you next.