Good afternoon, everyone. It's my pleasure to welcome you on our webcast today. 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 vertical integrated chicken production and financial results in the second quarter of this year. Then I will discuss about the broader industry outlook and what we can expect in this year. GFPT aims to be a carbon neutrality organization by 2030, and achieve Net Zero carbon emissions by 2050. GFPT strives to be a leading chicken meat exporter with its fully vertical integrated chicken production. GFPT supported the sustainable development goals, SDG, which was incorporated in the company's objectives 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 13, Climate Action, and SDG 16, Peace, Justice and Strong Institutions. Next will be the GFPT awards. We achieved various awards of 2024, including we are certified to be a member of CAC for anti-corruption policy, and the latest CG rating was five CG symbol excellence for seven consecutive years. We also achieved the best IR awards from IAA Awards 2024 in agro business. Next will be GFPT profile. GFPT Group is a vertical integrated chicken production starting from feed mill, grandparent breeders, breeder farm, broiler farm, chicken processing plant, and further processing factory. GFPT is listed in the Stock Exchange of Thailand under symbol GFPT.
Last year the CG score was five CG symbol excellent, and the share price at the end of July was THB 9.7 per share, and average stock price in the second quarter of this year was THB 9.41 per share, and the highest price for the past 52 weeks was THB 13.1 per share, and the lowest price was THB 8 per share. We have a share outstanding about THB 1.25 billion and par at 1 THB per share, and the market cap is THB 12.16 billion , and free float portion is 67%. We also have the foreign shareholder about 8.6%. The dividend policy, we pay not more than 50% of the profit from separate financial statement after all deduction.
The current shareholding structure, Sirimongkolkasem family , being a major shareholder, holds about 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 GFPT Group structure. GFPT Group structure is quite simple. GFPT is a parent company of the group, which operates primarily plant, further processing factory to produce both fresh chicken meat and fully cooked chicken products. GFPT Group consists of five subsidiaries and two joint ventures. Each subsidiary handle different aspect of the vertical integration. GFPT holds 49% for both GFN and McKey. We use equity method to take 49% of the JV performance in our PNL. Next will be GFPT fully vertical integration chicken production. Starting at feed mill, we currently have two feed mill facilities.
KT1 produce animal feed and aquatic feed for domestic markets, while KT2 produce 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. For our chicken farm operation, we have three generations of chicken farms, being grandparent breeder farms, parent breeder farms, and broiler farms. We import grandparent day-old chick from overseas. Grandparent breeder and parent breeder raising cycle about 40, 60- 65 weeks, while broiler are 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 the broiler in sustainable way with a minimal impact on the environment.
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 byproducts. Main product consists of chicken breast, inner fillet, chicken legs and chicken wings for export to international markets. While the byproduct consists of carcass, intestine and giblet, and sold for the domestic market. At further processing plant, then chicken meat is processed as a fully cooked product such as chicken nugget, patty, chicken karaage and chicken steam. Next will be GFPT timeline. GFPT Group has been in protein business for 44 years. We was established in 1991 and to operate the chicken processing under the BOI privilege for exporting fresh chicken meat.
During 1990s, we became a fully vertical integration by having our own parent breeder farms, broiler farm, feed mill and sausage plants. In 1992, we listed in the Stock Exchange of Thailand under symbol GFPT. One year later, we joint venture 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 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 Inc., the Japanese-based company, to set up GFPT Nichirei (Thailand) Company Limited, or GFN.
The operation of GFN is quite similar to GFPT. GFN operates both slaughterhouse and further processing plant, and mainly export processed chicken products. In 2010, we did the stock split from THB 10 to THB 1 per share. In 2017, we expand the new sausage production capacity and focus on producing chicken sausage. McKey also finished the construction of its new further processing plant in Chonburi Province. Currently, we are construct the new slaughterhouse at Chonburi Province with a production capacity of 150,000 birds per day. McKey also finished its new further processing plant, the third plant, with a cooked product capacity of 30,000 metric ton per year. Next will be GFPT Group expansion. For the next three to five year consists of the broiler farm raising capacity to reach 340,000 birds per day.
The second one will be GFPT primary plant, with a production capacity of 150,000 birds per day. The last one, the 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 the 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 and shrimp feed. All feed products are sold to farmer 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 also began to sell cage-free eggs since 2020. For the food business, the fresh chicken meat and parts can be exported as fresh, frozen, and also sold in the domestic market, such as wholesale market, OEM factories and food services or QSR. Cooked chicken product are exported to international markets, mainly to Japan, EU, and China, and processed foods such as chicken sausage are sold in the domestic market. Next will be the snapshot in 2024. GFPT consolidated revenue was THB 19.31 billion, increased by 2% from 2023, and consolidated revenue breakdown by segment are 50% food, 33% farm, and 17% feed.
The revenue breakdown by product are 25% chicken direct export, 11% indirect export, like the fresh chicken meat sales to OEM factory in Thailand for further processing and export. 10% chicken by-product sales in the domestic market. 4% processed food such as chicken sausage and meatball, and 6% animal feed, 4% fish feed, and 7% shrimp feed, and 28% live chicken sold to GFN, and 5% day-old chick sold to outsides. Our export revenue is about 25% and 75% for the domestic sales. The revenue breakdown by currency are 22% U.S. dollar, while the rest, 78%, are in Thai baht currency. Next will be GFPT market position. In 2024, GFPT ranked number two in term of chicken export.
GFPT, GFN, McKey all together, we export about 13% of the Thai chicken export, while various and produce chicken only 6% ranked number six in term of Thai chicken production. We mainly export to U.K. about 30%, Japan 24%, Malaysia 16%, China 14%, EU 12%, and 7% to other countries. Our chicken export product are 85% cooked and 42% in term of the raw chicken. Next will be the financial results in the second quarter of this year, 2025. The consolidated revenue in the second quarter this year was THB 4,881 million, increased by THB 42 million or 0.9% year-on-year, mostly from higher revenue from farm segment, from higher revenue from selling day-old chick and selling live broilers.
The consolidated revenue from sales in the second quarter consists of the food segment, 47.7%, the farm segment 36%, and the feed segment 16.3%. In the second quarter of this year, the revenue from food segment was THB 2,326 million, decreased by THB 116 million or 4.8% year-on-year from lower revenue from export and chicken product from lower sales volume of export chicken product, and lower selling price of the domestic sale in chicken parts and chicken by-products. The total export of GFPT in the second quarter of this year was 8,500 metric tons, decreased by 500 metric tons or 5.6% year-on-year from decreasing in export volume to U.K. and Malaysia.
While the revenue from farm was THB 1,757 million, increased by THB 211 million or 13.7% increase year-on-year from higher sales volume of the day-old chick and live broilers. Revenue from feed was THB 798 million, decreased by THB 53 million or 6.2% year-on-year from lower sales volume and selling price of animal feed, and also the lower sales volume of the shrimp feed. Next will be the consolidated income statement in the second quarter of this year comparing to second quarter of last year. As I mentioned, we have the total revenue about THB 4,881 million, increased by THB 42 million or 0.9% increase year-on-year. While the cost of goods sold was THB 4,065 million, decreased by THB 85 million or 2% year-on-year.
While the gross profit was THB 816 million, increased by THB 127 million or 18.4% increase year-on-year. Cost of sale in the second quarter of this year contributed 83.3% of the revenue from sales, decreased from 85.5% from last year. While the gross profit margin contributed about 16.7% in the second quarter of this year, comparing to 14.25% from the second quarter of last year, mainly from the lower feed material cost, which is soybean and soybean meal. The other income in the second quarter of this year was THB 92 million, increased by THB 9 million or 11.3% year-on-year from the selling miscellaneous items and spare parts. SG&A expense in the second quarter of this year equal to THB 344 million, decreased by THB 40 million or 10.4% year-on-year from the lower freight cost and lower sales volume of chicken export.
SG&A percentage decreased from 7.9% in the second quarter of last year to 7.05% in the second quarter of this year. The profit from associate was THB 197 million, decreased by THB 81 million or 29% decrease year-on-year, mainly from profit contribution from GFN was THB 62 million, decreased by THB 75 million or 55% year-on-year from the lower selling price of domestic sales of chicken parts and chicken by-products. While the profit from McKey was THB 135 million, decreased by THB 6 million or 4% year-on-year from lower export volume of cooked chicken product. The interest expense in the second quarter of this year was THB 26 million, decreased by THB 6 million or 18% year-on-year from lower interest expense, as the loan outstanding decreased from financial institution decreased.
Income tax expense of the group in the second quarter of this year was THB 69 million, decreased by THB 0.5 million or 0.8% year-on-year. Finally, the consolidated net profit in the second quarter of this year was THB 642 million, increased by THB 59 million or 10% increase year-on-year from the higher revenue from sales and lower feed material costs. The net profit margin increased from 12.1% in the second quarter of last year to 13.1% in the second quarter of this year. Next will be the comparison between six months of this year, 2025, comparing to six months of last year, 2024. The top-line revenue was THB 9,530 million, increased by THB 165 million or 1.8% year-on-year.
While the cost of goods sold for the six months of this year was THB 8,062 million, decreased by THB 46 million or 1% decrease year-on-year. While the gross profit was THB 1,468 million, increased by THB 211 million or 16.8% for the six months of last year. The cost of goods sold percentage for the six months of this year, about 84.6%, comparing to 86.6% for the six months of last year. While the gross profit margin contributed about 15.4% six months of this year comparing to 13.4% six months of last year from the lower feed material cost, which is corn and soybean and soybean meal. The other income in six months of this year was THB 174 million, increased by THB 0.07 million or 0.04% year-on-year from selling miscellaneous item and spare parts.
SG&A expense in the six months of this year equal to THB 709 million, decreased by THB 43 million or 5.8% year-on-year from lower freight cost and lower sales volume of the chicken export. SG&A percentage decreased from 8% in the six months of last year to 7.5% in the six months of this year. The profit from associate was THB 519 million, increased by THB 9 million or 2% year-on-year from profit contribution of McKey, about THB 354 million, while the profit contribution from GFN was THB 165 million. The interest expense of the group in six months of this year, about THB 53 million, decreased by THB 8 million or 13% year-on-year, mainly from lower interest expense as the loan outstanding decreased from lower financial institution.
The income tax expense of the group in the six months of this year was THB 103 million, decreased by THB 17.5 million or 14.5% year-on-year. Finally, the consolidated net profit in the six months of this year was THB 1,281 million, increased by THB 232 million or 22% year-on-year from higher revenue from sales and lower feed material costs. The net profit margin increased from 11.2% in the six months of last year to 13.4% in the six months of this year. Next will be the profitability ratio in this year. The gross profit margin increased from 14.2% in the second quarter of last year to 16.7% in the second quarter of this year, as well as the EBITDA margin increased from 22.7% in the second quarter of last year to 24.1% in the second quarter of this year.
The net profit margin increased from 12.1% in the second quarter of last year to 13.2% in the second quarter of this year. The average exchange rate in the second quarter of this year was THB 33.1 per U.S dollar. The earning per share in the second quarter of this year was THB 0.1 per share, dividend payout ratio in 2024 was 12.7%, or equal to THB 0.2 per share. Expected ROE in this year was 9.6%, up from 7.6% in 2024, as well as the expected ROE in this year was 12.8%, increase from 10.6% in 2024. Next will be the balance sheet.
The total asset of GFPT Group equal to THB 27,252 million, increased by THB 935 million or 3.55% from last year, mainly from increase in cash and cash equivalent by THB 1,082 million and property, plant and equipment about THB 219 million increase. GFPT Group has total liability of THB 6,724 million, decreased by THB 100 million or 1.5% from last year from short-term loans from financial institution decreased by THB 500 million and the shareholders' equity was THB 20,528 million, increased by THB 1,035 million or 5.3% increase from last year. Next will be the cash flow activity in this year. The consolidated EBIT in the second quarter of this year was THB 739 million, 7.6% increase year-on-year, while the consolidated EBITDA was THB 1,176 million, about 7% increase year-on-year.
The cash flow activity in the second quarter of this year, we have net cash received from operating activities about THB 2,126 million and net cash used in investing activity about THB 270 million, mainly in fixed asset expansion and the grandparent and parent breeder. The net cash used in the financing activity about THB 771 million. As a result, the ending cash at the end of June was about THB 3,184 million, increased about THB 766 million from previous year. The book value increased from 15.5 in 2024 to 16.37 at the end of June of this year. As of June 2025, the company had the total liability of THB 6.7 billion, comprising of the non-interest bearing debt in amount of THB 2.75 billion and interest bearing debt in amount of THB 3.97 billion.
The interest bearing debt consists of the short-term loans about THB 500 million, long-term loans THB 3,470 million, and all loans are in Thai baht currency. We have no exposure in the foreign currency borrowings, but the debt-to-equity ratio was only 0.33. Next will be the CapEx. The 2025 investment budget is about THB 1 billion-THB 1.2 billion, mainly for broiler farm, breeder farm and chicken processing factory expansion and 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 economic and industry situation. Next will be the global broiler meat market. In 2024, Thailand ranked number four in term of chicken export and ranked number seven in term of Thai chicken production in the global market.
Thailand export chicken meat to Japan 40%, 17% to U.K., 14% to EU, 9% to China, and other countries about 20%. We mainly export 54% in term of the cooked chicken product, while we export 46% 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 the major importers such as EU, Japan lift the ban from fresh frozen chicken meat from Thailand since 2012, Thai chicken meat export has been very strong. Last year, 2024, Thai chicken meat export break historical high with more than 1,200,000 metric ton or THB 161 million.
Next will be the global broiler meat market. Slide 32 shows the statistic of the top 10 countries of the global broiler meat market for 2024. For global chicken production, U.S. is the market leader, followed by Brazil, China, and EU, and Thailand ranked number seven in terms of the total global chicken export production. Global chicken export, Brazil ranked number one, followed by U.S. and EU, while Thailand ranked number four. With 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 selected commodity price. For reference, the corn price in the second quarter of this year was THB 10.8 /kg , slightly decreased from THB 11.1/ kg in the second quarter of last year.
The soybean meal price in the second quarter of this year was THB 15.2 /kg , decreased from THB 20.7 /kg in the second quarter of last year. Average broiler price in the second quarter of this year was THB 40 /kg , slightly increased from THB 39 /kg in the second quarter of last year. The day-old chick price in the second quarter of this year was THB 18.5 per chick, increased from THB 16.8 per chick in the second quarter of last year. The export price in the second quarter of this year to Japan is about $4,800 per metric ton, and the export price to EU was $4,400 per metric tons.
Next will be the supporting and risk factor in 2025. Starting from the supporting factor consists of the global recognized food safety standard with a trusted compartment and traceability system ensure the disease outbreak, as well as the growing poultry demand from rising population and economic boost demand for affordable chicken. The cooked and processed chicken meat market growth from rising demand for the ready-to-eat and convenient foods. The strong export competitiveness. Thailand leads in processed chicken export with the high production standards, with the lower production cost from lower cost enhanced price competitiveness for producer. The last one is the economic and tourism recovery, especially for the food service growth from the restaurant, fast food, and street food. Moving to risk factor, which consists of the animal disease outbreak, including the hygiene risks.
The global AI outbreak may reduce the grandparent and parent supply which limit the broiler production. It also come from the global market competition, especially from Brazil and U.S., outcompete with the lower feed material cost comparing to Thailand. The cost volatility and rising expense from the weather risks like La Niña, El Niño, and drought situation may raise the feed cost despite the expected price decline. Non-tariff measure, such as labor and environmental standard, may limit the Thailand poultry competitiveness. The oversupply risk also another concern from increase in production may lead the market oversupply, causing the price decline and lower production profit. The last one is the geopolitics and the trade impact. For example, the Russia and Ukraine war may raise the feed cost. Next will be the guidance in this year, 2025.
Our management provide 2025 guidance with a 2%-3% growth from 2024 sales. The anticipated Gross profit margin in this year will be around 15%-16%. SG&A expense should be around 7.5%-8%. The other ratios, such as the financial cost and effective tax rate, will be similar to 2024 figures. 2025 CapEx will be around THB 1 billion-THB 1.2 billion for the big asset investment. The last one will be the key statistic. Slide 36 will show you the key statistic relating to our core business. Chicken meat and feed business contribute about 70% of the consolidated revenue of GFPT Group.
In the second quarter of this year, export volume decreased by 6%, mainly from decreasing in export volume of the cooked chicken to U.K. and Malaysia, while the indirect export volume to McKey in this year is quite similar to the second quarter of last year. The domestic sales in the second quarter of this year increased by 3% from the second quarter of last year. Moving to domestic feed market. Sales volume to animal feed decreased 10% year-on-year, while the fish feed slightly increased by 2% year-on-year. The shrimp feed sales volume decreased by 4% comparing to the second 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 result presentation, please visit at our website, www.gfpt.co.th, or contact our IR department. Thank you and see you next time.