Good afternoon, everyone. It is my pleasure to welcome you on our webcast today. My name is Veera Titayangkaruvong . I R 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 vertical integrated chicken production and financial results in the first quarter of 2025. I will discuss about the broiler industry outlook and what we can expect in this year, 2025. 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 fully vertical integrated chicken production. GFPT also 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 : G ender 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 Institution s. We achieved various award and achievements of GFPT, in 2024, including, we are certified to be a member of CAC for anti-corruption policy, and the latest CG rating was 5 CG symbol, excellent for seven consecutive years. We also achieved best IR awards, from IR awards 2024 in agribusiness. 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 listed in Stock Exchange of Thailand under agribusiness.
Last year, the latest CG score was 5 CG symbols, excellence, and our share price at the end of April this year was THB 10.10 per share and average stock price in the first quarter of this year, 2025 was above THB 9 per share. 25 weeks, the highest share price was THB 13.4 and the lowest share price was THB 8 per share. We have a share outstanding 1.25 billion shares and par at THB 1 per share. Market cap is THB 12.6 billion and free float portion about 67%. We also have foreign shareholder portion about 8.6%. Dividend policy, we pay not more than 50% of the profit from separate financial performance after all deductions.
Looking at our current shareholding structure, Sirimongkolkasem family being a major shareholder, holds about 51.25% and local individuals about 34.5%. Local funds, 5.7% and foreign institution about 8.5% and only 0.1% for the foreign individuals. Next will be the group structure of GFPT Group. GFPT Group structure is quite simple. GFPT is a parent company of the group which 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. These subsidiaries handle different aspects of the vertical integration. GFPT hold 49% on both GFN and McKey. We use equity method to take 49% of the daily performance in our profit and loss. Next will be GFPT fully vertical integrated chicken production.
Slide 11 explains about the fully vertical integrated chicken production starting at feed mill. We currently have two feed mill facility called KT1 and KT2. KT1 produces animal feed and aquatic feed for domestic market, while KT2 produces only chicken feed for the internal use only. The major feed material are corn and soybean. Corn are sourced locally, whereas soybean and soybean meal are imported from overseas. 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 chicks from overseas. The grandparent breeder and parent breeder raising cycle around 60 - 65 weeks, while broiler are raised for only 40 - 42 days to reach the target weight. The chicken are raised in the closed EVAP system with a strict biosecurity.
We also are highly concerned about the animal welfare and environmental enrichments. We raise broiler in sustainable way with a minimal impact on the environment. The core strength of GFPT, we are 100% own farm policy. We have no contract farming to make sure the customer can trust in our chicken meat quality. All of our broiler are sold to GFPT, the parent company, and GFN, the second joint venture 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 products consist of chicken breast, chicken inner fillet, chicken legs, chicken wings for export to international markets, while by-product consists of carcass, intestine, giblet, which are sold for the domestic market.
At the further processing plant, main chicken meat is processed as a fully cooked products such as chicken nugget, chicken patty, chicken nugget, chicken karaage, and also roasted chicken. Next will be GFPT timelines. Slide 12 briefly shows GFPT Group timeline. GFPT Group has been in protein business for more than 40 years. We were established in 1981 to operate chicken processing under BOI privilege for exporting 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 plants. In 1992, we were listed in the Stock Exchange of Thailand under symbol GFPT.
One year later, in 1993, we joint venture with the Keystone Food Corporation, the U.S.-based company, to set up the McKey Food Services (Thailand) Limited to produce chicken nugget and chicken patty for export to McDonald's store 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 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 exports processed chicken products to Japan and other international countries.
In 2010, we did stock split from THB 10 to THB 1 per share. In 2017, we expand the 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 a production capacity of 150,000 birds per day. The new McKey further processing plant, the third plant, with a cooked product capacity of 30,000 metric tons. Next will be GFPT Group expansion plan. Our future expansion project for the next three to five years, the broiler farm raising capacity to reach 340,000 birds per day, and also 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 about 30,000 metric ton. 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 consists of fish feed and shrimp feed. All feed product are sold to the farmer, animal raiser, and feed wholesaler 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 in 2020 for the food business.
Fresh chicken meat and parts can be exported as a fresh, frozen, and also sold in the domestic market, such as wholesale market, OEM factories, and food services, QSR. Cooked chicken products are exported to international markets, mainly to Japan, EU, U.K., and China. Processed food such as chicken sausage and meatball are sold in the domestic market. Next will be 2024 snapshot. In 2024, GFPT consolidated revenue was THB 19.3 billion, increased by 2% from 2023. The consolidated revenue breakdown by business 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 are sales in the domestic market, and 4% for the processed food such as chicken sausage and meatball. 6% for the animal feed and 4% for the fish feed. 7% from shrimp feed and 28% live chicken sales to GFN, and 5% day-old chicks. Our export revenue is 25% and 75% are the domestic sales. The revenue breakdown by currency are 24% U.S. dollar and the rest, 78%, are in Thai baht. Next will be GFPT market position. In 2024, GFPT Group ranked number two in term of chicken export. GFPT, GFN, and McKey together export about 13% of Thai chicken meat export, while we raise and produce chicken only 6%, ranked number six i n term of chicken production in Thailand.
GFPT export 30% to U.K., 24% to Japan, 16% to Malaysia, and 14% to China, 12% to EU, and 7% to other countries. Our chicken export products are 58% cooked and 42% raw. Next will be the financial results in the first quarter of this year. GFPT consolidated revenue in the first quarter of this year was THB 4,650 million , increased by THB 123 million or 2.7% increase from last year, mostly from higher revenue from farm segment, from higher revenue from selling day-old chicks and selling live broiler. The consolidated revenue from sales in the first quarter of this year consists of the food segment, 47.7%, farm segment, 36.3%, and feed segment, 16%.
In the first quarter of this year, revenue from food segment was THB 2,219 million , increased by THB 25 million or 1.1% increase year-on-year, mainly from higher revenue from export of processed chicken from higher sales volume. The company's total export in the first quarter of this year was 8,700 metric tons, increased by 400 metric tons or 4.8% increase from last year from increasing in export volume to Malaysia and Japan. Revenue from farm was THB 1,690 million , increased by THB 166 million or 10.9% increase year-on-year due to higher revenue from day-old chick and live broilers, while revenue from feed sales in the first quarter of this year was THB 741 million , decreased by THB 68 million or 8.3% decrease year-on-year from lower revenue from selling off feed.
Next will be the consolidated income statement comparison between the first quarter of this year and the first quarter of last year. As I mentioned earlier, in the first quarter of this year, we have the total consolidated revenue of THB 4,650 million , increased by THB 123 million or 2.7% increase year-on-year, while the cost of goods sold was THB 3,997 million , increased by THB 39 million or 1% increase year-on-year, while the gross profit was THB 652 million , increased by THB 84 million or 14.8% increase year-on-year.
The cost of sales in the first quarter of this year contributes about 86% of the revenue from sales, decreased from 87.5% from last year, while the gross profit margin contributes about 14% in the first quarter of this year, increased from 12.6% from last year, mainly from lower feed raw material cost, which is soybean and soybean meal.
Other income in the first quarter of this year was THB 82 million , decreased by THB 10 million or 11% year-on-year due to selling miscellaneous items and spare parts, while the SG&A expense in the first quarter of this year equal to THB 365 million , decreased by THB 5 million or 1.2% decrease year-on-year since lower miscellaneous costs and lower freight costs, and SG&A percentage decreased from 8.1% in the first quarter of last year to 7.8% in the first quarter of this year.
The profit from associated in the first quarter of this year was THB 322 million, increased by THB 90 million or 39% year-on-year, mainly from the profit contribution from McKey was THB 218 million, increased by THB 78 million or 55% year-on-year, mainly from higher export volume of the cooked processed chicken, while the profit contribution from GFN was THB 103 million, increased by THB 12 million or 13% year-on-year from higher export volume of cooked processed chicken. The interest expense of the group in the first quarter of this year was THB 27 million, increased by THB 2 million or 7.9% year-on-year from lower interest expense as the outstanding loan from financial institution decreased.
The income tax of the group in the first quarter of this year was THB 34 million, decreased by THB 17 million or 33% year-on-year. The consolidated net profit in the first quarter of this year was THB 638 million, increased by THB 173 million or 37% year-on-year from lower feed raw material costs and also higher share of profit from associated company. The net profit margin increased from 10.3% in the first quarter last year to reach 13.7% in the first quarter of this year. Next will be the profitability ratio in the first quarter of this year.
Starting from the gross profit margin increase from 12.6% in the first quarter last year to 14% in the first quarter of this year, as well as the EBITDA margin increase from 20.5% in the first quarter of last year to 24.4% in first quarter of this year. Finally, the net profit margin increased from 10.3% in the first quarter last year to 13.7% in first quarter of this year. Average exchange rate in first quarter of this year, about THB 34 per U.S. dollar, same level as the fourth quarter of last year. Earning per share in the first quarter of this year was THB 0.51 per share, and dividend payment in 2024 was THB 0.2 per share or equal to 12.7% dividend payout ratio expected.
ROE in this year was 9.7%, up from 7.6% in 2024, as well as the expected ROE in this year was 12.9%, up from 10.6% in 2024. Next will be the balance sheet. The total assets of GFPT Group equal to THB 26,528 million, increased by THB 211 million or 0.8% from last year, mainly from increasing in cash and cash equivalent by THB 555 million and investment in associates of THB 220 million. GFPT Group has total liability of THB 6,394 million, decreased by THB 430 million or 6.3% from last year from short-term loans from financial institution decreased by THB 500 million. Shareholders' equity was THB 20,134 million, increased by THB 641 million or 3.3% from last year. Next will be the cash flow activities.
Consolidated EBIT in the first quarter of this year was THB 702 million , 28% increase year-on-year. The consolidated EBITDA was THB 1,132 million , 22% increase year-on-year. For the cash flow activity in this year, we have net cash received from operating activity about THB 1,212 million and net cash used in investing activity about THB 168 million , mainly in feed asset expansion and grandparent and parent breeder. Net cash used in financing activity about THB 485 million . At the end of March of 2025, the ending cash was THB 2,659 million , increased by THB 373 million from previous year. The book value increased from 15.5 in 2024 to 16.06 at the end of March of this year. Next will be interest-bearing debt.
As of March 31, 2025, the company has a total liability of T HB 6.39 billion , comprising of non-interest bearing liability in amount of THB 2.4 billion and interest bearing debt in amount of THB 3.97 billion . The interest bearing debt consists of short-term loans, THB 500 million , and long-term loans, THB 3,470 million . All loans are in Thai baht currency. We have no exposure in foreign currency borrowing, and the debt to equity was only 0.32 x. Next will be the CapEx. In this year, 2025, the investment budget 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 chicken by 10% a year, or about 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 chicken production in the global market. Thailand export chicken meat to Japan, 40%, U.K., 17%, EU, 14%, China, 9%, and other countries, about 20%. We export 54% cooked and 46% raw chicken. Next will be the history of the Thai chicken export for 50 years. Thai chicken meat export has been very strong since 1973, but after the bird flu outbreak in 2004, Thai chicken industry 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 on Thailand since 2012, Thai chicken meat export has been very strong. In 2024, Thai chicken meat export break historical high with more than 1 million-1.2 million metric tons. Next will be the global broiler meat market. Slide 31 shows statistic of the top 10 countries of the global broiler meat market for 2024. For the global chicken production, U.S. is the market leader, followed by Brazil, China, and EU. Thailand ranked number seven of the total global chicken production. In term of the 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 32 provides statistical data on selected commodity price for reference. The corn price in the first quarter of this year was THB 10.7 per kilogram, slightly increased from THB 10.4 per kilogram in the first quarter of last year. The soybean meal price in the first quarter of this year was THB 16 per kilogram, decreased from THB 21.4 per kilogram in the first quarter of last year. The average broiler price in the first quarter of this year was about THB 38 - THB 39 per kilograms, same level as the first quarter of last year. The day-old chick price in the first quarter of this year was THB 18.4 per chick, increased from THB 14.2 per chick in the first quarter of last year.
Export price, in the first quarter of this year, the export price to Japan was about $4,800 per metric ton, while the export price to EU was about $4,200 per metric tons. Next will be the supporting and risk factor in 2025. For the positive factor consists of the global recognized food safety standard with the trust, compartmentalization, and traceability system ensure disease control and also the growing poultry demand. Rising population and economic boost demand for the affordable chicken. Cook and processed chicken market growth are rising demand for ready-to-eat and convenient foods, and also the strong export competitiveness. Thailand leads in processed chicken export with high production standards, with the lower production costs. Lower costs enhance price competitiveness for our producer. The last one for the supporting factor is the economic and tourism recovery.
Food services growth, especially restaurant, fast food, and street food. Moving to the risk factors, consists of the animal disease outbreak and hygiene risks. The global outbreak may reduce grandparent and parent supply, limiting broiler production and also the global market competition, especially for Brazil and the U.S., out-compete with the lower feed material cost, and the cost volatility and rising expense. Weather risks, like El Niño and La Niña, and also the droughts may rise the feed cost and despite expected price decline. The other risk factor are the non-tariff measure. Labor and environmental standards may limit the Thailand poultry competitiveness. Also, the oversupply risk that may increase the production may lead to the market oversupply, causing price decline and lower production profit. The last one for the risk factor is the geopolitical risk and trade impact. Like the war between Russia and Ukraine may raise feed cost.
Next will be the 2025 guidance. Our management provide 2025 guidance with 2%-3% growth from 2024 sales, with anticipated GP margin about 13%-14% and SG&A expense should be 8%-8.5%. Other ratios, such as 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 fixed asset investment. Next will be the key statistics. Slide 35 show key statistics relating to our core business. Chicken meat and food business contribute about 70% of the consolidated revenue of GFPT Group.
In the first quarter of this year, export volume increased by 5%, mostly from increasing in export volume of the cooked chicken product to Malaysia and Japan, while the integrated export volume to McKey in the first quarter of this year decreased by 6% and domestic sales volume in the first quarter of this year increased by 3%. Moving to the domestic feed markets, sales volume of the animal feed increased by 23% and fish feed decreased by 20%. Shrimp feed sales volume slightly decreased by 2% compared to the first 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 and result presentation, please visit our website, www.gfpt.co.th, or contact our IR department.
Thank you again, and see you next time.