Good afternoon, ladies and gentlemen. We are delighted to welcome all of you again to SCGP Analyst Conference. Today, we will cover the performance of the first quarter of 2023. My name is Vikorn from the IR team, and I will be your host this afternoon. As usual, before we proceed, may I remind you to keep your microphone on mute for the time being. We will have a Q&A session right after the presentations. Now, onward to our event today. May I introduce and also hand over the floor to our two presenters, SCGP CEO, Mr. Wichan Jitpukdee, and SCGP CFO, Khun Danaidej Ketsuwan. Thank you.
Good afternoon for our Thai New Year. This is the very hot season. Beginning of this April, I went to have a board meeting in Tokyo, Japan, and we thought that in Thailand now we have the three season. It is not the rainy season, summer season, or winter. We say that we have hot, hotter, and hottest season. This is make a joke during our board meeting, beginning of April this year. Time fly so fast for this year. Now we meet again for the first quarter analyst conference and the performance of the company of SCGP or SCG Packaging. May I start with the key highlight on the first quarter of this year. As you know that we just discussed this noon time about the M&A project with the leading company of the offset printing and also rigid box. The company name we call the Starprint.
Khun Danaidej will give you detail in later. Of course, last week, we discussed that we sign the joint development agreement with the Origin Materials in the U.S., which the company Origin listed in Nasdaq stock market. The third one, we are very proud. We are just waiting. Actually, the result already released last year, but to be confirmed to complete our ranking around the world. We are ranked top 1% of S&P Global, and then we get the Gold Class industry and number one in the packaging in the world in term of the S&P ranking. Of course, for those efforts, we also get a lot of award from many supplier, even customer and the government agency, things like that. This is the key highlight.
Next information about the revenue from sale for the first quarter is at THB 33.7 billion, which improve 1% QOQ and drop 8% year-on-year. Actually, this sale revenue impact by the increase of the sale volume, especially for the packaging paper. The price drop a bit, that is why the sale volume seem to be equal to fourth quarter of last year. However, with the efforts of the cost reduction and the efficiency improvement, and also the trend of the raw material reduce, we can achieve the core EBITDA on the first quarter, THB 4.4 billion, which improve 21% from QOQ and negative 11% year-on-year. For net EBITDA of THB 4.4 billion, the same.
In term of the core profit, we achieve 1.1 billion, which improve 88% QOQ and - 31% year-on-year, which lead to the net profit of 1.2 billion THB. In term of the business portfolio, next slide please. Integrated packaging business still at 76%. Fiber, 18%. This quarter, we have the recycling business above roughly 6%. This 6% equally mostly THB 2 billion for the recycling business, which we set up for the new business line. Look a bit inside the integrated packaging business, 76%. You can see here for the packaging paper now account for 39%, which drop from the same period of last year, which 47% meaning the volume down from the first quarter of last year and also the price also down, make this packaging paper very soft.
But for the downstream, in terms of packaging, polymer packaging and the fiber packaging box planned corrugated carton still maintain at 12% and 25%. This is very resilient and really prove that our business model from downstream integration, from upstream to downstream, from paper to the packaging, that help a lot to resilient the performance of the company. In term of the sale revenue by destination. In Thailand, still almost the same 41%, 42%. However, in the ASEAN, especially in Indonesia, Vietnam, and the Philippines, have been dropped a bit. Malaysia is still the same. EU and U.K. a bit improved. The best thing and the good thing that-