SABINA’s 2023 performance
achieves record-breaking revenue
Miss Duangdao Mahanavanont, the CEO of SABINA Public Company Limited or SABINA, a manufacturer and distributor of “SABINA” lingerie products revealed that the company’s performance for the first quarter of the fiscal year 2023 amounted to a total revenue of 3,450.4 million baht. This represents an increase of 264.7 million baht or 8.3% growth from the same period in the previous year, setting a new historical revenue record. The previous record was set in 2019 at 3,295 million baht. The net profit for the fiscal year 2023 was 462.5 million baht, showing an increase of 45.3 million baht or 10.9% growth compared to 2022. This growth exceeded the company’s expectations. The net profit margin for the fiscal year 22023 stood at 13.4%. In the fourth quarter of 2023, the company achieved a net profit of 113.6 million baht, an increase of 7.5 million baht or 7.1% compared to the fourth quarter of 2022.
For the factors supporting the growth of operational performance in the year 2023, aside from the resurgence of purchasing power following consumers’ ability to return to normal life, it also stemmed from SABINA’s strategy that focused on development of customer center. This included the development of innovative products that catered to customer lifestyles, leading to the success of the “SABINA Braless” product, which had consistently driven sales throughout 2023. Moreover, SABINA’s strategy involved collaboration with various characters in creating special collections that stimulated consumer demand and added vibrancy to purchasing behavior. Meanwhile, the company had improved the accessibility and convenience of its sales channels, resulting in a 5.6% expansion in the Retail channel, and a 33.6% growth in the non-store retailing (NSR) channel. However, there was 29.5% decline in the Original Equipment Manufacturer (OEM) channel but there is a positive trend indicating a potential resurgence in the OEM channel this year.
“The results of the past year are considered a successful unlocking, having achieved record-breaking revenue with the boost from the recovery of purchasing power in the country. Additionally, investments in the Philippines have shown good growth. In 2023, we recognized revenue from the Philippines, albeit not for the full year, but it exceeded our expectations. This year, SABINA will recognize revenue from Moda in the Philippines based on the full-year equity holding proportion for the first time, which is expected to be satisfactory. At the same time, we have set growth targets for all sales channels, including retail, online, and the original equipment manufacturer (OEM) channels, which are expected to expand to normal levels again. This will support revenue growth by 10% this year, in line with our set goals,” said the CEO of SABINA.
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