Neo Corporate Public Company Limited (NEO) today announced its financial results for the year 2024, achieving a new milestone with sales of THB 10,062 million. Notably, domestic sales grew by 10.5% compared to the previous year. The company also achieved a record-high net profit attributable to the parent company of THB 1,008 million, a 21.4% YoY increase, marking the first time achieving a double-digit net profit margin of 10.0%. This reflects the success of the “Segment Creator” and “Innovation-led Premiumization” strategies, aimed at meeting consumer needs through innovative product development that caters to diverse lifestyles, particularly in the premium product segment, which grew as expected. The Board of Directors has proposed a dividend payment of THB 1.35 per share, with the ex-dividend (XD) date set for 30 April 2025.
Mr. Suthidej Thakolsri, Chief Executive Officer of Neo Corporate Public Company Limited, stated, “2024 was a year of significant achievement for Neo Corporate. In addition to successfully listing on the Stock Exchange of Thailand, the company achieved remarkable domestic sales growth of 10.5% YoY, significantly outpacing Thailand’s GDP growth rate, and generated a net profit attributable to the parent company of THB 1,008 million, a substantial 21.4% increase from the previous year. This record-high profit and the first double-digit profit margin are a testament to the strength of our ‘Innovation-led Premiumization’ strategy, which focuses on innovation. In 2025, we are committed to building on this success by targeting new market segments to better cover more lifestyles and age groups, with the ‘Segment Creator’ strategy, which will focus on offering innovative products that meet the needs of consumers of all ages and life stages.”
Personal Care Leads the Way; Capture Growth in Silver Age & Pet Parent Segments
In 2024, all three core business segments of NEO – Household Products, Personal Care Products, and Baby & Kids Products – across all eight brands, experienced positive growth. The Personal Care segment, in particular saw outstanding growth, alongside the premium product segment, which achieved its 5% sales target. Standout products included Fineline Concentrated Premium Soft Fabric Softener and BeNice Perfume Shower Gel. Looking ahead, NEO is pioneering growth opportunities in the Silver Age segment, with innovations like the D-nee Deluxe brand targeting odor elimination for the elderly, and the Pet Parent segment, offering Pet Friendly products. The company has prepared dedicated plans and products to capitalize on these emerging markets in 2025.”
Distribution Growth Online and Offline; Leveraging Consumer Trends with Innovation
In the past year, NEO’s distribution channels have grown strongly, expanding retail stores in traditional trade channels by more than 30% compared to the target of 20%. Currently, there are over 28,000 distribution points. The online channel grew by more than 10% from the previous year, supported by continuous and more intensive online marketing activities in both domestic and international channels designed to effectively increase access to modern consumers. In 2025, the company plans to launch no less than 100 new SKUs, focusing on innovations that meet consumer trends, with the goal of becoming Asia’s FMCG innovation company.
Creating a Sustainable Future with ESG Principles
NEO is committed to operating in accordance with the ESG Corporate Goal to align with its sustainability goals. In 2024, the company achieved significant results in several areas, including increasing the proportion of clean energy used to 22%, developing environmentally friendly product formulas to 36%, using 30% post-consumer recycled (PCR) plastic, and prioritizing employee safety through monitoring, assessment, and safety inspections, resulting in a 0% rate of severe accidents requiring work stoppage in 2024.
“NEO aims for a 5-year compound annual growth rate (CAGR) of sales from 2023-2028 in the double digits, or 10-15%. The key driving factor is the expansion of the product portfolio to new customer groups and potential markets, or ‘Segment Creator,’ coupled with the ‘Innovation-led Premiumization’ strategy, which is committed to researching and developing products with cutting-edge innovation and creating experiences that exceed consumer expectations. We believe that the FMCG market in Thailand in 2025 still has strong potential, despite facing economic challenges and intense competition. While we are not just focused on meeting consumer needs, we are confident that with rapid adaptation, agile decision-making, and strong market insight, NEO will be able to create long-term sustainable growth,” Suthidej concluded.
On the same day, the company announced the resolution of the Board of Directors meeting, proposing to the 2025 Annual General Meeting of Shareholders to consider approving the payment of dividends to the company’s shareholders at a rate of THB 1.35 per share, with the ex-market (XM) date set for 11 March 2025, followed by the ex-dividend (XD) date on 30 April 2025, and the dividend payment date on 21 May 2025.