Furthermore, Mr. Torn Pracharktam, TOG CEO, has announced the second quarter financial results for 2024. Reporting a total revenue from sales and services of 945 million Baht, this represents an increase of 282 million Baht, or 43% compared to the previous year. Net profit was 119 million Baht, up by 2 million Baht, or 2% year-on-year. The cost of sales and services ratio to revenue increased, due to higher raw material prices, increased production overheads, and depreciation from machinery replacement and additional investments.
In light of the ongoing sales growth in personalized eyewear lenses, TOG has decided to push forward with phase two of the automated production line expansion for Rx lenses, with an investment of over 300 million Baht. Lens production capacity will increase by 5,000 pieces per day, bringing total capacity to 20,000 pieces per day. Completion of the installation and testing of new machinery is expected in the fourth quarter of 2024, followed swiftly by the start of commercial lens production in the first quarter of 2025.
Despite the volatility of the global economy, the company remains committed to sustainable business growth, and to delivering solid returns to all shareholders and stakeholders. This will be achieved through expansion strategies into new global markets, and by developing innovative eyewear lens products, which meet the diverse needs of consumers, coupled with stringent cost management, via enhanced production efficiency, utilizing advanced automation technology. The company also plans to strengthen its business network through partnerships, whilst carefully managing risks, in order to increase competitiveness internationally.
On 14th August 2024, the TOG Board of Directors approved an interim dividend payment to shareholders, based on the operating results for the first six months of 2024 (1 January – 30 June 2024), at a rate of 0.20 Baht per share. The Stock Exchange of Thailand will post the XD sign on 27 August 2024, with the record date for eligible shareholders set for 28 August 2024, and the interim dividend payment scheduled for 13 September 2024.