HaadThip, the Coca-Cola bottler and distributor for Southern Thailand, has announced an 8-year business plan focusing on returnable glass bottles (RGB) to differentiate itself, boost sales, reduce plastic waste, and expand into the no-sugar beverage market. The company targets ฿15 billion in revenue by 2032, building on a solid 2024 performance.
HaadThip Public Company Limited (HTC), the producer and distributor of “Coca-Cola” products in 14 southern provinces of Thailand, held a press conference in Bangkok on February 28, 2025, to summarize its 2024 performance and unveil its vision, strategies, business plans, and business outlook for 2025 and beyond. Major General Patchara Rattakul, Chief Executive Officer, and other top executives presented the information.
Haadthip reported total sales revenue of 8.13 billion baht for 2024, a 4% increase from 2023, and net profit of 602 million baht, an increase of 0.6%. The company pointed the continued recovery of southern Thailand’s economy, and strategic revenue growth innitiatives as main drivers.
Major General Patchara Rattakul revealed that HaadThip’s 2024 performance was satisfactory, with sales of 72.4 million unit cases, a 3.5% growth. This comprised 68.8 million unit cases sold domestically and 3.7 million unit cases produced as made-to-order for partners. The company maintained its leadership in the sparkling beverage market in the South, holding a 78.3% market share, while “Namthip” drinking water saw its market share improve to 8.0%.
The company reported that the highest growth was in the HoReCa (Hotels, Restaurants and Cafes) channel, which expanded by 19%, and convenience store channel, which grew by 15%, reflecting the strength of the region’s tourism and service sectors. Sales in traditional trade channels sustained a 4% growth.
In terms of distribution, the Zero Sugar product category represented 5.1% of sales and experienced significant growth of 22.9%, reflecting the health-conscious consumer trend. During 2024, Haadthip introduced five new zero sugar beverages: ‘Coke Zero Sugar Lime’, ‘Coca-Cola K-Wave Fruity Fantasy Zero Sugar’, ‘Schweppes Mandarin Yuzu Zero Sugar’, ‘Coke Zero Sugar Oreo’, and ‘Schweppes Blood Orange Pomegranate Soda Zero Sugar’, further expanding in this segment. The company also increased the number of Coca-Cola coolers in the market by 10% to 17,000 units.
Financially, HaadThip reported sales revenue of ฿8.1298 billion, a 4.1% increase, and a net profit of ฿601.7 million, up 0.6%. Earnings per share (EPS) were ฿1.49. The net profit margin decreased slightly from 7.7% to 7.4%.
Mr. Amrit Kumar Shrestha, Chief Financial Officer, added that the revenue growth stemmed from the improved economic conditions and the resurgence of tourism, particularly the popularity of individual consumption (IC) packs among tourists. Furthermore, the company managed costs effectively despite challenges from rising sugar and can costs, making selective price adjustments, optimizing product sizing, packaging (Pack Mix) and sales channels (Channel Mix). As a result, by year-end, gross profit reached 3.47 billion baht, up by 179 million baht compared with that of 2023. With slight increases in selling, administrative, and financial costs HaadThip achieved a net profit of 602 million baht, an increase of 4 million baht or 0.6% compared to the previous year.
“Returnable Glass Bottles” – A New Spearhead for Differentiation and Sustainability
A key highlight of HaadThip’s business plan is the renewed emphasis on “Returnable Glass Bottles” (RGB). Major General Patchara stated that returnable glass bottles offer several advantages, including a premium brand image, enhanced taste perception for some consumers, and environmental sustainability. The company’s glass bottle business, which commenced production and market distribution in late 2024, is expected to support growth in the coming years.
“We believe that returnable glass bottles still have a significant role to play, especially in the South of Thailand, which has many islands. Using glass bottles will help reduce plastic waste. Although the transportation costs are higher, we are confident that it will be well-received by consumers and communities,” said Major General Patchara. He also highlighted that iconic brands like ‘Coke’, ‘Fanta’, and ‘Sprite’ in returnable glass bottles had been available since late 2024 and had received very positive feedback.
HaadThip aims to increase the revenue share of glass bottles to 10% in the long term, up from the current 3%. The company plans to expand distribution coverage to hotels, restaurants, and cafes (HoReCa) in the South by 50% and increase revenue from glass bottle products by 35% within 2025.
8-Year Long-Term Goals and Strategies for Success
HaadThip targets revenue of ฿11 billion in 2027 and ฿15 billion in 2032, along with increasing its market share in the Non-Alcoholic Ready-to-Drink (NARTD) category to 30% and 35%, respectively. According to Nielsen Thailand’s data at the end of 2024, HaadThip is the market leader in the NARTD segment in Thailand’s 14 Southern provinces, holding a 24.7% market share. ‘Namthip’ bottled water market share increased to 8%, and Haadthip retained its dominant position in the sparkling soft drink category, capturing a 78.3% market share in the Southern region.
The core strategies to drive growth include:
- Maintaining Leadership in Sparkling Beverages: Aiming for a market share exceeding 80%.
- Expanding the Stills Portfolio: Focusing on drinking water, juice, and tea.
- Expanding into New Product Categories:
- Improving Operational Efficiency: Particularly through the adoption of AI technology.
HaadThip also emphasizes sustainability, aiming for over 25% of its production electricity to come from renewable sources and implementing the “World Without Waste” program for responsible packaging management.
2025 Outlook
Major General Patchara highlighted the company’s 2025 outlook, stating “The Bank of Thailand projects the Southern economy to expand by 3.1%–4.1% in 2025, fueled by continued growth in tourism and services alongside a recovery in the agricultural sector, which will enhance consumer purchasing power.”
For 2025, HaadThip targets 5-7% sales revenue growth, 2-4% sales volume growth, and a gross profit margin exceeding 40%. The company will focus on expanding its customer base, the newly launched 800-million-baht glass bottle production line, growing the Zero Sugar category, and increasing the number of coolers in the market. Haadthip will maintain its strategy of optimizing pricing and packaging for different sales channels while introducing innovative products.
The company is also preparing to address the sugar tax by adjusting its pricing, packaging, and channel strategies, as well as leveraging digital technology for operations and expanding its e-commerce presence.
ESG Awards and Recognition
In addition to its business performance, HaadThip has consistently received awards and recognition for its ESG (Environmental, Social, and Governance) performance, reflecting its commitment to sustainable business practices.
- SET ESG Ratings: AA level (7 consecutive years)
- Excellent CG Score Ratings: (2 consecutive years)
- ESG100 list: (7 years)
- WEPs AWARDS GENDER-RESPONSIVE MARKETPLACE: 2nd runner-up
- Human Rights Awards 2024: (5 consecutive years)
- CAC Recertification: (3rd time)
HaadThip demonstrates a strong commitment to sustainable growth with a clear and comprehensive business plan encompassing marketing, operations, and social responsibility. The revival of returnable glass bottles is a significant step, showcasing the company’s dedication to both market differentiation and environmental stewardship, a crucial trend in today’s world.
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