Sri Trang Agro-Industry net profit surges 471% to $23.6m in Q2

Total revenue for the quarter also rose 21.6% YoY.

Sri Trang Agro-Industry (STA) reported a 471.3% year-on-year increase in net profit for Q2 2024, reaching $23.6m (THB 628.4m). 

Total revenue for the quarter rose to $973.35m (THB25,820.5m), up 9.0% from the previous quarter and 21.6% YoY.

Revenue from natural rubber (NR), which makes up 77.9% of the total, climbed to $758m (THB20,108.4m), up 22.6% YoY. This was driven by a 9.0% rise in average selling prices and a 3.6% increase in sales volume due to strong demand from non-China tire producers.

Glove revenue, accounting for 21.9% of total revenue, fell 5.6% QoQ to $214m (THB5,666.4m) but increased 17.8% YoY. The quarterly decline was mainly due to a 16.5% drop in sales volume caused by shipping disruptions from the Red Sea Crisis.