Bangkok, Thailand – Thailand’s leading dessert café chain, After You Public Company Limited (SET: AFTERYOU), reported an impressive financial performance in 2023, with total revenue reaching THB 1.217 billion, representing a 30% year-on-year (YoY) increase — significantly outperforming its original growth target of 15–20%.
Following a full post-pandemic recovery, Thai consumer behavior returned to pre-COVID norms, with a sharp resurgence in dine-in traffic and rising tourist inflows. The company’s net profit for the year stood at THB 178 million, marking a 51% YoY growth, with a net profit margin of 14.5%.
“2023 was the first fully normalized year for both Thai citizens and foreign tourists. Our performance reflects strong consumer demand and efficient internal operations,” said a company representative during the annual performance update.
Key Financial Highlights (2023):
- Revenue: THB 1.217 billion (+30% YoY)
- Net Profit: THB 178 million (+51% YoY)
- Gross Profit Margin: 64.8% (up from 63.1%)
- SG&A Expenses: 30.3% of sales
- Admin Costs: Reduced to 16.5% of sales (from 17.3%)
Growth Drivers
The company attributed its growth to several factors:
- Expansion of its core café business with 10 new After You branches
- Introduction of innovative menu items such as Mamuang Bao, Dark Beer Cake, and Sticky Pudding-Flavored Bread
- Launch of pop-up stores in Chiang Mai and Khao Yai, receiving “overwhelmingly positive” feedback
Revenue from non-café channels also played a vital role:
- Ingredient sales to B2B clients: THB 84 million
- Catering and event services: THB 18 million
Changing Consumer Trends
After You reported a shift back toward dine-in consumption, which now accounts for 68% of café sales, compared to 32% for take-home and delivery. This marks a reversal from pandemic-era behavior, with rising delivery platform fees making dine-in a more attractive option for consumers.
Strategic Plans for 2024
The company laid out an ambitious roadmap for 2024, focusing on:
- New Branches: At least 10 new After You outlets planned, targeting high-potential cities.
- Pop-Up Store Expansion: Following successful trials, more pop-ups are planned nationwide.
- Sub-Brand Growth:
- Fruit Dessert Brand: Expanding beyond the current 9 locations
- SCR Specialty Coffee: Continued growth in high-end coffee
- Mika: Targeted expansion outside Bangkok
- Consumer Packaged Goods:
Launch of 15 new SKUs starting from May 2024, including:- 7 co-developed with experts
- 8 in-house developed
Products will target modern trade, convenience stores, and international markets.
International Expansion
After You is actively exploring new overseas markets:
- Hong Kong: Second store opened; performance stable despite economic headwinds
- China: Feasibility studies underway in Shenzhen and Guangzhou
- Vietnam: First outlet scheduled to launch in Q3 2024
- UAE and Indonesia: Initial discussions ongoing with local partners
Outlook
With Thailand aiming for 36–40 million tourists in 2024, After You remains optimistic about its growth trajectory. The brand, which currently holds a strong domestic presence, is leveraging product innovation, experiential pop-ups, and international franchising to fuel its next phase.
“We’re evolving into a multi-channel, multi-brand business while staying true to our dessert roots. 2024 will be a landmark year,” the spokesperson concluded.
