THAILAND SALES AT MCDONALD'S REACH THE HIGHEST LEVEL IN 38 YEARS

THAILAND SALES AT MCDONALD'S REACH THE HIGHEST LEVEL IN 38 YEARS

Bangkok - On March 12, 2024, Ms. Kittiwan Anuvejsakul, Executive Chairman of McThai Co., Ltd., the company that runs McDonald's, made an announcement stating that the restaurant had sales of 7.213 billion baht in 2023, a 31% increase over 2022. Since the company was founded in Thailand 38 years ago, this is the biggest income in its history.

Additionally, net profit surged to a new all-time high of 315 million baht, up 276 percent from 2021 and 168 percent from 120 million baht in 2022. For the second year in a row, McDonald's has experienced growth, propelled by the popularity of its burgers, which continue to generate over 50% of its sales, and the quick expansion of McFried Chicken, which saw growth of 40 percent.

For 2024, the company is aiming for sales growth of 15 percent and expects to achieve profit growth for the third year in a row. It will apply the following strategies: Provide value to customers by offering high quality food at affordable prices in a variety of menu items, especially burgers and fried chicken, and increase access to Gen Z customers and provide modern service experiences that meet the needs of new generation customers.

The company has also created new branches with a new design under the concept of sustainability. The aim is to improve the quality of service to meet customers’ lifestyles and changing behaviors, which are changing rapidly in line with current technological trends.

The prototype store is carefully designed inside and out with recycled materials, creating a relaxing atmosphere with additional green spaces. Solar panels are installed on the roof to maximize the use of solar energy. The company also offers charging stations for electric vehicles. The new store is expected to be fully operational in the second quarter of this year.

The company will continue to open more than 20 new stores and renovate 25 existing stores. There are currently 230 stores. For this year, the company has set a budget of 600 million baht, an increase of 400 million baht compared to last year.

Although the overall situation of the 45 billion baht quick service restaurant market is very challenging, the growth of 6-8 percent in the last 3 years after the country reopened and tourists returned is considered quite buoyant. However, we are confident that our strong offensive business strategy will lead McDonald’s to success and we will grow in line with our targets,” she said.