July 8, 2009

Thai Union Frozen Products (TUF), a leading producer and exporter of processed and frozen seafood products, reported its annual financial results for 2008 which set a new milestone in its corporate history.

 

The firm's annual sales broke the US$2 billion mark in 2008 and its net profit nearly reached its historic high previously set in 2003.

 

The management aims to grow sales by 12 percent on average per year with the goal of achieving US$3 billion in 2012.

 

TUF president Thiraphong Chansiri announced that 2008 sales in dollar term were recorded at US$2,069.5 million, up by 28 percent from US$1,611.9 million in 2007.

 

The figures represented a 24-percent increase in Thai baht term from THB55,507.1 million in 2007 to THB69,048.1 million in 2008.

 

Total annual revenues were THB69,519 million, representing 24 percent year-on-year growth from THB56,067.2 million.

 

In addition, total annual net profit amounted to THB2,200.5 million, a 21-percent growth from THB1,823.3 million in 2007. Earning per share was THB2.51, up by 21 percent from that of 2007.

 

As for Q4 2008 performance, sales in dollar term increased by 17 percent, from US$450.7 million in 2007 to US$528.1 million in 2008.

 

In line with the dollar sales growth, Thai baht sales were recorded at THB18,409.5 million, or 21 percent growth from THB15,253.6 million in 2007.

 

In addition, total quarterly revenues jumped 20 percent from THB15,383.2 million in 2007 to THB18,455.2 million in 2008. Quarterly net profit was THB307.1 million, a decline of 31 percent from Bt443 million in 2007.

 

Thiraphong's commented that the decline in Q4 net profit was a consequence of a sharp reduction in tuna prices.

 

US$1 = THB34.104 (July 8)