August 30, 2010

TUF's sales to reach US$474 million by 2015

Leading Thai frozen seafood manufacturer and exporter Union Frozen Products (TUF) expects its annual sales to reach THB15 billion (US$474 million) by 2015.

TUF wants to advance its cooperation with international trading partners in the US, Japan and Europe and enter markets in the Middle East and Eastern Europe to achieve the company's goal, said chief marketing officer Anurat Khokasai.

The firm will also be adding 3-5 new menu items for its ready-to-eat seafood products in 2011, which will yield THB500 million (US$15.8 million) per year. Its new sliced fish business which will export to Japan will further raise sales by THB300-400 million (US$9.5-12.6 million) a year.

Anurat said TUF aims to export the products to more countries in the next three years. Apart from locally marketing ready-to-cook, ready-to-eat frozen seafood products under the Prantalay brand, the firm also intends to obtain a listing on the Stock Exchange of Thailand by 2015 to accumulate funds to expand business later on.

Some of TUF's fishery business money has been used to grow the frozen seafood operation. It owns 13 modern fishing boats and its seven subsidiaries are Bright Sea, Pongtip Cold Storage, Prantalay Marketing, PT Interfishery, K&U Enterprise, Yuu'n Mee and Pranprai Intertrading.

For 2010, TUF is targeting 10% sales growth to THB9.4 billion (US$297.1 million). For the first seven months of the year the company has already reached sales worth THB7 billion (US$221.3 million).

Anurat believes sales will exceed the 2010 target because the final four months of the year represent peak season. 50% of total sales will come from the US, 23% from Asian countries, 20% from Europe and 7% from Thailand itself.

The chief marketing officer noted that the frozen seafood industry contributes some THB75 billion (US$2.4 billion) in export sales to Thailand annually and possesses a high growth potential backed by the widespread worldwide trend of healthy food.

Further, TUF anticipates its frozen seafood export sales for the year will jump by 10-15%.

Celebrating its 30th anniversary this year, the company expects to be in the top three within the frozen ready-meal and frozen seafood export businesses both.