February 26, 2024

 

Thai Union achieves Q4 2024 sales of THB 35,529 million

 

 

Thai Union Group Public Company Limited has reported its fourth quarter (2023) operating results, with sales of ฿35,529 million (US$988 million), an increase of 4.8% from the previous quarter.

 

The increase was a result of the recovery of Thai Union's frozen food and pet food business groups. The company saw a net profit from normal operating results of ฿1,243 million (US$35 million), an increase of 3.1% from the previous quarter.

 

Thai Union had generated a cash flow of ฿2,842 million (US$79.1 million) and maintains a low debt level with a net debt-to-equity ratio of 0.78 times.

 

The company's overall operating results last year saw sales at ฿136,153 million (US$3.8 billion), a decrease of 12.5% compared to the previous year.

 

Meanwhile, net profit margin from normal operations was ฿4,499 million (US$125 million), a decrease of 37.0%.

 

Teeraphong Chansiri, chief executive officer of Thai Union Group Public Company Limited, said that for the operating results in the fourth quarter, sales of the frozen seafood business group was ฿12,525 million (US$349 million), an increase of 8.0% from the previous quarter and resulting in a record gross profit margin of 14.4%,

 

"Last year was a challenging year due to rising inflation," Teeraphong said. "That put pressure on the markets in which Thai Union operates. This has a continuous effect on the cost of living and purchasing power of consumers.

 

"The overall business is still in a difficult situation. But Thai Union was able to cope and adapt quickly to the situation. In the last quarter of (2023), we (are able to) make good profits in every business group."

 

As for the proportion of sales based on Thai Union's business groups last year, this consists of canned food group (47%), followed by the frozen seafood (35%), pet food (11%), and value-added products and other businesses groups (7%).

 

Based the regions, Thai Union's proportion of sales consists of the United States and Canada (41%), Europe (30%), Thailand (11%) and other regions (18%).

 

In another development, Thai Union announced that it has secured funding for sustainability operations. The funding concerns a loan of ฿11,485 million (US$320 million) and marks the start of the second phase of Thai Union's Blue Finance project, which relates to ocean conservation.

- Thai Union Group