May 6, 2026
 

TFM posts 11.9% profit growth in Q1 2026, shrimp feed drives revenue to THB 1.33 billion

Thai Union Feedmill Public Company Limited (TFM) reported net profit of THB 148 million (US$4.1 million) for the first quarter ended 31 March 2026, up 11.9% year-on-year, on revenue of THB 1.325 billion (US$36.7 million). Growth was driven primarily by the shrimp feed segment, which expanded 13.1% and accounted for approximately 66% of total revenue.

The shrimp feed segment generated revenue of THB 880 million (US$24.4 million) in Q1 2026, supported by higher sales volumes and expanded domestic market share.

Gross profit margin eased to 20.0% from 21.7% in Q1 2025, largely due to a more than 30% year-on-year rise in fishmeal costs. The company offset part of this pressure through a continued shift toward higher-value products and improvements in production efficiency. Selling and administrative expenses as a percentage of sales declined to 8.8% from 9.8%, reflecting tighter cost controls. BOI tax incentives and improved receivables management provided additional support to the bottom line, resulting in a net profit margin of 11.1%.

Peerasak Boonmechote, Chief Executive Officer of TFM, noted that the results were achieved despite Q1 being the industry's traditional low season. "This reflects the resilience of its business model and effective cost management amid market volatility," he said.

On the international front, TFM is advancing collaborations in Bangladesh to develop the aquaculture sector and has made investments in Ecuador to capture rising global demand. These efforts run parallel to the company's "low carbon aquaculture" strategy under the Thai Union Synergy 2026 programme, which targets enhanced production chain efficiency and stronger competitiveness in premium export markets.

For full year 2026, TFM is targeting revenue growth of 8–10%, underpinned by its shrimp feed and fish feed businesses, with profitability to be sustained through continued cost discipline, a higher proportion of value-added products, and improved operational efficiency.

- TFM