May 17, 2021
CPF's first quarter earnings grow 14%
Charoen Pokphand Foods PLC (CPF) has reported a ฿6,945 million net profit in the first quarter of 2021, a 14% increase from the same period last year.
The earnings growth was chiefly attributable to CPF's emphasis on the efficiency of production, marketing and work processes, capacity expansion and research and development that raises product value and satisfy consumer preferences.
Prasit Boondoungprasert, chief executive officer of CPF, said that following the COVID-19 outbreak in early 2020, purchasing power has been declining worldwide.
CPF tackled the challenge by strengthening preventive measures across the production and work processes, which helped limit impacts on the company's business.
According to CPF, it remains resilient due to the emphasis on production cost efficiency. The company also embraced digitisation to raise efficiency and add product value.
Meanwhile, CPF's marketing channels have been adjusted to cope with changing situations, while its production capacity of in-demand products has been raised. As a result, CPF's operations in several countries have shown improvements.
Notably, CPF's operations in Thailand, Vietnam, the Philippines and Cambodia showed outstanding performance in the first quarter of 2021 and the performance is expected to remain positive thereafter.
He added that CPF has maintained its focus on R&D and innovations, in search of new means to add value to its food products and satisfy consumer preferences. Marketing and sales strategies have been adjusted. CPF's food business showed impressive performance in the first quarter as health food items with nutritional values were launched and distributed in line with market conditions and consumer behaviors.
Boondoungprasert said that strict production standards played a key role in preventing CPF's business disruption.
CPF had also set up the Covid-19 Monitoring and Management Center in early 2020 and enforced maximum safety standards.
- CPF