November 23, 2018

CP Foods net profit up 7% in Jan - Sep

Thailand's Charoen Pokphand Foods PCL (CP Foods) grew its net profit in the first nine months by 7% year-on-year to 13.855 billion baht (US$420.1 million), driven mainly by business growth from overseas operations.

With pork price recovering in Vietnam and Cambodia, total sales during the nine-month period reached Bt398.261, up also by 7% compared with the same period last year.

As a result of good overseas performance, CP Foods is confident of achieving this year's target, and forecasts that business will continue to soar in 2019.

Overseas operations accounted for 67% of the company's total sales from January to September, an increase of 12% year-on-year, with Vietnam's operation growing the fastest.

"The overseas investment is a part of the company's sustainable growth strategy. CP Foods has invested in promising overseas markets for agriculture and food sectors, focusing on developing countries with a demand for high quality and modern farming", said Mr. Sooksunt Jiumjaiswanglerg, CP Foods chief executive officer.

Sooksunt predicted the company's total sales to reach Bt600 billion in the next five years, with foreign operation accounting for 75% of its sales.

The leading agro-business conglomerate's vision sets to achieve the target of being the "Kitchen of the World" by providing safety food and quality products that are able to trace back throughout supply chains. 

CP Foods operates in 16 countries and is also a major shrimp and fish farmer and an aquaculture feed supplier in Southeast Asia and China.