Thai Union achieves record revenues in 2022

Thai Union Group PCL reported its full-year 2022 financial results, with strong revenue growth driven by the PetCare and ambient seafood businesses, as consumers continued to rely on the company’s diverse range of healthy and nutritious products.

During the last stage of 2022, there were signs of improvement in the market. It noted a 2.9 percent increase in profit to THB 39.6 billion and a 20.6 percent increase to THB 2.4 billion in gross profit. This contributed to sales for the full year, which rose 10.3 percent year-on-year to record revenues of THB 155.6 billion, while gross profit for the 12 months grew 5.8 percent to THB 27.2 billion.

Sales of ambient seafood products grew 12.8 percent year-on-year in 2022 thanks to higher selling prices and continued strong demand, particularly in Asia and the United States, as the launch of new and innovative products attracted consumers. The PetCare segment maintained its strong momentum, with sales up 48.0 percent year-on-year to THB 21.7 million thanks to solid demand and higher selling prices.

“Amid unforeseen global economic challenges, such as high inflation and currency volatility, Thai Union was able to deliver solid performance and record sales. Our core businesses remain a key focus for Thai Union, but we continue to further diversify our product portfolio to attract new customers in Asia, Europe and North America,” said Thiraphong Chansiri, CEO of Thai Union. “We also continue to develop value-enhancing businesses through our ingredients, supplements and alternative protein units, where we are unlocking new and innovative products that will be essential to our future growth,” the executive added.

The United States and Canada account for the largest share of the money generated from sales with 44% of the market, followed by 26% from Europe, 11% from Thailand and the remaining 19% divided among other countries.

For this year, Thai Union will continue to expand and look for new projects that offer great benefits. As part of this plan, it will invest CAD 10 million in Mara Renewables Corporation, a world leader in the sustainable production of algae-based products.

Thai Union was included in the Dow Jones Sustainability Indices 2022 for the ninth consecutive year and ranked first in the food products industry, following the Company’s ongoing successful implementation of its SeaChange® sustainability strategy. With a commitment to “Healthy Living, Healthy Oceans,” Thai Union also entered into an important partnership with Sustainable Fisheries Partnership to further improve transparency in the company’s supply chains.

“Inflation will continue to be a major challenge in all the markets in which we operate during 2023,” Chansiri said. “However, I am confident that management’s focus on our long-term strategies, fiscal discipline and business diversification will ensure that we maintain strong growth momentum in the future. Thai Union targets 2023 sales growth of around 5-6 percent year-on-year and will increase capital expenditure to THB 6-6.5 billion,” concluded Chansiri.