Thai Union closes second half with profit of 30 million euros

In the second half of the year, Thai Union Group posted a net profit of EUR 30 million (THB 1.2 billion), a year-on-year increase of 14.2%. Sales momentum continued during the April-June period, growing 3.6% year-on-year to EUR908 million (THB3.3 billion). The Group’s gross profit margin remained solid at 18.5%.

Company sources say the profit growth was due to the recovery in the Ambient, PetCare and Value-added business categories. Thiraphong Chansiri, CEO of Thai Union Group highlights that. “maintaining the solid momentum of the first quarter was particularly satisfying, and I am confident that after successfully overcoming the challenges we face in 2023, we are on the path to sustainable growth.”

During the second quarter, sales in the Ambient business category continued to grow, increasing 1.4%, with higher demand in the U.S., Canada and the Middle East. The company explains that the category’s gross profit margin stood at 18.9% due to low raw material prices and higher prices for tuna. Meanwhile, the PetCare business category posted a 40.6 % increase in sales compared to the second quarter of 2023 due to higher selling prices, increased marketing of premium products and pent-up demand in Europe and the US. PetCare’s gross profit margin reached an all-time high of 31.3% in the second quarter of 2024.

Sales of the Value-added category increased by 15.5 %, while recording a gross profit margin of 26.5 %. However, sales of the frozen business declined by 5.7%, due to weak demand in the USA. However, the gross profit margin of the frozen business recovered year-on-year to 10.7% due to lower raw material prices and continued improvements in the feed business. In terms of geographic diversity, second quarter sales in the US and Canada accounted for 40% of total sales, followed by 32.3% in Europe, 10.3% in Thailand and 17.3% in other countries.

“Thai Union remains fully focused on generating growth, innovation and sustainability. I am confident that as we continue to implement our 2030 Strategy, it will position us not only for long-term growth, but also support our vision of becoming the world’s leading marine health and nutrition company,”said Chansiri.