Thai Union sees net profit grow 28.3% in fiscal 2021

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Seafood giant Thai Union posted a 28.3% year-on-year growth in net profit to 8.0 billion baht (220 million euros) in its financial year 2021, thanks to the ongoing recovery of its frozen and chilled products unit and the growing demand for pets. foodstuffs.

Total sales increased by 6.5% to THB 141.0 billion (EUR 3.9 billion) from a year earlier, while gross profit increased by 9.9% to 25, 7 billion THB (700 million euros).

The company is paying a final dividend of THB 0.50 per share for the 2021 financial year, bringing the annual dividend to THB 0.95 per share, which it says is its highest level ever.

“Solid Net Profit”

Thiraphong Chansiri, CEO of Thai Union Group PCL, said, “I am extremely proud of Thai Union’s record performance for the full year 2021, including record revenue and strong net profit, achieved against a backdrop of ongoing pandemic and driven by our continued profitability and strong sales.

“Our long-term strategy of strengthening our core businesses while building new value-creating operations, along with financial discipline focused on profitability and sustainability, have helped drive these strong financial results for 2021.”

Fourth quarter performance

John West’s parent company’s fourth-quarter net profit rose 32.5% to THB 1.9 billion on strong sales from its PetCare and value-added business units.

Sales in the fourth quarter of 2021 hit a record high of THB 38.5 billion, up 15.1% year-on-year.

Ambience sales in the last quarter of the fiscal year increased by 4.9% compared to the previous year thanks to higher selling prices.

Frozen food sales jumped 21.0% on the recovery of the foodservice sector, while PetCare and value-added sales rose 27.2%, driven by strong demand.

Portfolio expansion and outlook

In 2021, Thai Union continued to focus on its portfolio by expanding its core businesses to include higher margins and new value-added businesses such as ingredients, supplements and alternative proteins to serve these fast-growing markets.

The move aligns with its “Healthy Living, Healthy Oceans” commitment to supporting healthy consumer trends and innovation-driven products.

“While challenges remain – from inflation to the ongoing pandemic, and from supply chain issues to container shortages – in 2022 we will continue to build on the financial successes and record performance we have achieved. in 2021,” Chansiri added.

© 2022 European supermarket magazine – your source for the latest A-Brands news. Article by Dayeeta Das. Click on subscribe register for ESM: European Supermarket Magazine.

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