Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us

Image: Thai Union / FIS

Thai Union Q4 sales rose 4.8% quarter-on-quarter to USD 987.96 M, from strong frozen and petcare rebound

Click on the flag for more information about Thailand THAILAND
Friday, February 23, 2024, 07:00 (GMT + 9)

Thai Union Group PCL reported its highest sales for 2023 in the fourth quarter, with a 4.8 percent quarter-on-quarter increase to THB 35.5 billion (USD 987.96 M), driven by a strong rebound in the Frozen and PetCare categories. The Group normalized net profit increased 3.1 percent from the third quarter to THB 1.24 billion (USD 34.51 M), while the gross profit margin stood at 17.8 percent as the Group demonstrated strong resilience amid strong external headwinds.

  • Thai Union booked a full-year normalized net profit of THB 4.5 billion (USD 125.23 M)
  • Solid recovery seen in Q4, with 17.8 percent gross profit margin
  • Strong net-debt-to-equity ratio of 0.78x, after non-cash impairment of minority investment in Red Lobster
  • Bondholders approved one-time waiver to exclude impairment from 2023 net income covenant calculation
  • Thai Union delivered full-year dividend of THB 0.54 (USD 0.015) per share
  • Soon announce Strategy 2030, with sharpened focus on core business to drive long-term growth

Source: Thai Union

Sales for the full year declined 12.5 percent to THB 136.2 billion (USD 3790.44 M) due to a very high baseline in 2022 and a normalization of logistics, which resulted in the full-year normalized net profit falling 37.0 percent to THB 4.5 billion (USD 125.23 M). As announced in January, Thai Union booked a one-time non-cash impairment charge of THB 18.4 billion (USD 527 million) during the fourth quarter after announcing its intention to pursue an exit of its minority investment in Red Lobster. Since then, the Group received approval for a one-time waiver from bondholders to exclude the impairment from 2023 net income covenant calculation. The financial outlook for Thai Union also remains strong, with TRIS Rating affirming the Company’s A+ rating.

Frozen and chilled seafood sales grew 8.0 percent to THB 12.5 billion (USD 347.87 M) in the fourth quarter from the third quarter, while also delivering an all-time quarterly gross profit margin at 14.4 percent thanks largely to strategic rightsizing in the U.S. and improved inventory management. PetCare sales increased 22.5 percent quarter-on-quarter due to a recovery from key customers restocking, inventory levels normalizing, along with a key strategic focus on wet pet food and treats. Thai Union Group also had positive cash flow of THB 2.8 billion (USD 77.92 M) in the fourth quarter, driven largely by strong EBITDA and well managed net working capital.

“There were some significant challenges during 2023, with inflationary pressures across all markets where Thai Union operates, and an ongoing cost-of-living crisis which has impacted consumers’ spending power,” said Thai Union Group CEO Thiraphong Chansiri. “Despite these headwinds, Thai Union continued to demonstrate resilience which has been reflected in an improved performance in the fourth quarter, supported in part by the successful implementation of our profit protection plan across our entire business.”

Source: Thai Union

For full year sales, ambient seafood accounted for 47 percent of total revenues, followed by frozen and chilled seafood with 35 percent, PetCare with 11 percent and value-added and other businesses with 7 percent. In terms of geographical diversity, sales in the U.S. and Canada accounted for 41 percent of total revenues, followed by 30 percent from Europe, 11 percent from Thailand and 18 percent from others. Thai Union delivered a second half-year dividend of THB 0.24 (USD 0..0067)per share, bringing the full-year dividend to THB 0.54 (USD 0.015) per share.

<-- Source: Thai Union

Thai Union was listed on the 2023 Dow Jones Sustainability Indices for the 10th consecutive year during the fourth quarter, positive recognition of the Company’s unwavering commitment to sustainable and responsible business practices. The Company was also ranked number one on the Seafood Stewardship Index (SSI) for the third consecutive time in recognition of its leadership in driving positive change and delivering towards the United Nations Sustainable Development Goals (UN SDGs).

Thai Union also announced the closure of a THB 11,485 million (USD 320,000) Sustainability-Linked financing package, marking the commencement of the second phase of Thai Union’s Blue Finance agenda, with a target of increasing sustainability-linked finance to 75 percent of their long-term financing by 2025.

As part of the Group’s efforts to drive long-term growth it has announced its Strategy 2030, underpinned by a purpose of “Healthy Living, Healthy Oceans,” creating a sustainable and healthier future for humans, pets and the planet. Thai Union Group aims to lead the global marine industry while driving superior shareholder returns, building a diversified marine-focused portfolio beyond seafood, with a commitment to shape the future of nutrition for humans and pets.

Source: Thai Union

“While external challenges will persist in 2024, I am confident that Strategy 2030 will sharpen our focus on Thai Union’s core businesses of Ambient Seafood, Frozen, and PetCare which will help us drive stronger profitability and value for all shareholders,” added Chansiri.

Source: Thai Union 

Related News:

[email protected]


Click to know how to advertise in FIS
Viet Nam
Apr 22, 05:00 (GMT + 9):
Vietnamese shrimp exports recover to main markets
Viet Nam
Apr 22, 01:00 (GMT + 9):
Reduction in Fishing License Quotas
Russian Federation
Apr 22, 01:00 (GMT + 9):
In Bashkortostan they are creating an attractive investment environment for the development of fish farming
Apr 22, 01:00 (GMT + 9):
Harmful Algal Bloom in the Group of Salmonid Concessions 17B
Apr 22, 01:00 (GMT + 9):
More than 149 thousand tons of anchovy were unloaded three days after the start of the first fishing season
Apr 22, 01:00 (GMT + 9):
Balfegó becomes the first B Corp company in the Spanish fishing sector
Apr 22, 00:50 (GMT + 9):
Statistics │ Import │ Bluefin tuna southern │ Mexico, Australia, S. Korea and N. Zealand │ 2023-24
Apr 22, 00:50 (GMT + 9):
Statistics │ Catches │Bluefin tuna catch and farmed │ by country │ 2018-2022 by FAO
Apr 22, 00:40 (GMT + 9):
Production volume │Surimi derived products | Chikuwa - Kamaboko - Naruto │2022-23-24
United States
Apr 22, 00:30 (GMT + 9):
Products derived from alaska pollock and pacific cod (NMFS of DAP in GOA-BSAI): surimi, fillet, roe and fishmeal | week 14
Apr 21, 23:00 (GMT + 9):
IN BRIEF - Steakholder Foods Regains Compliance With Nasdaq Minimum Bid Price Requirement
United States
Apr 21, 22:40 (GMT + 9):
IN BRIEF - NOAA: 2024-2026 Specifications for the Mackerel, Squid, and Butterfish Fishery Management Plan
Apr 21, 20:00 (GMT + 9):
The Canarian fishing fleet will show at the Gourmets Hall how to practice 'batch cooking'
Apr 21, 16:00 (GMT + 9):
Opromar gives the keys to 'efficient cooking' of hake and mackerel and minimizing food waste
Apr 21, 00:40 (GMT + 9):
Statistics │ Exports │ Mackerel │ Japan, China, Netherlands, Vietnam │ 2022-24

Seafood Expo Global/Seafood Processing Global celebrates its 30th edition with top experts
Spain The Expo will bring together more than 90 leading international seafood industry experts in its conference program, including keynote speaker Mark Blyth, The William R. Rhodes ’57 Professor of I...
Under the nose of the Minister of Production: irregular entry of a Chinese squid jigger occurs with serious questions
Peru Last night, April 18, a hundred artisanal fishermen from the Port of Chimbote, in the Ancash Region, had to stop their fishing tasks because an immense Chinese fishing boat appeared in front of them t...
Indian Ocean squid price index: Flying squid (Ommastrephes bartramii)
China In order to continuously enhance the ability to control squid resources and price influence, and conduct more accurate resource assessment and forecasting, the China Ocean Fisheries Association&n...
MSC certification of Dutch trawl fleet partly suspended
Netherlands The Marine Stewardship Council (MSC) announces that the certificates for sole, beam trawling and flyshoot and otter trawl fishing in the North Sea will be suspended with effect from April 25, 2024. In...

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER