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TFM shows 41.6 percent jump in 2Q23 net profit to THB 47.8 million

02 August 2023

BANGKOK – August 2, 2023 – Thai Union Feedmill PCL. announced its second quarter financial results. Revenue during the quarter was THB 1.34 million, up 5.3 percent year-on-year. Gross profit grew 32.7 percent to THB 122.4 million compared to a year earlier while net profit jumped 41.6 percent to THB 47.8 million year-on-year. During the second quarter, Thai Union Feedmill recorded a THB 20 million write-off of a lab farm in Trang province following the end of the tax exemption period offered by Thailand Board of Investment. Without this special item, net profit would have been THB 67.8 million for the second quarter.

Compared to the first quarter of 2023, Thai Union Feedmill has shown strong improvement, turning a loss in the first three months of the year into a THB 47.8 million net profit, representing growth of 272.3 percent. Gross profit and sales increased by 156.4 percent and 16.6 percent respectively quarter-on-quarter.

Preerasak Boonmechote, who started his role as CEO at Thai Union Feedmill on January 1, 2023, said “we have been working on improving our cost management and operational management to maintain good product quality. This included customer satisfaction, the freshness of our feed, the quality of feed in terms of Feed Conversion Ratio (FCR), to help farmers maintain their profitability and partnership with the Company. We have also been working closely with other business groups in Thai Union Group to expand our business to new customers and channels.”

Thai Union Feedmill sales came from three main businesses: 60.6 percent from shrimp feed, 29.3 percent from fish feed, 8.7 percent from livestock feed, while 1.4 percent from other sales.

In the second quarter of 2023, shrimp feed sales rose 14.8 percent year-on-year to THB 813.9 million, due to a shift in focus to more premium products as the sales volume remained stable at 25.3 billion tons, up 0.7 percent. Meanwhile, fish feed sales decreased 9.3 percent to THB 394 million due to a decline in sales contribution from Pakistan, which was offset by sales in Thailand that were maintained at a similar level year-on-year because the Company focused on the seabass feed. Livestock feed rose by 6.5 percent to THB 116.4 million due to increasing sales in Pakistan.

“We have been focusing more on production efficiency, production quality and after-sale services which we regard as the key to long-term relationships with our clients. Amidst the situation that raw material prices are higher, product category management is also crucial to the business. We stopped product lines that were not profitable. We have also been careful and looked into cost management and production planning to respond to clients’ demands. All of these measures helped us return to profitability this quarter. We continue to improve dynamically to achieve business growth,” added Boonmechote.

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