Seafood giant Thai Union has reported 28.3% year-on-year growth in net profit, to THB 8.0 billion (€220 million), in its financial year 2021, driven by the ongoing recovery in its frozen and chilled unit and growing demand for pet food products.
Total sales were up 6.5%, to THB 141.0 billion, (€3.9 billion) compared to a year earlier, while gross profit rose 9.9% to THB 25.7 billion (€700 million).
The company is paying a final dividend of THB 0.50 per share for the financial year 2021, bringing the full-year 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 full-year 2021 performance, including all-time high revenue and solid net profit, achieved amid an ongoing pandemic and driven by our ongoing profitability and strong sales.
“Our long-term strategy of strengthening our core businesses while building value-enhancing new operations, along with financial discipline focused on profitability and sustainability, helped drive these excellent 2021 financial results.”
The John West parent’s fourth-quarter net profit grew 32.5%, to THB 1.9 billion, driven by strong sales in its PetCare and value-added business units.
Sales in the fourth quarter of 2021 reached an all-time high of THB 38.5 billion, increasing by 15.1% year-on-year.
Ambient sales in the final quarter of the fiscal year grew 4.9% compared to a year earlier on the back of higher selling prices.
Sales of frozen goods surged 21.0% as the foodservice sector recovered, while PetCare and value-added sales increased 27.2%, driven by strong demand.
Portfolio Expansion And Outlook
In 2021, Thai Union continued to focus on its portfolio by expanding its core operations to include higher margin and new value-enhancing businesses such as ingredients, supplements and alternative protein to serve those fast-growing markets.
The move aligned with its ‘Healthy Living, Healthy Oceans’ pledge aimed at 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 delivered in 2021,” Chansiri added.