Thai Union Group Sees EBITDA Up 9.2% In FY 2019
Thai Union Group has reported a 9.2% year-on-year rise in EBITDA to THB12 billion (€360 million) in its financial year 2019.
The company attributed the growth to improved profitability and contributions from investment and affiliates.
The John West parent posted 0.5% year-on-year growth in normalised net profit to THB 5,218 million (€154.86 million), while gross profit increased by 6.4% to THB 20.1 billion (€600 million).
The group's operating profit grew by 20.8% year-on-year, amounting to THB 5,642 million (€167.44 million) during this period.
Consolidated sales declined by 5.3% to THB 126.27 billion (€3.75 billion) as a result of the Thai Baht’s appreciation in the period under review, the company said.
Commenting on the results, the CEO of Thai Union Group, Thiraphong Chansiri, said, "Thai Union continues to focus on profitability throughout our core operations, new value-enhancing businesses and our existing strategic investments.
"As this set of results closes out the last decade, we can be very proud of the work we have done and the progress we have made throughout the last 10 years."
In 2019, Thai Union saw a year-on-year sales volume growth of 1.9%, driven by the performance of its frozen and chilled seafood divisions (up 12.8% year-on-year) and increased sales in its pet care and value-added products businesses.
North America accounted for 41% of the company's total sales, followed by Europe with 28%.
The Thai market contributed to 12% of total sales, while Asia-Pacific, the Middle East, Africa, and South America contributed 19%.
Elaborating on the company's future plans, Chansiri added, "As we enter the new decade, I am confident that we will continue to lead on sustainability and innovation investment.
"We are also developing products that respond to the demands of customers and consumers globally through delivering against a focus on healthy living and healthy oceans."
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.