Thai Union Group has reported full-year 2024 sales of THB 138.4 billion, driven by strong growth in its pet food business, with figures revealing improved profitability and a higher EBITDA.
Sales increased 1.7% year-on-year, while net profit rose 7.2% to THB 5.0 billion. The company’s gross profit margin improved to 18.5%, reflecting strategic decisions in its core categories, including Ambient, PetCare and Value-added products. EBITDA reached THB 13.4 billion, the second highest on record.
“Thai Union’s Ambient, PetCare, and Value-added businesses demonstrated remarkable resilience in the face of weak global economic growth and more cautious spending among consumers around the world,” said Thiraphong Chansiri, CEO of Thai Union Group.
“As we continue to execute our Strategy 2030, I am optimistic that Thai Union will be positioned for long-term, sustainable growth.”
Increased demand
The company’s PetCare segment grew 15.5% year-on-year, with increased demand in Europe and China, while Ambient sales hit a record THB 68.4 billion.
Thai Union also announced a share repurchase programme worth up to THB 3 billion to boost earnings per share and reward shareholders.
The seafood giant maintained strong financial health, generating record free cash flow of THB 11.7 billion and keeping a stable net-debt-to-equity ratio.
Thai Union’s commitment to sustainability was recognised in late 2024 when the group was ranked number one in the food products industry on the 2024 Dow Jones Sustainability Indices (DJSI) with a total score of 85 points.
The company has now been ranked number one four times since 2018.
Looking ahead, the company said it remains focused on executing its ’Strategy 2030’, aiming to double EBITDA and grow net sales to US$7.0 billion by 2030.
