Thai Union Group saw strong revenue growth in 2022 driven by its PetCare and ambient seafood businesses.
Sales for the year increased 10.3% year-on-year to record high revenue of THB155.6 billion, while gross profit for the 12 months grew 5.8% to THB 27.2 billion.
“Our core businesses remain a key focus for Thai Union, but we continue to further diversify our portfolio of products to appeal to new customers across Asia, Europe and North America,” said Thiraphong Chansiri, CEO at Thai Union.
“We also continue to develop value-enhancing businesses across our ingredients, supplements and alternative protein units, where we are unlocking new and innovative products that will be essential to our future growth.”
Strong performance
The group reported that ambient seafood sales grew 12.8% year-on-year in 2022 thanks to higher selling prices and continued strong demand, particularly across Asia and the US.
Ambient seafood led Thai Union’s sales during 2022, accounting for 43% of total revenue, followed by frozen and chilled seafood with 36%.
Meanwhile, the PetCare segment maintained its strong momentum, with sales rising 48.0% from a year earlier to THB21.7 billion on the back of robust demand and higher selling prices. The sector was up by 14% year-on-year, up from 10% in 2021.
The fast-growing PetCare business is becoming increasingly important to Thai Union’s operations and in 2022 the i-Tail Corporation Public Company Limited (ITC) subsidiary was successfully listed on the Stock Exchange of Thailand – the largest ever initial public offering in the food and beverage category.
The group also continues to pursue opportunities that offer potential strong growth, including a CAD10 million investment in Mara Renewables Corporation, one of the world’s leading producers of sustainably grown algae-based bio-products.
It has also entered an important partnership with Sustainable Fisheries Partnership to further improve supply chain transparency.
