Thai Union Group has announced a normalised net profit of THB5,218 million in 2019, an increase of 0.5% year-on-year and a 6.4% increase in gross profit to THB20.1 billion.
The company continued to improve its operating performance as EBITDA reached a record high of THB12 billion, an increase of 9.2%. Consolidated sales decreased by 5.3% to THB126.27 billion, mainly as a result of the Thai baht’s appreciation in the period under review.
“Thai Union continues to focus on profitability throughout our core operations, new value-enhancing businesses and our existing strategic investments,” said Thiraphong Chansiri, chief executive of Thai Union Group. “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."
In 2019 sales volumes grew 1.9% over the previous comparable period chiefly owing to frozen and chilled seafood products and related business, which increased 12.8%. Operating profit for FY2019 improved 20.8%, reaching THB5,642 million. Geographically, sales in North America continued to play an important role in driving revenue for Thai Union, accounting for 41% of total sales, while Europe contributed 28%. The Thai market grew to 12% of total sales, with Asia-Pacific, the Middle East, Africa and South America contributing 19%
Thai Union will pay a 2019 dividend of THB0.47 per share, an increase of 17.5% compared to 2018. The 2019 interim dividend was THB0.25.
