CPFs sales hit THB120 billion with net profit of THB 3.049 billion

General Press Releases Tuesday May 15, 2018 17:45
Bangkok--15 May--CPF

Charoen Pokphand Foods PCL (CPF) reported its result operation achieved THB 120.516 billion in the first quarter of 2018, up by 1% year on year. Net profit was THB 3.049 billion, down 23% from the same period in 2017.

Growth rate declined due to falling price of livestock product and stronger exchange rate compared with the previous period. However, the recovery in pig price in Vietnam and Thailand since April 2018 is a positive sign for the business, contributing the company to be confident that the performance will achieve goals for 2018.

Overseas investment in 15 countries accounted for 66% of total sales while the domestic sales and exports accounted for 29% and 5% respectively. Top three markets for the company are Thailand, China and Vietnam which made up for 73% of CPF's total sales.

Mr. Sooksunt Jiumjaiswanglerg, Chief Executive Officer (CEO) for Agro-Industrial Business and Co-President at CPF, said the company's performance has been challenged by oversupply of pigs in Vietnam and Thailand. Vietnam's pork price has dropped lower than the production cost since late 2016 while pig price in Thailand has dropped below the production cost since the fourth of 2017.

Both markets have seen a recovery price since April 2018. The CPF's CEO expects that the pig price will get better in the later periods this year, resulting in good overall performance for the whole year.

Mr. Sukhawat Dansermsuk, CPF's Chief Executive Officer (CEO) - Food Business and Co-President, added that, nowadays, food business is challenged by rapid changes in consumer behavior and diverse requirement. We are keeping in mind that food safety must come with good taste. Therefore, CPF strive to deliver wide range of innovative food products from ready-to-cook meal, ready-to-eat meal, snacks, healthy foods, patients' foods and foods for elderly.

The company continuously conduct researches to improve the production process in pursuit of effective production cost. It also focus on high quality of raw materials.

On May 11, TRIS Rating recently affirmed "A+" for CPF's company rating and its corporate debentures of 2018 rating. The rating reflects CPF's leading position in the Thailand's agribusiness and food industry where having diverse portfolios of operations in many countries as well as variety of products and markets. Moreover, CPF's long-term strategy is focusing on valued-added products and its high financial flexibility from its strategic investment.


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