Thai Union generated solid fourth quarter and annual financial results for 2020 on February 22. The Bangkok-headquartered seafood company’s Q4 business results showed total sales of THB 33.46 billion, which reflect a slight year-on-year increase of 1.9 percent. Operating profit rose 26.1 percent to THB 1.94 billion, with net profit up 37.9 percent to THB 1.46 billion.
While the frozen and chilled seafood and related business unit saw a sales decline of 6.5 percent to THB 13.74 billion in the fourth quarter, ambient seafood sales rose 8.8 percent to THB 14.44 billion over the quarter. PetCare division sales, value-added and other products sales gained 8 percent to THB 5.29 billion compared to the same period in 2019 on the back of increased purchases of shelf-stable products and pet food as people spent more time at home with their families and pets.
Overall, Thai Union ended 2020 with a healthy performance. Full year sales came in at THB 132.4 billion, an increase of 4.9 percent, while net profit rose 63.7 percent to THB 6.25 billion. The company announced the 2H 2020 dividend payout of THB 0.40 a share, an increase of 81.8 percent over the same period in 2019, bringing the full year dividend to THB 0.72 per share, an increase of 53.2 percent year-on-year.
“Thai Union Group delivered a strong financial performance in 2020, despite being faced with unprecedented challenges around Covid-19,” said CEO Thiraphong Chansiri. “Demand for our products grew as consumers cooked more at home as a result of the pandemic, and also shifted their eating habits towards a healthier, more nutritious diet.”
He continued: “While 2020 was without doubt a year of immense challenges, through robust management and the dedication of our workers, Thai Union is a much stronger company today than it was 12 months ago. On the positive side, we reached closure on all the outstanding elements surrounding the US antitrust litigation, and that chapter is now closed and firmly behind us.”
About Thai Union
In business for more than 40 years, Thai Union is regarded as one of the world’s leading seafood producers and is a major player in the shelf-stable tuna and frozen shrimp sectors. The company’s annual sales top THB 126.3 billion (US $4.1 billion) and its global workforce exceeds 44,000 people gainfully employed in Asia, North America, Europe and elsewhere.
