Bangkok-headquartered Thai Union has posted solid fourth quarter results and all-time high annual financial results for 2021. Q4 sales reached a record high of THB 38.5 billion, a 15.1 percent year-on-year increase, attributed to a rebound in the frozen and chilled seafood business following the reopening of restaurants and other foodservice businesses in the United States as Covid-19 restrictions eased.
Additionally, continued strong sales in the pet care and value-added sectors helped lift The company’s fourth quarter net profit 32.5 percent to THB 1.9 billion. This was realized despite global supply chain disruptions.
Ambient seafood product sales over the final three months of the fiscal year grew 4.9 percent compared to a year earlier on the back of higher prices, while frozen sales surged 21 percent thanks to a robust foodservice recovery, and pet care and value-added product sales growing an exceptional 27.2 percent.
The management team worked hard to weather the challenging coronavirus crisis and emerged stronger and in even better financial health. While the pandemic remained a key focus, the company continued to look to the future, finalizing a number of important strategic investments across Europe and Southeast Asia over the year which will be essential in driving future growth. It also established Thai Union Lifescience, which will be engaged in distributing supplements to consumers.
Subsidiary Thai Union Feedmill successfully listed on the Stock Exchange of Thailand during 2021., which will support growth and expansion across Asia. Meanwhile, an increased focus on the fast growing pet food business resulted in Songkla Canning Public Company Limited (SCC) becoming i-Tail Corporation Public Company Limited (ITC), which is now the official business for all Thai Union pet-related operations. The company is gearing up for an initial public offering for i-Tail, and plans to list its pet food business subsidiary on stock exchange later this year.
While Covid-19 caused further disruptions to commerce globally as new strains of the virus emerged, Thai Union continued to prioritize the health and safety of workers as well as support the communities where it operates.
“Equally important to our business last year was ensuring that our most important asset, our colleagues around the world – from Asia to Africa and Europe to North America – remained healthy and safe as we navigated our way through the pandemic,” said President and CEO Thiraphong Chansiri. “Through our global Thai Union Cares program, the company has also so far donated almost four million servings of human and pet food, along with medical supplies and financial assistance, to those in need since the pandemic started in late 2019.”
Thai Union continued to focus on expanding its core operations to include higher margin and new value-enhancing businesses such as ingredients, supplements and alternative proteins. “This corresponds with our ‘Healthy Living, Healthy Oceans’ commitment to support healthy consumer trends and innovation-driven products,” said Chansiri.
“While challenges remain – from inflation to the ongoing pandemic, and from supply chain issues to container shortages – in 2022 we will continue to build on the financial successes and record performance we delivered in 2021,” concluded Chansiri.
Today, Thai Union is regarded as one of the world’s leading seafood producers, with annual sales exceeding THB 141.0 billion (US $4.5 billion) and a global workforce of more than 44,000 people who produce a wide range of fishery products dominated by value added tuna and frozen shrimp.
