Bangkok-headquartered Thai Union Group Plc (TU) is introducing a new frozen seafood brand called Qfresh to the domestic market. The announcement came during press conference in which Rittirong Boonmechote, president of the company’s global frozen shrimp business unit, forecast that the group’s total sales will surpass THB 150 billion (US $4.3 billion) in 2017 – up approximately 15% from THB 130 billion realized last year.
Rittirong Boonmechote, president of Thai Union’s global shrimp business unit.While most of TU’s revenue comes from exports of canned tuna, frozen shrimp and value-added seafood products, the home market is now getting more focused attention. And for good reason, as the value of frozen seafood purchases is rising domestically in the Southeast Asian country.
“We see strong demand for frozen seafood in Thailand, with estimated total market value of about THB 20 billion (approximately US $755.9 million) a year. As a result we decided to launch our own brand,” said Boonmechote.
The company plans to invest THB 50 million to promote Qfresh, and expects to ring up sales of THB 300 million baht in 2017 and top THB 1 billion within the next five years.
Meanwhile, Thai Union has landed a THB 1.7 billion loan for international expansion projects and has set aside THB 25 billion for investments including potential mergers and acquisitions in the near future.
TU generated net profits of THB 5.3 billion baht last year, which was slightly less that THB 5.4 billion realized in 2015.
