Record breaking 3Q for Thai Union

Thai Union Frozen Products on Monday released its third-quarter results, including record-breaking revenues and profits.

Thailand’s No. 1 producer and exporter of canned and frozen seafood saw net profit rise 91 percent over last year to THB 1.6 million, and sales were up by 50 percent in U.S. dollar terms to USD 831 million and 44 percent in Thai baht terms to THB 25 million.

Additionally, all product categories reported sales growth while the newly acquired MW Brands was on track to meet its performance targets. Earnings for the year are forecasted to increase by more than 40 percent over last year, and the firm said its it set to achieve sales of USD 4 billion in 2015.

For the third quarter, sales of tuna products made up 45 percent of the company’s product portfolio, followed by frozen shrimp at 21 percent, products for the domestic market at 8 percent, canned cat food and shrimp feed at 6 percent, frozen salmon at 5 percent, canned seafood products and canned sardine and mackerel at 4 percent each, and frozen cephalopods at 1 percent.

The United States remained the No. 1 market with a 36 percent share, followed by the European Union at 30 percent. Japan and Thailand’s domestic market accounted for 11 percent each, with the rest of Asia and Africa accounting for 3 percent each, followed by Australia and the Middle East at 2 percent each, and South American and Canada at 1 percent each.

(Also on Monday, Thai Union reported that Thailand’s floodwaters have not yet affected the company’s operations and that it is prepared if they do.)

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