Charoen Pokphand Foods announced that its year-on-year revenue growth came in at roughly eight percent.
According to the company, the CP Foods posted revenue of nearly THB 542 billion (USD 17.4 billion, EUR 15.4 billion) in 2018. Its net profits for the year totaled THB 15.5 billion (USD 499 million, EUR 440 million). Of that revenue, aquatic-based business generated THB 74.5 billion (USD 2.4 billion, EUR 2.1 billion).
Co-President of CP Foods Sooksunt Jiumjaiswanglerg said that revenue for 2019 should increase by roughly the same amount as 2018, thanks largely to growth in overseas operations.
The company also plans to continue research and development programs for new products, according to Sukhawat Dansermsuk, fellow co-president of CP Foods. Innovations so far include more environmentally-friendly packaging, different recipes, and a team-up with Taiwan-based HiLai Group to open a seafood buffet restaurant called Harbour at Iconsiam in Bangkok, Thailand.
CEO of CP Foods Aqua-Business, Sujint Thammasart, said sales revenue for 2019 is expected to rise by 15 percent. In addition, recent outbreaks of early mortality syndrome and localized diseases in several Asian countries have led CP Foods to expand its production base. Currently, the company has production located in Thailand, China, Vietnam, India, Malaysia, the Philippines, Brazil, and the United States.
The positive revenue numbers come after the company decided to focus on expanding international shrimp sales. The company has also made recent commitments to sustainable fishmeal and the elimination of illegal, unreported, and unregulated fishing.
