Charoen Pokphand Foods announced that it has achieved sales worth over THB 398 billion (USD 12 billion, EUR 10.6 billion) in the first nine months of 2018, an increase of seven percent compared to the same period in 2017.
The company also posted that it has achieved a net profit of THB 13.85 billion (USD 419 million, EUR 369 million) over the same period, an increase of seven percent. The company attributed the increase to pork price recoveries in its overseas markets.
Growth in its overseas business is a large part of the positive numbers, according to CP Co-President Sooksunt Jiumjaiswanglerg. Overseas operations accounted for 67 percent of the sales in the first nine months of 2018, an increase of 12 percent over the previous year. Of those overseas sales, Vietnam’s grew the fastest.
“The overseas investment is a part of the company’s sustainable growth strategy,” he said. “CP Foods has invested in promising overseas markets for agriculture and food sectors, focusing on developing countries with a demand for high quality and modern farming.”
Jiumjaiswanglerg said he predicts the company to reach total sales in excess of THB 600 billion (USD 18 billion, EUR 16 billion) over the next five years, with overseas sales eventually accounting for 75 percent of the company’s totals.
