Thai Union Feedmill Public Company Limited (SET: TFM) has delivered a stellar financial performance for 2025, achieving all-time highs in both sales and profitability. The company’s success was underpinned by aggressive market share expansion, particularly in the aquaculture sector, and a relentless focus on operational excellence and cost efficiency.
For the full year ended December 31, 2025, TFM reported total revenue of THB 6.03 billion, representing a 12.5% increase over the THB 5.36 billion recorded in 2024. The primary growth engine was the shrimp feed segment, which saw sales surge 19.1% to THB 3.95 billion, driven by robust domestic demand and continued market share gains.
Similarly, fish feed sales rose 6.2% to THB 1.69 billion, bolstered by a strong performance in seabass feed. Conversely, livestock feed revenue declined by 11.3% as the company optimized its portfolio and divested its Pakistan-based subsidiary.
The company’s profitability metrics significantly outperformed its revenue growth. Net profit climbed a remarkable 36.9% YoY to THB 733 million, up from THB 535 million in 2024. This surge was fueled by a 33.4% jump in gross profit, which reached THB 1.34 billion.
Management attributed this expansion to higher sales, an improved product mix, and lower costs for key raw materials like soybean meal and wheat, resulting in the gross profit margin rising to 22.2% from 18.7% in the prior year. Operational efficiency also played a critical role, as strict cost discipline led to an improved SG&A-to-sales ratio of 8.6%, down from 9.2% in 2024.
Reflecting these robust results, the Board has approved a dividend payment of THB 0.3 per share for the 2H25 performance, bringing the total annual dividend to THB 0.6 per share, with an Ex-Dividend (XD) date of February 26, 2026, and a payment date of April 21, 2026.
