Thai Union Group Public Company Limited (SET: TU) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share (Baht)||1.66||1.27|
TU reported a net profit of THB 8,013 million in 2021, increased 28.29% from a net profit of THB 6,246 million in 2020. The increase was mainly due to strong core operations with top line growth, consistently high margin, lower share of loss from associates, and higher FX gains, which helped mitigate the impacts from ongoing supply chain challenges.
Sales in 2021 recorded at THB 141 billion, increased 6.5% YoY. Gains from foreign exchange rose tremendously by 927% to THB 1.83 billion. Meanwhile, net profit margins (NPM) were remarkable at 5.7%.
2021 ambient seafood sales dropped 6.0% YoY, as a normalization effect from 2020’s pantry loading during the pandemic. However, GPM was maintained at 21.4%, thanks to TU’s cost efficiency management. Ambient seafood business expanded on sales and lifted its margin, compared to 4Q19 pre-COVID level.
2021 frozen and chilled seafood sales growth of 17.8% YoY and margin turnaround, driven by business recovery in shrimp and lobster, reflecting improving foodservice and retail businesses in Asia and the U.S. Thus, GPM rebounded to 11.8%.
Frozen and chilled seafood sales expanded strongly and favoured product mix, compared to 4Q19 pre-COVID level, with a firm margin.
4Q21 and 2021 PetCare and value-added sales increased 27.2% YoY and 17.9% YoY respectively, thanks to PetCare’s strong demand, new products launched, broadening portfolio with new customers, and higher sales of value-added products and packaging Businesses.
However, the decline in 4Q21 sales volumes was from fewer portions of low-margin products, following TU’s profitability focus strategy.
Gross margin softened to 24.4% in 4Q21, due to higher raw material prices and higher freight cost to impact the PetCare trading business unit in the US. 2021 gross margin stood at a high level of 26.3%, thanks to focus on profitability and new, innovative products launched.
Sales and margin expanded remarkably, compared to 4Q19 pre-COVID level.
Notably, 4Q21 sales were all-time high at THB 38.5bn (+15.1% YoY), boosted by growing ambient seafood (+4.9% YoY), a significant rebound of frozen and chilled seafood (+21.0% YoY), and continued strong growth in PetCare & value-added (+27.2% YoY), and higher FX gains. 2021 sales were at a record of THB 141.0bn (+6.5% YoY).
In addition, the Board of Directors approved a dividend payment of THB0.50 per share to be paid on 20 April 2022. The ex-dividend date is 9 March 2022.