ASIAN Reports 15% Growth in 1Q22 Earnings from Pet Food Business

Asian Sea Corporation Public Company Limited (SET: ASIAN) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
248.35 214.84
Earning Per Share
0.3100 0.2600
% Change 15.60

ASIAN reported a net profit of THB 248 million in 1Q22, increased by 15.60% from a net profit of THB 214 million in 1Q21. The increase was mainly due to its higher revenue during the period.

In 1Q22, ASIAN reported core sales & service revenue of THB 2,837 million, increased by 35% YoY. The Pet Food business drastically increased by 63% due to maintaining solid growth. Meanwhile, Frozen seafood business substantially increased by 51% primarily from higher squid products and pre-fried seafood frozen products. However, Aquafeed business significantly dropped from customer portfolio adjustment and fish feed product quality which decreased by 31%. Tuna business also decreased by 7%. 

Gross profit in 1Q22 was THB 477 million. An increase of 34% YoY was mainly driven by higher sales of Pet Food business and Frozen business. Gross profit