Thai Union Group Public Company Limited (SET: TU) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
|Net Profit (Loss)
|Earning Per Share
|Net Profit (Loss)
|Earning Per Share (Baht)||0.69||0.86|
TU delivered all-time high quarterly sales of THB38.9 billion in 2Q22, up 8.5% YoY, with a healthy gross profit of THB6.6 billion and GPM at 16.9%.
In 2Q22, TU had a net profit of THB1.6 billion, declining YoY mainly from last year’s exceptional performance and two non-cash one-off impacts. This was partially offset
by strong core businesses, favorable FX, and higher tax credit. Net profit margin (NPM) was resilient at 4.2%.
Meanwhile, total revenue in 2Q22 was at THB38,946 million, up 8.5% YoY,. This was driven by higher selling prices, FX, and rising demand in PetCare & value-added (+41.7% YoY)
and ambient seafood (+10.7% YoY), while frozen and chilled seafood declined (-6.5% YoY) reflecting market normalization in the U.S., and declining performances of the feed and salmon businesses.
The ambient seafood business sales recorded all time high sales in 2Q22, thanks to higher sales across key regions, particularly in Thailand, Asia, and the U.S., as well as favorable FX, after last year’s normalization from pantry-loading in 2020 during the first wave of COVID-19.
The frozen and chilled seafood business dropped from market normalization in the U.S. due to last year’s strong recovery of food service businesses after easing of lockdown measures and declining performances of the feed and salmon businesses.
The PetCare and value-added business grew exceptionally from strong demand for pet food, higher selling prices, and portfolio expansion to new customers, as well as higher sales in value-added products and the packaging business.
In addition, TU has announced a 1H22 interim dividend of THB0.40 per shara to be paid on 5 September 2022. The ex-dividend date is on 22 August 2022.