Charoen Pokphand Foods Public Company Limited (SET: CPF) reported Bt5,108 million net profits in the third quarter of 2022 which jumped by 195% on year, thanks mainly to the meat business in Thailand and an increase in investment income sharing. In the quarter, sales revenue hit Bt160,266 million.
Sales revenue in the first nine months of 2022 reached Bt455,149 million, an increase by 21% from the same period last year. The nine-month net profits rose 93% on year to Bt12,158 million.
Mr. Prasit Boondoungprasert, Chief Executive Officer of CPF, attributed the improvement in operating results to increasing sales revenue in many countries from higher domestic consumption and export income, following the relaxation of COVID-19 measures and reopening. Meanwhile, the severe pork shortage in Thailand since late 2021 due to an outbreak pushed up pork prices from last year. It also led to a spike in chicken meat prices as consumers shifted to chicken. Meanwhile, pork prices in China went up from early this year on decreasing supply, resulting in a significant increase in investment income sharing compared to the level in the third quarter last year. The amount is expected to remain high until next year.
Amid economic challenges, CPF has put an emphasis on efficiency. That encompasses our strict biosecurity measures, control on production and operating costs for competitiveness, concerns about shared values for stakeholders for sustainable and mutual growth, as well as continued development in innovations to improve production and add value to products.
Mr. Prasit asserted that CPF has announced action plans to achieve Net-Zero greenhouse gas emissions in 2050, under a strategy to reduce emissions throughout the supply chain. This will include the production of more low-carbon products, the promotion of renewable energy and the end to coal use for the operations in Thailand.