CPF Bounces Back to Book THB1.15 Billion of Profit in 1Q24 over Higher Meat Prices and Lower Costs

Charoen Pokphand Foods Public Company Limited (SET: CPF) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
1,152.03 -2,725.26
Earning Per Share
0.1100 -0.3600

CPF reported a net profit of THB 1,152 million in 1Q24, a huge turnaround from a net loss of THB 2,725 million in 1Q23.

Sales revenue amounted to THB 140,037 million (62% from international operations, 32% from Thailand domestic operations, and 6% from Thailand export operations), a decrease of THB 3,744 million or a 2.6% drop from lower swine price in Thailand than the same period last year.

Gross profit amounted to THB 16,809 million, an increase of 15.2% from the same period last year (the gross profit margin in the first quarter of the year 2024 was 12.0%, up from 10.2% in the first quarter of the year 2023). This increase was mainly due to higher meat prices in the region, except Thailand, and lower animal farming costs compared to the same period last year from continuous efficiency improvement.

Share of profit of associates and joint ventures amounted to THB 1,792 million, an increase by 265% from the same period last year, mainly due to improved performance by CP All Public Company Limited or CPALL and swine business in China.