Thai Union achieves unprecedented revenue and earnings in the third quarter of 2022, fueled by the strength of its primary operations and a varied portfolio, leading to significant expansion.

Thai Union Group PCL announced unprecedented sales and net income for the third quarter, fueled by robust performance in its core sectors, advantageous currency exchange rates, and sustained growth in its PetCare and value-added divisions. During the period from July to September, the company achieved revenues of THB 40.7 billion, marking a 14.7% increase compared to the same period last year, while its net profit soared by 30.7% year-on-year to THB 2.5 billion. Despite facing inflationary challenges in all its operational markets, Thai Union managed to mitigate these impacts through strategic customer pricing negotiations, hedging of essential materials and currencies, and effective inventory control. The company's strategic diversification also played a crucial role in this positive outcome, alongside a focus on maintaining a healthy gross margin. The ambient seafood sector saw a 13.6% increase in sales to THB 17.0 billion year-on-year, driven by consistent demand. Sales in the frozen & chilled seafood segment remained steady at THB 14.8 billion compared to the previous year. A significant growth driver this quarter was the PetCare, value-added & other products segment, which witnessed a 55.9% increase in sales to THB 9.0 billion, bolstered by robust demand, higher selling prices, and the introduction of new products. Thiraphong Chansiri, CEO of Thai Union Group, stated, "Our performance in the third quarter is a testament to our ongoing efforts towards greater business diversification, innovation, and cost efficiency focus. Despite the current global economic uncertainties, our commitment to strengthening our core operations and venturing into new, innovative products has proven to be successful in navigating through these challenging times." For the first nine months of 2022, Thai Union reported a sales distribution across three main business categories: ambient seafood (42%), frozen & chilled seafood (37%), and PetCare, value-added & other products (21%). During this period, the company recorded THB 116.0 billion in sales, a 13.1% increase from the previous year, with gross profit rising by 8.7% to THB 20.3 billion. This resulted in a gross profit margin of 17.5%, despite the rising costs of key materials. In anticipation of continued growth, Thai Union has initiated the construction of three new factories since mid-2021, set to commence operations in 2023. These include two facilities in Samut Sakhon for producing protein hydrolysate and collagen peptide, and another for culinary products. Additionally, the company is developing a tuna cold storage facility and a wastewater treatment plant in Ghana, as well as expanding its wet pet food and treats capacity in Samut Sakhon, Thailand. Chansiri further emphasized, "At Thai Union, our diversification strategy encompasses not only our product range but also our geographical footprint. Our international teams are dedicated to fostering growth and delivering nutritious products to consumers worldwide, aligning with our commitment to Healthy Living, Healthy Oceans." About Thai Union: For over 45 years, Thai Union Group PCL has been at the forefront of the global seafood industry, offering high-quality, nutritious, delicious, and innovative seafood products to customers worldwide. With annual sales surpassing THB 141.0 billion (US$ 4.5 billion) and a dedicated global workforce of over 44,000, Thai Union is recognized as a leading seafood producer and a major provider of shelf-stable tuna products. The company's extensive brand portfolio includes internationally renowned brands such as Chicken of the Sea, John West, and Mareblu, among others, as well as leading Thai brands and specialized ingredient and supplement brands. Committed to innovation and responsible practices, Thai Union is a proud member of the United Nations Global Compact and a founding company of the ISSF. The company's sustainability efforts, encapsulated in its SeaChange® strategy, have earned it a place on the Dow Jones Sustainability Indices for eight consecutive years and the FTSE4Good Emerging Index for five consecutive years.