Thai Union announced unprecedented earnings for the second quarter of 2022, attributing the success to robust performance in its fundamental operations and increased worldwide demand.

BANGKOK – On August 8, 2022, Thai Union Group PCL announced a record-breaking revenue for the second quarter, showcasing the robustness of its primary operations and the widespread trust and popularity of its products among consumers worldwide. During the period from April to June, Thai Union achieved unprecedented sales totaling THB 38.9 billion, marking an 8.5 percent increase from the previous year. This surge was primarily fueled by heightened demand and elevated selling prices. Excluding the one-time effects of a THB 424 million adjustment in the fair value of Red Lobster’s preferred shares due to rising U.S. interest rates, and THB 195 million in restructuring expenses at Rügen Fisch in Germany, the adjusted net profit for the quarter stood at THB 2.2 billion, a decrease of 8.4 percent from the year before. The impressive sales figures for the quarter are a testament to Thai Union's diverse and well-rounded portfolio across its three main divisions. Sales of ambient seafood rose by 10.7 percent to THB 16.9 billion, driven by higher prices, the depreciation of the Thai Baht, and robust consumer demand. However, the frozen and chilled seafood segment saw a 6.5 percent decrease in sales to THB 13.9 billion, primarily due to the normalization of the U.S. foodservice sector after an exceptionally strong 2021. Meanwhile, the PetCare, value-added, and other business segments experienced a remarkable 41.7 percent increase in sales to THB 8.1 billion, buoyed by strong pet food demand and increased sales of value-added products. For the first half of 2022, Thai Union's sales reached a new high of THB 75.2 billion, although the adjusted net profit fell by 12.7 percent to THB 3.9 billion. The company also announced an interim dividend of THB 0.40 per share. Thiraphong Chansiri, CEO of Thai Union Group PCL, stated, “Our ongoing growth trajectory is underpinned by our strategy of business diversification, as evidenced by our strong second-quarter results despite the impact of two exceptional items. Our commitment to offering healthy and nutritious products continues to attract consumers globally, and we are excited about bringing innovative products to our worldwide brand portfolio.” In its pursuit of higher-margin ventures, Thai Union announced a CAD $10 million investment in Mara Renewables Corporation, a leading producer of sustainably sourced algae-based bio-products, during the second quarter. This investment aims to leverage the expansion opportunities of Mara's established micro-algal product portfolio and unique innovations. Additionally, Thai Union is advancing the construction of its protein hydrolysate and collagen peptide facilities and a new culinary factory, all slated for commercialization in 2023. Thai Union's dedication to sustainability was highlighted in its ninth annual Sustainability Report, offering a comprehensive overview of how its initiatives are reshaping its operations and the global seafood industry. The company plans to unveil a significant update to its SeaChange® sustainability strategy later this year, introducing new science-based targets to combat climate change threats. Furthermore, Thai Union joined 150 major corporations in pledging support for a healthy ocean by endorsing the UN Global Compact Sustainable Ocean Principles at the Sustainable Blue Economy Investment Forum in Cascais, Portugal. Chansiri added, “Despite challenging economic conditions, including inflation, rising interest rates, and ongoing supply chain disruptions, Thai Union remains committed to achieving our 2025 financial and business objectives. Our focus remains on cost efficiency, strengthening our core operations, and enhancing value-creating activities.” About Thai Union: For 45 years, Thai Union Group PCL has been at the forefront of the global seafood industry, delivering high-quality, nutritious, delicious, and innovative seafood products to customers worldwide. As one of the largest producers of shelf-stable tuna products and a leader in seafood production, Thai Union boasts annual sales surpassing THB 141.0 billion (US$ 4.5 billion) and employs over 44,000 people globally. The company's portfolio includes leading international brands such as Chicken of the Sea, John West, and Petit Navire, among others, and is committed to innovation and responsible practices as a member of the United Nations Global Compact and the International Seafood Sustainability Foundation (ISSF). Through its SeaChange® sustainability strategy, Thai Union continues to make significant strides in sustainable and innovative seafood products, recognized by its inclusion in the Dow Jones Sustainability Indices (DJSI) for eight consecutive years and the FTSE4Good Emerging Index for five consecutive years.