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# Thai Union reports second-quarter 2023 revenues of 34.1 billion Thai Baht, achieving a gross profit margin of 16.9%.
- URL: https://cibocom.ghost.io/thai-union-reports-second-quarter-2023-revenues-of-34-1-billion-thai-baht-achieving-a-gross-profit-margin-of-16-9/
- Published: 2023-08-07T00:00:00.000Z
- Updated: 2026-10-08T14:54:13.000Z
- Author: Cibocom
- Tags: Thai Union Group, fish, ingredients

Operating profit increased by 8.2% on a year-over-year basis, with an interim dividend announced at THB 0.30 per share, reflecting a payout ratio of 70.3%. The company also reported a robust quarterly free cash flow of THB 3.3 billion. On August 7, 2023, Thai Union Group PCL disclosed its financial outcomes for the second quarter ending June 30, 2023\. The company experienced a 12.6% decrease in revenue year-over-year, totaling THB 34.1 billion, attributed to the previous year's high benchmark, elevated inventory levels among clients, the normalization of logistics, and a general decline in demand. The net profit saw a 36.7% reduction to THB 1.0 billion, primarily due to significant foreign exchange losses and a dilution effect on i-Tail’s net profit. Despite the challenges, Thai Union maintained a gross profit margin of 16.9%, consistent with the previous year, even amidst rising raw material costs. The company achieved an operating profit of THB 1.8 billion, marking an 8.2% increase from the previous year, supported by a strong free cash flow of THB 3.3 billion, largely due to improvements in net working capital. In light of the improving core performance, the company declared an interim dividend of THB 0.30 per share, scheduled for payment to shareholders on September 4, 2023, with an ex-dividend date of August 21, 2023, and a record date of August 22, 2023\. Thiraphong Chansiri, CEO of Thai Union, commented on the first half of 2023's challenges and the emerging signs of recovery in various markets for the latter half of the year. He highlighted the company's strong balance sheet, with a net debt to equity ratio of 0.64 times in the second quarter, significantly below the target of 1.0 times. The company also boasts a healthy dividend payout rate of 70.3% of its net profit. The company observed a seasonal increase in sales during the second quarter, with a 4.3% rise quarter-on-quarter to THB 34.1 billion. Net profit marginally increased by 0.7% from the first quarter's bottom, with a notable 16.9% growth in gross profit from the previous quarter to THB 5.7 billion. In the first half of 2023, ambient seafood business sales saw a 1.3% year-on-year increase to THB 17.1 billion in the second quarter, marking the highest quarterly sales in nine years, driven by higher selling prices and promotional activities, particularly in the EU market. The company continues to innovate in its branded product offerings, focusing on variety, diversity, health, and wellness. Red Lobster's performance also saw improvement in the second quarter, with the company's turnaround strategies reducing the share of loss from operations to THB 94 million, compared to THB 281 million in the same period of 2022\. Looking forward, Thai Union plans to reinforce its profit protection plan measures globally to enhance profitability, focusing on cost savings and greater operational efficiencies. Chansiri expressed optimism for the long-term outlook and excitement about maintaining the company's position as a sustainability leader in the global seafood industry, following the recent launch of SeaChange® 2030\. This sustainability strategy commits USD 200 million by 2030 to transform the seafood industry with a focus on people and the planet. Thai Union Group PCL, established in 1977, is recognized as a global leader in the seafood industry, offering a wide range of high-quality, healthy, tasty, and innovative seafood products worldwide. The company boasts a significant global presence, with annual sales surpassing THB 155.6 billion (US$ 4.4 billion) and employing over 44,000 people. Its brand portfolio includes leading international and Thai brands, along with ingredient and supplement brands focused on sustainability and innovation. As a committed member of the United Nations Global Compact and other sustainability initiatives, Thai Union continues to lead in sustainability efforts, as evidenced by its inclusion in the Dow Jones Sustainability Indices for the ninth consecutive year in 2022 and other prestigious rankings and indices. The company's expanded sustainability strategy, SeaChange® 2030, aims to set more ambitious goals for the benefit of people and the planet, further solidifying its commitment to sustainable and responsible seafood production.