> ## Content Index
> Fetch the complete content index at: https://cibocom.ghost.io/llms.txt
> Use this file to discover other available public pages before exploring further.

# Thai Union's net earnings for the third quarter increased by 17.2% to 1.2 billion Thai Baht, supported by a robust gross profit margin of 18.4%.
- URL: https://cibocom.ghost.io/thai-unions-net-earnings-for-the-third-quarter-increased-by-17-2-to-1-2-billion-thai-baht-supported-by-a-robust-gross-profit-margin-of-18-4/
- Published: 2023-11-06T01:00:00.000Z
- Updated: 2026-10-08T14:52:56.000Z
- Author: Cibocom
- Tags: Thai Union Group, fish, ingredients

BANGKOK – On November 6, 2023, Thai Union Group PCL unveiled its financial results for the third quarter ending September 30, 2023, revealing a turnover of THB 34 billion, marking a modest decline of 0.9 percent compared to the preceding quarter. The firm experienced a 17.2 percent increase in net profit to THB 1.2 billion quarter-over-quarter, with gross profit rising by 8.4 percent to THB 6.2 billion. This improvement was attributed to reduced costs of key raw materials, strategic portfolio adjustments, and the effective execution of strategies aimed at safeguarding profits. Despite a 16.8 percent decrease in quarterly sales compared to the exceptionally high figures of the previous year, and a 52.3 percent drop in net profit year-over-year due to foreign exchange losses and the dilutive impact on i-Tail’s net profit, the company maintained a robust gross profit margin of 18.4 percent in the third quarter. Thiraphong Chansiri, CEO of Thai Union Group, stated, “Our company has continued to enhance its profitability, achieving one of our highest quarterly gross profit margins across all business segments. This underscores the success of our comprehensive profit protection strategy.” He added, “Our commitment to bolstering our profitability remains unwavering. Our financial health is robust, as confirmed by TRIS Rating, which has reaffirmed both our company and senior unsecured debentures ratings at A+.” In the frozen and chilled seafood segment, sales saw a slight increase of 0.9 percent quarter-over-quarter to THB 11.6 billion, with gross profit margin improving significantly from 9.6 percent in the previous quarter to 12.9 percent, thanks to effective inventory control and the discontinuation of unprofitable products. The value-added segment reported a 19.4 percent increase in sales to THB 2.7 billion, with a gross profit margin of 28.9 percent, reflecting the focus on higher-margin products. The PetCare segment also showed growth, with sales up 19.1 percent to THB 3.8 billion and a gross profit margin of 19.4 percent, driven by resumed restocking in the U.S. and European markets and higher selling prices. However, the ambient seafood segment experienced a 7.5 percent decrease in sales to THB 15.9 billion, albeit maintaining a solid gross profit margin of 20.4 percent. Thai Union has also emphasized its commitment to sustainability with the announcement of SeaChange® 2030, an expansion of its sustainability strategy initiated in 2016\. This strategy now includes 11 ambitious goals aimed at benefiting both people and the planet, with objectives such as reducing greenhouse gas emissions by 42 percent by 2030 and achieving net zero by 2050\. Chansiri remarked, “In the face of global economic uncertainties, our dedication to sustainability and innovation remains our driving force. We are confident that these pillars will not only foster growth but also strengthen our position in the industry.” About Thai Union: For 46 years, Thai Union Group PCL has been at the forefront of the global seafood industry, offering a wide range of high-quality, nutritious, and innovative seafood products. With annual sales surpassing THB 155.6 billion (US$ 4.4 billion) and a global workforce of over 44,000, Thai Union is recognized as a leading seafood producer worldwide. The company boasts a diverse portfolio of brands, including international names like Chicken of the Sea and John West, as well as leading Thai brands such as SEALECT. Committed to the principles of “Healthy Living, Healthy Oceans,” Thai Union is a participant in the United Nations Global Compact and a leader in sustainability initiatives, as evidenced by its inclusion in the Dow Jones Sustainability Indices and other prestigious rankings. More information on the company’s sustainability efforts can be found at seachangesustainability.org.