Thai food giant Charoen Pokphand’s revenue in Vietnam grows 11% in Q1

Thailand’s Charoen Pokphand Foods Public Company Limited (CPF) recorded a revenue of THB30,384 million ($829.4 million) from its Vietnam operations in the first quarter of 2024, up 11% year-on-year.

By sector, livestock accounted for THB26,315 million ($718.3 million), up 14% year-on-year, while the figure for aquaculture was THB4,069 million ($111.1 million), down 5%, according to the Thai giant’s report for the three-month period.

In terms of products, the farming business, including animal breeding, live animals, and processed meat and eggs, was the biggest cash earner with THB20,368 million ($556 million), up 19% year-on-year and accounting for 67% of the total.

It was followed by animal feed with THB7,844 million ($ 214.1 million), down 6%, accounting for 29% of the total. Food recorded growth of 11%, reaching THB2,172 million ($59.3 million) and making up 7% of the total.

CPF attributed the strong performance to improving meat prices.

Vietnam was CPF’s second-biggest market in the period regarding revenue, with 21.7% of the total, only behind Thailand, its home market, with THB53,223 million ($1.45 billion), up 5% year-on-year and making up 38% of the total.

Another major market was China with THB6,114 million ($166.9 billion), down 36% year-on-year and accounting for 4.4% of the total. Thailand, Vietnam, and China, the three biggest market markets of the Thai giant, accounted for 64% of its revenue in the period.

CPF started investing in Vietnam in 1993 with its first factory in the southern province of Dong Nai. In Vietnam, the firm now operates nine animal feed factories and three others for food processing.