Thai food giant CPF gains $807 mln Q1 revenue in Vietnam

Thailand’s Charoen Pokphand Foods Public Company Limited (CPF) recorded revenue of THB27.4 billion ($807.3 million) from its Vietnam operations (CP Vietnam) in the first quarter of this year, down 5% year-on-year.

By sector, livestock accounted for THB23.13 billion ($681.5 million), down 2% year-on-year, while the aquaculture figure was THB4.27 billion ($125.75 million), down 19%, according to a company report.

In terms of products, the farming business, including animal breeding, live animals and processed meat and eggs, was the biggest cash earner with THB17.07 billion ($502.89 million), down 8% year-on-year, followed by animal feed with THB8.37 billion ($246.49 million), down 5%. Food bucked the trend with a growth of 15%, reaching THB1.96 billion ($57.87 million).

As a result, Vietnam was the second-biggest revenue source for CPF in the period, only after Thailand, its home market, with THB56.11 billion ($1.65 billion), up 9% year-on-year.

Another major market was China with revenue of THB9.53 billion ($280.79 million), up 27% year-on-year. Thailand, Vietnam, and China accounted for 65% of CPF's total sales revenue year, of which Vietnam’s made up 19.06%.

CPF globally earned a revenue of THB143.78 billion ($4.24 billion) in Q1/2023, up 4%. The group recorded a net loss of THB2.73 billion ($80.29 million), versus a net profit of THB2.84 billion ($83.74 million) in Q1/2022.

CPF recorded revenue of THB124.634 billion ($3.61 billion) from its Vietnam operations (CP Vietnam) in 2022, up 12% year-on-year.

Globally, CPF earned a post-tax profit of THB13.97 billion ($404.66 million) last year, up 7% year-on-year, on a revenue of THB614.197 billion ($17.79 billion), up 20%.

In January, C.P. Vietnam kicked off the construction of a 4.3-hectare shrimp farm factory in the Mekong Delta province of Ben Tre. The high-tech plant, under Advanced Aquaculture Vietnam Company Limited, is set to complete in October, with an annual capacity of 1.1 billion shrimp seeds.

In October 2022, C.P. Vietnam shipped its first lot of processed chicken to Japan after meeting all food safety and quarantine requirements of that demanding market. The first shipment was 33.6 tons of processed chicken.