Seafood giant Thai Union has reported sales growth of 1.7%, to THB 138.4 billion (€3.88 billion), in its 2024 financial year, driven by robust organic growth in its core business categories of ambient, pet care, and value-added products.
Gross profit margin at the John West-maker stood at 18.5%, with the highest proportion coming from the ambient segment and supported by an improved performance in the frozen category, following the strategic decision to remove low-margin products.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 8.6%, year on year, to THB 13.4 billion (€375.2 million) – the second highest on record – reflecting the improvement in operations, the company noted.
Net profit for the year reached THB 5.0 billion (€140 million), representing a 7.2% increase on the previous financial year. Earnings per share grew by 10.4%, year on year, to THB 1.06 (€0.03).
Thiraphong Chansiri, CEO of Thai Union Group, stated, “Thai Union’s ambient, pet care, and value-added businesses demonstrated remarkable resilience in the face of weak global economic growth and more cautious spending among consumers around the world.
“As we continue to execute our Strategy 2030, I am optimistic that Thai Union will be positioned for long-term, sustainable growth as we pursue an ambitious goal of boosting net sales to US$7.0 billion and doubling EBITDA by 2030.”
Strategy 2030, launched last year, includes two key initiatives: Project Sonar, to address critical enablers for Strategy 2030; and Project Tailwind, for accelerating pet care growth.
Annual Highlights
Full-year sales in the ambient division grew by 7.1%, year on year, to THB 68.4 billion (€1.92 billion), driven by robust volume growth in the US, Canada, and the Middle East.
Pet care sales rose by 15.5%, year on year, to THB 17.4 billion (€487.2 million), due to an increase in premium product mix and higher sales volumes in Europe and China, the company added.
Sales in the frozen category declined by 10.7%, to THB 42.2 billion (€1.18 billion), during the year, following weaker demand and business rightsizing in the US.
In 2024, the US and Canada accounted for 39.4% of the company’s total sales, followed by Europe, at 30.0%, Thailand, at 11%, and other regions, at 19.6%.
Chansiri added, “We will continue to face new challenges in 2025, with ongoing geopolitical tensions, potential impact from changes to US trade policies, and persistent stagnant economic growth, but we are ambitious at Thai Union, and we are building momentum to turn the tides in our favour through Strategy 2030, transforming our business and pursuing our vision to become the world’s leading marine health and nutrition company.”
In the fourth quarter of 2024, Thai Union reported a sales decline of 1.2%, year on year, due to an unfavourable foreign-exchange impact of 3.1%, which offset organic sales growth of 1.9%, year on year, for two consecutive quarters.
Net profit in the fourth quarter declined by 18.7%, year on year, to THB 1.2 billion (€33.6 million), because of higher costs related to Strategy 2030 programmes.
