Charoen Pokphand Foods (CPF)’s quarterly revenue hit a new historic high at TBT156 billion (US$4.4 billion) in the second quarter of 2022, or a 20% increase from the same period last year.
The leading food and agribusiness conglomerate, with investment in 17 countries and 40 export markets, showed the quarterly net profit of TBT4,208 million.
Thailand’s operations contributed TBT50,980 million or 33% of total quarterly revenue, an increase by 17 percent year-on-year. Overseas operations generated TBT105 billion or 67% of total, up by 22% year on year. The revenue was boosted mainly by higher sales volume and an improvement in consumer demand following the lifting of COVID-19 restrictions in many countries.
The quarterly gross profit rose 7% on year to TBT22.6 billion. However, the share of profit from investment dropped by TBT1.546 billion on year, chiefly because the joint venture in China witnessed a lower pig price than in the previous year against higher raw material costs. The net profit in the second quarter thus decreased by 11% on year to TBT4.208 billion.
Prasit Boondoungprasert, CEO of CPF, added that the second-half performance is expected to show continued growth momentum thanks to the relaxing of COVID-19 restrictions in many countries, recent increase in pig prices in China and CPF’s emphasis on operational efficiency to maintain cost competitiveness. He foresaw that the emphasis on operational efficiency and adjustments in business models will propel continuous growth in the following years.
CPF’s Board of Directors, at the meeting on August 15, 2022, resolved to pay an interim dividend of TBT0.40 per share for the first-half performance. The list of shareholders eligible for the payment will be announced on August 31, 2022. The dividend is payable on September 14, 2022.