These factors drove net profits up by one-third to 14.7 billion Thai Baht/THB (US$421.8m) in 2016 on sales up 10% to THB464.5bn (US$13.3bn) across 16 countries, CPF claimed. While sales revenues from CPF’s overseas operations and export business accounted for 68% of its total sales revenues, the remaining 32% came from CPF operations in Thailand.
Early Mortality Syndrome hit Thailand’s shrimp trade last year, but instances of the disease have since declined, improving CPF’s seafood performance.
The profit increase was also partly fuelled by better operation results in CPF’s new subsidiaries in Russia and Cambodia, together with effective cost management, it said.
With a strategy to expand business in strategic areas with growth potential, CPF aims to increase annual sales by a further 10% from 2016, with most growth coming from its overseas business.
At the same time as its annual results, CPF announced the appointment of Sooksant Jiamjaiswanglerk as president and co-chief executive overseeing its agricultural business. In addition, Sukhawat Dansermsuk was appointed president and co-CEO of its food business.
According to CPF’s overall president and CEO Adirek Sripratak, the two businesses would be managed in a concerted manner for maximum efficiency.
CPF has its headquarters in Bangkok, Thailand and runs four operations: feed; farm, which produces fresh, uncooked meat; food, which produces cooked product and ready-to-eat meals; and retail and food outlets.