Exports grow Charoen Pokphand Foods’ turnover and profits
Its net profits rose to THB3,955 million (m), up 5% year-on-year, while its turnover increased to THB119,617m, up 13% year-on-year.
CPF reported that its overseas markets, which account for 70% of total sales, drove this success, with offshore businesses in China, Russia and the Philippines having “expanded remarkably”.
Nothing out of the ordinary
The company did see gross margin declines across the board in Vietnam, Cambodia and Thailand compared with the same period in 2016 and its swine business saw a decline due to oversupply.
Adirek Sripratak, chairman of the executive committee, said the business performed in line with its projections.
The business recently announced the acquisition of UK-based Westbridge Food Group for £60m. It has also made inroads into New Zealand’s duck market and Russia’s pig and poultry markets.
