Thai Union Group Plc posted a net profit of 1.4 billion baht in the third quarter, up 4.4% year-on-year, while earnings per share grew by 8.1% to 0.30 baht per share.
Sales momentum persisted in the quarter, growing to 34.8 billion baht, while sales volume increased by 10.4% year-on-year. A company release said this success in the bottom line reflects improved operational performance across three core businesses: ambient, pet care and value-added.
The group recognised a record-high gross profit margin of 19.5%, primarily driven by pet care, which exceeded 30% for two consecutive quarters, attributed to its focus on high-margin products.
The gross profit margin for the ambient and frozen businesses also improved from the previous quarter.
The solid earnings result came ahead of Thai Union's launch of its Strategy 2030, meant to revitalise the core business, drive the next wave of growth and explore new frontiers, supported by a strong foundation of enablers.
To execute the strategy, Thai Union initiated two transformation programmes: Project Sonar, meant to establish a solid foundation for growth, and Project Tailwind, to drive pet care growth.
More details are slated to be announced on Nov 11.
In developing these programmes, the company recorded higher expenses in the third quarter of 2024. Excluding transformation costs, net profit rose by 21.8% to 1.6 billion baht for the period.
"Thai Union's sustained strength in ambient, pet care, and value-added categories led to a solid third-quarter performance," said chief executive Thiraphong Chansiri.
"Our focus remains on delivering sustainable growth, with Strategy 2030 serving as the cornerstone of our long-term ambitions. This strategic approach ensures we are well-positioned to continue delivering value and supports our vision of becoming the world's leading marine health and nutrition company."
Thai Union opened its Innovation Hub in Wageningen in the Netherlands in the third quarter, housing around 20 scientists focused on product and packaging innovation for the group's ambient seafood brands.
"As we advance with our Strategy 2030, we are not just aiming for growth. We are setting the stage for long-term resilience and leadership in marine health and nutrition. We are excited to launch Strategy 2030 under the theme 'Turning the Tides' on Nov 11," he said.
"This ambitious roadmap, which will guide us in transforming our business to ensure sustainable success, drive innovation, and create value, will be key as we continue to shape the future of the industry and enhance our global footprint."