SET-listed Thai Union Group Plc (TU), the world's leading marine health and nutrition company, unveils Strategy 2030to achieve US$7 billion revenue and double earnings in six years.
Thiraphong Chansiri, president and chief executive of TU, said the company has set its target on achieving 245 billion baht revenue and doubling earnings before interest, taxes, depreciation and amortisation (EBITDA) from $400 million baht to $700-800 million baht by 2030.
The company has allocated around 5 billion baht for investment per year, said Ludovic Garnier, chief financial officer of TU.
Paul Herholz, TU's chief strategy and transformation officer, said Strategy 2030 sets forth ambitious goals for Thai Union to achieve over the next six years, leveraging both organic and inorganic growth.
For organic growth, the company plans to expand shrimp and seabass feed in Thailand and scale up the feed business in Indonesia while expanding sales of premium pet food.
When it comes to inorganic growth, the company plans to expand its original equipment manufacturer (OEM) pet food business, explore alternative shrimp sourcing countries, and mergers and acquisitions in the processed seafood business.
Mr Herholz said the two key transformation initiatives under the Strategy 2030 umbrella are the Sonar and Tailwind projects.
The Sonar project aims to create a robust operating model, building new capabilities in procurement and operations for optimum efficiency and scale, as well as stepping up digital capabilities to further support business growth and gear up for a full digital transformation.
The company aims to achieve around $75 million, or 2.63 billion baht, in annual savings from 2026, roughly 40% of which will be reinvested to further strengthen and grow the business, he said.
The Tailwind project focuses on driving accelerated growth in the pet care business by boosting productivity in procurement and manufacturing, said Roy Chan, chairman of the executive committee at SET-listed pet food maker I-Tail Corporation Plc (ITC).
Thai Union aims to achieve an increase of roughly $50 million, or 1.75 billion baht, in annualised operating profit for the pet care business from 2027.
Moreover, ITC will aim for further growth through mergers and acquisitions, with the goal of tripling revenue to $1.5 billion by 2030.