Thai Union Group pet meals gross sales rose 13.2% in Q1 2024

Together with a spread of manufacturers together with Pink Lobster eating places and Hen of the Sea canned fish, Thai Union Group owns pet meals corporations. Within the first quarter of this 12 months, these pet meals producers performed an essential function in Thai Union’s progress. Based in 1977, Thai Union Group is a Thailand-based producer of seafood-based meals merchandise for individuals and pets.

Thai Union Group’s pet care gross sales elevated 13.2% from a 12 months earlier to THB4.0 billion (US$108 million) resulting from larger gross sales from the premium combine and value adjustment. Pet care delivered a gross revenue margin of 25.7%, the very best degree for the reason that second quarter of 2022.

General for Thai Union within the first quarter, internet revenue elevated 53.9% from 1Q23 adjusted internet revenue to THB1.2 billion (US$32 million) resulting from a more healthy working revenue. Gross revenue margin improved to 17.3%, with stronger gross revenue margin throughout frozen, petare and value-added classes.

“Thai Union Group’s deal with our core enterprise of Ambient, Frozen and PetCare has been instrumental in returning our enterprise to progress,” mentioned Thiraphong Chansiri, CEO of Thai Union Group, in a press launch. “Our Group demonstrated nice resilience throughout 2023 after we confronted a difficult working setting, and after seeing preliminary indicators of a restoration in our efficiency within the closing quarter of final 12 months, I’m happy to see that we now have now emerged even stronger.”

Thai pet meals market

Thailand ranks because the world’s third-largest producer and exporter of pet meals after Germany and america. In accordance to the Worldwide Commerce Heart, Thailand is the high exporter of pet meals in Asia. Its exports are valued at US$2.05 billion in 2021, an 81% enhance in comparison with 2017. That places the nation behind solely Germany (US$2.66 billion) and the U.S. (US$2.07 billion) when it comes to world exports in 2021. But, contemplating Thailand’s whole exports for 2021 reached a worth of US$267.49 billion, pet meals exports accounted for under 0.77% of that.